MICRON REPORTS EARNINGS AFTER THE BELL, WHERE DOES NVIDIA GO? | MARKET CLOSE

AMZN all right Hello everybody welcome back to another episode of the market close today is going to be an important Market close because after the Bell we've got Micron now Micron we're going to talk about why it's so important and what it means in the context of Nvidia and the broader Market but uh we're going to have their numbers I think by 4 o'clock or 4:05 and then 4:30 we will actually be listening to the call and seeing what they have to say so got a lot to talk about today this is going to be one of the last big earnings we had FedEx yesterday that was important rivan obviously we saw what happened with rivian Micron I think caps off pretty much I think we have Nike tomorrow but Micron is one of the most important names in the semiconductor space now to get started on the show today the biggest name that we have to discuss the biggest thing that has happened today and we saw this breaking out in the morning but you know I think it got to 188 189 it was okay now we're at 193.75 we hit a top of 19441 ladies and gentlemen Amazon is breaking out Amazon Amazon Amazon the reason I'm taking pauses in Amazon three times is because Amazon has tried to break 190 three times over the past five months and it is not been able to break that 190 level today it breaks through from 193 now why does it break from 193 well there's two reasons one I found out three hours ago one I found out 20 minutes ago and the one I found out 20 minutes ago actually is way more surprising to me me uh about about Amazon someone said I'm turning gay just listening to you oh my god we'll talk about Nvidia shareholder meeting as well that was important along with Robin Hood shareholder meeting that happened uh earlier today so Bank of America upgrade to 220 let's read a little bit off this price Target and see what they said also Tesla's up 5% we will also talk about Tesla in just a little bit so first of all Logistics efficiency improvements Amazon has built a logistics Powerhouse we project over nine billion packages to be delivered globally this year Amazon could be one of the largest US shippers ahead of UPS delivery speed is also dramatically improved with nearly 25% of estimated units now delivered same or next day I had my new Beats headphones a couple weeks ago delivered I think on the same day I ordered it in the morning and I got it by the afternoon so I mean the deliver is just incredible however despite significant efficiency Improvement in 2023 all five Logistics utilization metrics that we track such as units per square foot uh remain below 2018 levels suggesting more Runway ahead for efficiency gains from here in this report we provide an update on key logistic efficiency metrics which ultimately links to higher operating margins which is the important thing so they highlight six different levers of retail efficiency which increases those margins which are the highest they've ever been from 10% or to to 10% versus 8% back in 2021 number one inbound cross stocks and new consolidation centers number two efforts to improve inventory Network distribution uh three higher share of units on the same day sites fourth robotics integration expanding into fulfillment centers potentially maybe Optimus is one of the uh the Amazon is one of the the clients for Optimus that's probably years from now but that could be one of the things that helps Amazon as well square footage growth de accelerating below unit growth and then traction for 3pie shipping services and supply chain by Amazon their final note is that street retail margins still look conservative and as a result of that they see a lot of upside at least on the margins and the margins are everything for Amazon because the reason the street usually has given Amazon sort of a bad WAP is because they make so much money but they don't have any margins on it those margins increase then that's going to be for Amazon so there you go Amazon right here at 19346 now what's also interesting besides just Amazon here at 193 uh is another piece of news that they announced 20 minutes ago that came out from Bloomberg does anyone shop with Teemu that like Chinese malware e-commerce company maybe malware is a little intense but you guys know what I mean Amazon said we're competing with Teemu Amazon is launching a platform that can deliver products directly from China which is what teu does from the Amazon website the Seattle base company's plans described in slides posted the websites for third party Chinese sellers show Amazon shipping Goods directly to customers from China and this broke at 252m today so I think the Teemu news which is I mean probably just good in terms of being able to not only increase their margins but take away some of the competition from the Teemu and Sheen of the world Sheen I think is valued at like 60 billion bucks teu is probably getting up there I mean they're two of the most downloaded apps on the App Store and shopping in the United States so Americans really don't care about Chinese apps they just care about cheap stuff and teu has the cheapest