5 Must-Read Analyst Questions From Micron's Q3 Earnings Call

Micron’s third-quarter results reflected strong demand in its core markets, with management attributing the robust performance to pricing execution and a significant ramp-up of advanced memory products for data center applications. CEO Sanjay Mehrotra highlighted that the company’s investments in high-value DRAM and NAND technology, as well as greater adoption across key segments like automotive and embedded systems, drove higher profitability. Management specifically pointed to broad-based growth, citing record revenue in data center products and improved efficiency enabled by AI-driven productivity tools.

Is now the time to buy MU? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Micron’s Q3 Earnings Call

• Timothy Arcuri (UBS) pressed for a breakdown of sequential revenue growth between DRAM and NAND, with CFO Mark Murphy explaining that DRAM will contribute more and that pricing, mix, and cost reductions are key margin drivers.
• Vivek Arya (Bank of America) asked about the transition from HBM3e to HBM4 and related pricing trends. CEO Sanjay Mehrotra said supply is tight and that Micron expects healthy demand and profitability across DRAM types in 2026.
• CJ Muse (Cantor Fitzgerald) questioned the sustainability of strong DRAM demand, especially into seasonally weaker periods. Mehrotra responded that AI-related demand remains broad-based, supporting a healthy environment despite traditional seasonal patterns.
• Harlan Sur (JPMorgan) inquired about inventory levels and supply tightness. Murphy explained that DRAM inventories are below target and are expected to remain tight, with NAND inventory days also set to improve.
• Krish Sankar (TD Cowen) sought clarification on HBM4 customer adoption and Micron’s ability to flex supply. Mehrotra stated that Micron is well positioned to manage portfolio mix and can adjust investment based on customer demand and ROI considerations.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will focus on (1) the pace of adoption for next-generation memory products, particularly HBM4 and one gamma DRAM; (2) execution on capacity expansion and technology migration at new and existing fabs; and (3) continued strength in high-value end markets like automotive, industrial, and AI-driven data centers. We will also monitor Micron’s success in securing long-term supply agreements for advanced memory solutions.

Micron currently trades at $163.74, down from $166.46 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).

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