Tech HW & Semis: MU the new NVDA?; QCOM Gives Us Enough (Go Joe!); Accton Initiation; and 31 Eggs

研报英文原文证据摘录

Tech HW & Semis: MU the new NVDA?; QCOM Gives Us Enough (Go Joe!); Accton Initiation; and 31 Eggs

Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767 North America Specialist Sales J P M O R G A N

joshua.meyers@jpmorgan.com JPM | Tech HW & Semis: MU the

J.P. Morgan Securities LLC new NVDA?; QCOM Gives Us

Enough (Go Joe!); Accton

Initiation; and 31 Eggs

25 June 2026

• Gross margin sustainability: Management would only point to expectations of continued market tightness "beyond

2027" and the ability to optimize bits and gain additional volume from mid-2027 onward.

• 2027 bit growth: Management was guarded. The trade ratio is putting pressure on supply growth, creating a headwind

even into 2028 "when supply begins to improve gradually." Sanjay was careful to frame AI as a "long-term trend" and

emphasized "we're still in very, very early innings." The team also revealed little about pricing by memory type, but did

seem committed roughly to maintaining its breakdown by memory type to preserve diversity. They praised the HBM4

ramp, but also underscored the trade ratio continues to rise (a margin headwind as they ramp).

• Capital return: Management confirmed they are "absolutely committed to capital return," with share repurchase as the

principal mechanism (After debt repayment and normal dividend growth); the capital return program begins December 9,

targeting 100% of excess cash over time. They did not push back when analysts flagged that they can buy back a huge %

of the company.

• FY2027 capex was soft-guided "higher than the mid-40s%.” This seems roughly in-line with the net CapEx I’d

been hearing people expect.

• Early question/feedback

• Bulls are suggesting that additional SCAs could contain even better terms, as there’s a rush to get deals signed (and folks