stuff on the planet yeah teu is number one on the App Store with shopping look at that number one on the App Store and number two is Sheen and number three is Amazon one two and three an American company is behind number one and two which is teu and Sheen we would rather As Americans get our [ __ ] from China because it's cheaper than pay for a little bit extra for two days shipping for Amazon so if Amazon can curb that they don't have to get the entire Market if they get a little bit of the market yeah there you go 193 on Amazon and um it's going to be pretty exciting to see how the street timately reacts to that so that was the big am Amazon news today uh let me know in the chat if you're long if you are long on this company congratulations this was I mean this is just a great day for Amazon and hopefully it's starting to break out of that 190 level which will get the street more excited Robin 2240 Robinhood had their shareholder meeting nothing new that was said other than Vlad saying hey we'll probably do some BuyBacks or we can we can initiate BuyBacks potentially some AI plans on a question that was asked about uh any Integrations of AI I'm sure they're already using it internally in the company um and then the gold credit card is beginning to roll out so he said that's going to be rolling out later throughout the year uh it got smacked at 2314 and a lot of people are wondering why it get smacked if it got such a good upgrade like what's going on I honestly think that there was someone either selling I would not be surprised at all at all not one bit if we get in if we get an Insider uh SEC form four today and someone sold at that 23 33 level or if Kathy would dumped a bunch of shares um now granted the market did take a little bit of a turn when Robin was at 23 uh S&P fell Nvidia fell and Robin kind of goes with the market so that could also be a reason but I think we probably got some selling right here uh and that 222 level we bottomed at and then we got back here to 2339 the the the big thing about Robin it is not about the price action the price action is irrelevant to my opinion the question is does the streets see the bull case and the price Target upgrade we got today along with Bank of America's price Target upgrade to $24 a month ago that means the Street understands the potential they're on board and now when they put up the numbers which they have to execute but if they can execute and put up the numbers because the streets price targets already there it's not like going to be a surprise it's going to be oh yeah of course we thought they were going to do this they're doing this let's buy the stock and then you probably see some momentum there even if you don't have any short-term momentum um so that's what we got in the context of Robin also one quick fact I I was talking about this a little bit in the morning the $22 strike for January 2026 apparently 3,000 calls were open yesterday today it's 22,000 so whoever and yesterday was when most people did the buying or like most of the the the the the the calls were bought so I mean I don't know if they knew a wolf research price Target upgrade was coming today but yesterday someone did a lot of buying on those $22 calls for January 2026 um and that also led to some more momentum for Robin FedEx 15% on the day absolutely incredible Shopify 6539 S&P at 545 S&P is green apple got upgraded at 213 we'll talk about them in a bit snowflake had a nice little bounce today obviously he was getting a bit oversold at 123 now at 128 up almost 4% Tesla wow Tesla's trying to go to 197 Tesla's trying to go to 197 that's incredible so what is the news on Tesla uh the news on Tesla was the integration or the initiation by stifel uh on on a price target of 265 which is not like the biggest news in Tesla the world but it was nice to see another Wall Street firm finally like you know get a bit more excited about what Tesla's doing um because it got a ton of downgrades over the past like two months and so that initiation on the price Target was actually very good here's what the analyst said We Believe Tesla is well positioned for robust multi-year growth from 2025 to 2027 in the near term the revamped model 3 and upcoming model y refresh should bolster sales followed by strong demand for the Next Generation model 2 they also said Tesla's aib based self-driving FSD initiative could significantly add value longer-term Robo taxi initiatives will be good and then not worthy near-term risks include delivery levels near-term EV adoption and the US collection we are initiating coverage with a buy rating and a 265 price Target so that got the street excited up 5.25% of the day look at that right through 197 so there you go is at 19688 now at 1977 19722 we are a couple bucks away from that 200 level which is definitely going to be psychological for Tesla but if you can get through that I think that's going to be good Sofi turning green as we get closer to the Bell Sofi was red the majority of the day now Sofi turning green so that's nice to see on Sofi Faraday future as well up 71% not sure why it's up that much at point it was up 120% but