Europe Technology: Hardware: Read-across from Micron’s 3QFY26 results for European semicap and AI Infrastructure players

研报英文原文证据摘录

Europe Technology: Hardware: Read-across from Micron’s 3QFY26 results for European semicap and AI Infrastructure players

Equity Research

25 June 2026 | 9:51AM BST

Europe Technology: Hardware: Read-across from Micron’s 3QFY26

results for European semicap and AI Infrastructure players

Alexander Duval

+44(20)7552-2995 |

alexander.duval@gs.com

Goldman Sachs International

Anant Jakhar

+1(332)245-7829 |

anant.x.jakhar@gs.com

Goldman Sachs India SPL

Micron (covered by our US team) reported 3QFY26 revenues of c.$41.5bn (up

Ayo Odunaiya+346% yoy and +74% qoq), materially above the Visible Alpha Consensus Data +44(20)7051-5995 |

estimate of $36.3bn. Further, the company guided for 4QFY26 revenues of $50bn at ayo.x.odunaiya@gs.comGoldman Sachs International

the mid-point (up +21% qoq), which is c.15% above the Visible Alpha Consensus

Data estimate of $43.3bn going into the print. The company highlighted that its data

center revenue in 3QFY26 came in above $25bn (implying an ARR of around

$100bn). Additionally, Micron stated that AI is driving robust growth in DCs, with

Memory demand significantly above supply. We note that MU expects this

supply-demand imbalance to persist beyond CY27, with supply expected to improve

gradually in 2028. In this vein, the company has now signed 16 take-or-pay strategic

customer agreements (SCAs) across DC, consumer and automotive end markets.

Importantly, our US semis team highlighted that many of these agreements contain

both floor and ceiling prices, and the cumulative amount of committed revenue from

these agreements represents c.$100bn over five years at floor prices. Further, these

contracts account for c.20% of MU’s expected DRAM volume and a third of its NAND

volume over the period. Separately, we note that Micron expects capex investment