Pricing—not volume—did the heavy lifting.
Data-center demand kept HBM sold out, but the important change was conventional DRAM pricing. Management’s confidence moved from “recovery” to sustained undersupply through next year.
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Data-center demand kept HBM sold out, but the important change was conventional DRAM pricing. Management’s confidence moved from “recovery” to sustained undersupply through next year.
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Lead with changes in free cash flow, gross margin, and capital allocation. Be skeptical of adjusted metrics. Keep it under five minutes.|
Track data-center growth, supply constraints, China exposure, and whether customer concentration is rising.|
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