that one's up today and then Tesla here at 197 Tesla basically added $30 billion of market cap today Amazon added 80 billion and Amazon is now a$2 trillion dollar company Tesla out about 630 billion Tesla's now only down 20% year- to date it was down 43% in April Amazon is up 28% on the day can you do a poll on Micron yeah let's do that so let's see so Micron we got in about six minutes that's going to be very very important Micron is gonna be what uh we see with that poll let me actually give you guys the bear case let's pull up a bear case video because I want people to see what the bear case is now we talked about in the morning Micron creates memory storage memory storage is important for gpus I think personally the earnings should be fine because I think they're just getting started but there is a argument that it's too cyclical and because it's too cyclical that might actually end up hurting Micron I don't know if this is the earnings where we see that cyclicality I actually think we see some momentum this earnings but let's see what I'll the poll as well get the AI adjacency I get the dynamic with hbm and they certainly have a product and in terms of the revenue growth uh off of some cyclical lows in 23 part of this is this is a company that was the ultimate cyclical semiconductor and in a commod commoditized Dand and nand environment so 23 to 24 either way was getting better inventory levels are a lot better but the excitement around hbm is part of where like I get it U but I also understand where I don't think they're going to stand alone like Nvidia does on on the AI chip side I I think in memory there is competition I think this move in the stock it's 65 to 70% year-to date it's 225% off of the beginning of 23 when you couldn't get arrested with this stock so to me if there is any kind of euphoria or you know hyperbolic move in in Ai and AI adjacency this is the top of the list so um they're going to have to crush it and they're going to have to really Micron & Market Close guide and I understand that the company like they're they're marketing h BM as the complement to AI musthave Dynamic I don't think they're the only ones in the space all right Micron CEO Sanja moroda by the way will sit down with Jim Kramer tomorrow for an exclusive so again it's not like the bear kids doesn't make any sense uh but I don't know if this is the quarter where you see a Slowdown in Micron given what we saw from them on the last quarter they're the reason they ramped up and then also what we're seeing with Nvidia now Nvidia right here look at those green candles Nvidia bottomed 1228 6 right back to 126 absolutely incredible nvidia's been in a range today after the shareholder meeting but people continue to buy the dip they continue to buy the dip on Nvidia we got 65% of you saying Micron moons uh 35% saying that it dumps I think they have a beaten raise and if they have a beaten raise again I'm not the most familiar with their business just judging on last quarter I don't think the demand is slowing down and if it's not a beaten raise probably helps Nvidia Nvidia goes green look at that red for the majority of the day right back to green on Nvidia um now one thing Jensen hang said today the Blackwell architecture platform will likely be the most successful product in our history and the entire history of computers hell of a statement from Jensen Hong I mean that's not something you say um you know if you don't really believe in it uh and and and he's obviously executed pretty aggressively against these statements so uh Jensen's saying that if they can put up the numbers to show that Blackwell is going to be the key architecture for Computing I mean people are going to keep buying this thing now here at 126 bucks on the day honest is up 11% okay I don't know what news happened with honest but there you go honest is up 11 per. I think grinder had some news today as well yeah grinder is up 15% let me get the news on grinder um I have no personal experience with grinder even though everyone's about to make that joke uh grinder they put out something today let me see I saw one headline grinder for those that don't know is a application where happy people can go and date each other uh where is where is the headline let's see if I can find it grinder grinder grinder we got the market Clos in two minutes yeah grinder projects annual revenue growth of 20 to 25% through 2027 raising its 2024 Revenue growth Outlook from 25 to 23% okay the company plans to enhance this platform with new features as more users seek long-term relationships okay so there you go that's that's that's why Grinder's up and if you bet on grinder then you're up 15% on the day thank you for clarification uh Barry says adits acting like he's not an analyst for grinder I'm an ambassador for grinder what are you talking about not an analyst okay so Amazon 193 Nvidia 126 wow Nvidia Nvidia Nvidia Nvidia green green green on Nvidia we got the market close in one minute I don't know if Micron literally comes right after the Bell so we'll see all eyes on Micron I have everything I need to have that's pulled up to make