A：The outlook for DRAM demand in calendar year 25 has been upgraded to the level mentioned. The assessment indicates that there was no impact from pull-in activity, as any modest pull-in from CQI or f.q.i等活动, if present, is net neutral for the full calendar year view. The strength in the AI business and data center growth continue to be robust, supporting the forecasted bit growth. Additionally, there have been improvements in the broad distribution, industrial markets, and some parts of the automotive market, providing a tailwind to the overall calendar vector.

A：Micron is focused on continuing to invest in business priorities, maintain technology leadership, and invest in needed capacity in DRAM to serve HBM and other high-value, high-return markets. The company aims to return capital to shareholders through a growing routine dividend and opportunistic share repurchases. They are in a great position with record levels of cash and liquidity, which allows them to prioritize improving net leverage and consider share buybacks.

A：The inputs to gross margin for the next couple of quarters should be considered in light of recent improvements in demand dynamics. Micron is experiencing stronger NAND flash demand which has positively impacted inventory loading. However, they remain cautious due to the challenging market environment. The startup costs, which were previously discussed as a concern, are now modestly increasing as a result of factors like the capacity transition and FX costs. Despite this, the revenue outlook is much higher, which reduces the impact of these costs. The company's focus is on product growth, proper market positioning, and maintaining strong price performance, which they believe will provide leverage on costs and drive a strong guide for the fourth quarter and a positive trajectory for the business beyond that.

A：Micron is the predominant sole provider of LPDDR solutions in some AI silicons. The business is expected to progress towards achieving over a billion dollars in quarterly revenue. Micron sees an expanding market for this solution in the data center sector. Although the text does not provide specifics on how the customer base has diversified, it suggests that there has been growth and expansion in the market for LPDDR solutions.

A：The company holds a significant position as the pioneer of LP DDR in the data center market and is excited about the continued high interest in LP DDR among customers of scale. Power consumption is an important driver for data center decisions, influencing both the architectural choices and the location of these data centers. The company expects LP DDR to grow in penetration over time and plans to leverage its leading position as this growth unfolds.

A：DDR II revenue is a low single-digit percent exposure for the company's fiscal second half, and while it contributes positively to the Q4 guidance, it is not a driver of the margin expansion. Other factors are contributing to the positive results, but the exact attribution of the margin expansion toDDR pricing is not quantified in the transcript.

A：The company's earlier comments on script of revenue were a combination ofDDR 4 andLPDDR 4, and the prepared remarks mentioned only apply toDDR II, which is a smaller part of the business. LPDDR andDDR II together account for less than 15% of revenue, andDDR II alone is a low single-digit percent of revenue. The spot market pricing forDDR II is a small part of the company's overall business, and the inventory status and production ofDDR are consistent with the revenue exposure being sub-15%.

A：The company did not guide for the first quarter but observed favorable product mix effects in the fourth quarter, which included more DRAM growth relative to consumer and a more data center relative to consumer. Looking into the November quarter, the company believes that inventory levels are very lean and they are constrained, which makes it challenging to predict gross margins. The focus is on best pricing decisions and continuing to work for a favorable mix to expand gross margins in the November quarter.

A：The company did not provide guidance for the first quarter because the discussions with customers regarding HBM (High Bandwidth Memory) demand have been ongoing and have seen rapid transitions. HBM bit growth in 2026 is expected to be significantly faster than overall DRAM bit growth, with the company having ramped capacity, revenue, and scale in HBM. HBM is now a $6 billion run-rate business. Discussions with major HBM consumers have been ongoing, and the company has earned their trust, being deeply embedded in their roadmaps for HBM and HBM4. The specific reasons for the lack of guidance and the status of customer discussions were not detailed in the transcript.

A：Customers are finalizing their plans for their key platforms, including the transition timeline which determines the product mix they need to purchase. HBM products have different lead times, so customers must provide high-quality forecasts due to the complexity and scale of the business.

A：Tariffs have had a modest overall impact on customer order patterns and the demand within the company's numbers. There is no specific script on the impact, but the aggregate demand signals for the remainder of the year continue to be healthy. The company feels confident in the constructive demand environment for the next few months despite the uncertainty related to tariffs and the macro environment.

A：HBM for is expected to have a higher cost and price than HBM3e. The product is anticipated to have better specifications and create robust value at the system level for customers. The pricing on HBM for per bit basis will be higher than that of HBM3e.

A：The larger standard die size for HBM Xi compared to HBM lye for all players contributes to the higher trade ratio and cost with HBM for. The HBM for is built on a proven and strong-performing 1 beta technology, and the integration between memory and logic is expected to be strong based on the proven technology from HBM i.i.e.l. The advanced packaging process is also expected to leverage all the learning, which supports the roadmap decisions made for HBM for.

A：There is a belief that any pull activity in aggregate has a modest impact on the overall demand. The company continues to feel that the overall demand environment remains healthy beyond the FQI time horizon. They expect good inventory levels and an improvement in pricing in FQI. The impact is not just related to tariffs or pulling but rather the overall market environment.

A：The HBM ASP had to come down a lot for overall DRAM pricing to be down, as nearly half of the dollar revenue growth in the third quarter came from HBM, which was then sold on HBM.

A：The HBM pricing is steady, with like-for-like sequential improvement, whereas non-HBM pricing was down, resulting in a blended ASP that is down low single digits.

A：The mobile business has a significant impact on overall pricing as it has grown substantially and the price points in mobile tend to be low compared to data centers. The increase in the mobile business mix has led to an overall improvement in pricing despite the challenges in the HBM market.

A：The increase in the consumer mix was driven by the need to normalize inventory levels in client and smartphones after they had been heavily in inventory in the second half of 2024. As a result, the consumer-oriented ship out rate was low compared to market demand. After inventory normalization, the growth rate in the fourth quarter jumped in many of the lower-priced dimmer end markets.

A：Inventory levels were a key factor in the pricing outlook; initially, they were heavy, but after normalization, the pricing outlook improved. The normalization of inventory levels in client and smartphones translated into a significant increase in sales volume and revenue in the fourth quarter.

A：Cost reductions on the DRAM side are on track with the previously talked-about ranges, and the focus on the higher performance part of the market, which has higher costs but higher margins, is affecting the overall cost picture. The cost reductions are positive, and HBM high yields are performing better than expected. The cost performance is also benefiting from a better-than-anticipated market environment.

A：Costs were down significantly due to a better market environment than anticipated when guidance was provided. The performance, particularly in pricing, was better than expected. The cost reductions are mainly due to a favorable product mix, with more growth in DRAM relative to NAND, and more data center than consumer-oriented mix.