sure I can access it it might be like five minutes late I think Micron comes immediately after the bell and then at 4:30 we have their call so um we should be able to access the call at 4:30 and so this is the big one to see this is the big one to see for micron Micron Micron Micron okay 30 seconds left this is a big one guys I mean if Micron crushes in nid nvidia's going to have some fun dude if Micron if micron's a signal for what's Nvidia is going to do in Q2 because on the shareholder meeting they really didn't project anything for Q2 so I think the street just is trying to find more data points to figure out how big can Nvidia crush it in Q2 and so Micron crushes maybe that's a signal for NVIDIA uh and their Q2 earnings all right here we go it is Wednesday June 26 4M thank you everybody for being here the stock market is now now closed all right Market's closed here we go it's time for micron it's time for micron this is the one that matters I've got my refresh here uh by the way rivan calls if you bought like $12 calls or $13 calls they were up 1200% 800% today so uh rivan calls that they have to expire today not tomorrow oh do we have a green candle they have to expire on Friday not like in the future little bit of a green candle so those riving calls did well for people that have those all right let's see let's see let's see let's see let's see this is the one the oh wa it went from green to Red now it's barely green again I'm refreshing I don't have the numbers no numbers yet again because the call's at 4:30 I'm pretty sure we're going to get the numb quick I don't think it's going to take to like 410 or something um on their website we don't have any news latest news yeah not out yet no news oh are we green are we green oh no oh no we're red we're red we're red we're no oh boy [ __ ] why is it so red damn it damn it down 5% down s% come on bro what the oh my God God oh dude it's down %. you know what this reminds me of this reminds me of Dell I think they might end up saying some [ __ ] like Dell which is that their margins might not be that good holy crap dude granted the stock was up 72% year to date so I mean I mean like if you bought it knowing that it it was up this much now it's down 10% you had to remember I keep scrolling down because this stupid thing won't stop going red uh it it had a good year so it's not crazy to see it go down where's Nvidia nvidia's falling nvidia's down 1% damn it Robin Hood's Red S&P is red of course everything's red why not why not because freaking Micron Technologies [ __ ] Micron down 7% goodness all right what's the numbers let's try to get the numbers oh my God was it that bad okay so Micron adjusted Revenue 6.8 billion that beat estimates of 6.6 they beat on Revenue EPS 62 cents they beat on EPS why is it down they probably didn't raise they beat on revenue and EPS pretty pretty I mean the the street was expecting 46 cents they beat by 20 [ __ ] cents why are they it's down 8% why cash flow from operations 2.48 billion R&D expenses 850 million it it must be the guidance it has to be there's no reason I'm trying to find the guid trying to find it uh I have it I have it on CNBC let me pull it up I have it on CNBC oh boy all right here we go let's see what they have to say wait before I get there though let me try to see where is the the guidance number would be really telling where is the guy oh guidance is light yeah yeah guidance is light guidance seems light I don't have the exact numbers but it looks like guidance is light again eps6 52 cents versus 53 Revenue 6.8 versus 6.6 really good numbers those are not let me go back to the stock real quick it has to be like guidance yeah still down damn still down seven okay so it's not down 10% anymore there are dip buyers coming in guidance of 7.4 billion for next quarter this quarter was 6.8 billion I guess the street didn't like that I think the street wanted like 7.9 or something that seems like what the street wanted um my God oh my God all right that is crushing earnings I agree that is all right let's get some let's get some coverage long-term hold in the discretionary space absolutely I think this is a moment in the meantime Charlie yes Micron the expectations are very high going into this print so we'll see what those results look like but other parts of the market perhaps have this is a TR near record levels but the stocks underneath have been moving around a bit as well what happens when we get the latest inflation read a little later this week okay they're not talking about they're not really talking about Micron too much um let me pull up some other stuff um is semiconductors done this year no I don't think semiconductor I mean dude these are dude they beat earnings by a pretty wide margin I mean that's not remember this company was not profitable two quarters ago it literally I think I don't know what the exact numbers I think they put up like what 900 million in profit this quarter pretty damn incredible at 62 cents a share uh um let me pull up the company's website and see what they say but but still the expectations were up there the expectations were up there it's going up it's well yeah it's recovering a little bit there's a green candle that's trying to get there there's a green candle that's trying to get there why don't companies post the freaking results at the time dude like how is it not on the website this is like this is insane dude how was it not on the website last update was June 10th like there's hundreds of billions of dollars on the line and these companies don't put out the [ __ ] the pr my yeah it's still not out um that's annoying man okay so a little bit of a green candle trying uh Nvidia is down a percent uh S&P is down 0.03 it is recovering a little bit or it's trying to recover a little bit I think on the call they're going to say hey we're crushing it even if our guidance isn't exceptional and as a result that's why it's going higher um let's see man if it can recover it's trying it was down 10% now it's down 3% it's trying it's trying to recover it is trying um Chad says yes they do yeah dude these companies are ridiculous they don't they don't put it up there I MIT should get Bloomberg terminal dude I'll get it eventually but that shit's 25 Grand a year Twitter honestly is just as good as Bloomberg terminal if not better like Twitter if you just search a ticker it'll be up there because there's so many accounts posted thing but um sometimes you want some more information okay let me see what else we have on on Micron uh sales we talked about that adjusted EPS for Q4 a dollar to a116 versus a105 so they didn't definitively raise guidance but they technically said we're not we're going to do better than what the street expects but it's not enough to get super excited R&D expenses 850 million that's up 12% year-over year yeah they're down 3% now working up a little bit adjusted operating expense 976 million that's up 13% year-over aye uh that that's lower than estimates of 1 billion and R&D is a little bit higher than estimates but only by 20 million uh cash flow 2.4 billion versus 24 million year year estimate was 3.24 billion which isn't horrible either still down 4.7% oh boy oh boy oh boy I thought I thought we would get a beat in a raise dude I thought thought it would be more exciting all right so here's the actual numbers let's let's get to this let's see what they have to say earnings are out of we mentioned we're ready with those numbers SEMA Modi has them SEMA and John it's a beat on his top and bottom line earnings of 62 cents versus the estimate of 51 guidance also coming in better than expected Revenue guidance was roughly in line with estimates we're watching the stock down by around 7% here in overtime we have comments from CEO Sanjay MRA talking about robot AI demand strong execution enabling Micron to drive 177% sequential Revenue growth exceeding the company's guidance range in fiscal Q3 uh we are gaining share in high margin products like high bandwidth memory and our data center SSD Rue hit a record high so very bullish comments here but the question is was it uh expectations were so high going into this report John with a stock up over 60% this year uh does this raise does these numbers meet those expectations to you all right SEMA thanks Victoria go to you on this one um the guy just being in line maybe that disappointed some people but the stock is off its lows in overtime it was down nearly 10% now it's more in the five and a half range yeah for a tech stock I think inline is the new Miss right if it's not a beaten rise that's been kind of the death n and we've seen a lot of over now it's down 7% reactions to Misses and you're seeing it claw back a little bit as people uh kind of digest the news here we have to remember the stock isn't Nidia it's a different part of the chip Market more like an Intel and you're coming back and if we see that bottom in PCS we see AI PCS driving more we see more data centers you know and they're going to get the lift that they they need but obviously if you're not going to raise guidance and you're up 70% Market's going to get a little bit worry about what they're paying for and how much growth again this is a company struggling to come back to free cash flow I'm hoping for commentary maybe on resuming share BuyBacks what their capex was going to be you know their capex came in a little high last time and so I think all of those factors come into how much growth and revenue and profit margin growth specifically are we going to see in the back half of this year all right so I got the deck 6.8 billion stocks still down 8% I mean look she yeah 7.3% she makes a good point this thing's up 70% year to date uh if you're not going to raise guidance when you're up 70% you know you're not going to pull an Nvidia yeah the Street's going to struggle a little bit to get super excited so revenues up 17% quarter for quarter 82% year-over-year again pretty incredible numbers just not the guidance the street one wanted uh then they break up their sections of dram which is one of their memory products and then nand 2.1 billion dram 4.7 billion um Revenue by business units so that again is up 85% year-over-year uh net income 7002 million okay so last quarter they actually put up a little bit more but still 7002 million not bad gross margin 28% that's incredible um 5.5 billion return to shareholders from share repurchases and dividends over the past two years including 4.1 billion used to repurchase 6 million shares yeah they're doing all the right things it's not like they're doing the wrong things it's just the guidance is not as incredible as what the street wanted and that's you know that's that's the reason it's down that's it um there you go we got Sanjay mahotra so we got a brown running the company another Brown responsible for making sure the [ __ ] him Satia what's the other dude Sundar they're all responsible to make sure this the Browns are responsible making sure these damn making to make sure this damn economy does not go to [ __ ] over the next few years uh Micron now down 7% uh honest is up 2% Nvidia is down 1.27 um uh arm is down 1.29 let's go to the semis actually yeah look at that everything's red after hours everything's red nvidia's down AMD is down smci is down Intel is down asml you know we have to add Dell to this list Dell is basically a semic company now Dell is down about 1% lamb research down 2% where's broadcom yeah broadcom down about 0.81% oh boy oh boy I was dude this is the hard part about betting on earnings I was even thinking for a second man maybe I just buy 10 shares like it's gonna do well and videos doing well and then like I didn't do it because I was just like well I don't know anything about Micron I was like I have no idea what they do just like I know a little bit but not enough to feel convicted enough to to actually buy the stock I I have a couple friends where I was texting last night and they uh they they are they were pretty bullish on Micron um and so I was trying to get some Intel from them but they didn't say anything that was exciting enough for me to be like all right I'm gonna get into this even if it's for like a small play down six% and this is what happens dude sometimes you're expecting it to go green and just goes red sometimes you want to go and then you got to stop you get it traffic light red green that was good that was [ __ ] good that was a good one that was a good one all right so uh where's rivian after the batt how's rivan taking this news rivan gave back some of its gains at 1469 still up 20% year to date it was at 17 at one point then fell back down to 15 got back to 1640 then fell back down uh wed Bush Dan IES he upgraded them to 20 we'll listen to him in a second he said 20 bucks on uh rivan is reasonable but uh rivian did get back some of the games later today any chance the rest of the market is red due to Bolivia what the hell's going on in Bolivia there's a coup happening in Bolivia you guys should be so proud of me I didn't say Coupe you guys should be so proud of me I didn't say Coupe I have some culture okay I said coup not Coupe all right but why is there a coup going on in Bolivia okay what is going on hold on let's see the hell is going on in Bolivia bro a coup in Bolivia coup Bolivia a coup is when people overthrow their government if I'm not wrong Bolivia's president Bolivia's President says irregular military deployment underway in capital raising coup fears Bolivian president Lewis ARS warned Wednesday that an irregular deployment of troops was taking place in the capital raising concerns that a potential coup was underway he called for democracy to be respected on his ex account okay let's go to his X account Bolivia huh that's kind of random I did not expect that I mean that could definitely send the market red that could on the market readed um yeah he said he said we denounced the irular mobilizations of some units of the bivian army democracy must be respected oh wow this is not good this is not good where's poun is pter down on the Micron pounder wow pter goes well pter was struggling the whole day but that's below 24 okay so let's see what else uh he called for democracy to be respected uh he denounced the movement of military in the Mario Square yeah that's all the updates we have right now what is the GDP of Bolivia GDP of Bolivia GDP of Bolivia I would imagine it's not huge but it's still a decent it's about 44 billion as of 2022 okay so obviously not the largest country in the world but still uh that's not good news oh boy all right so we got some geopolitical stuff going on Amazon right here 193 robbing it up a little bit after hours 2232 on the day S&P 545 uh Amazon holding its gains which is not too bad Bitcoin 60781 that's falling a little bit and then Micron you know honestly Micron falling 7% isn't the craziest because if there are people that believe in the story and the fact is that the company's growing 82% year-over year they're going to buy the dip I don't think they're going to let Micron fall into the hundreds unless we see a more broader selloff uh just given the fact that they crushed earnings they didn't Crush guidance but I don't know if that's a reason to get scared it's kind of like Shopify right Shopify ran up to almost 80 bucks and then they corrected 20% even though they had great earnings uh to 52 and then it ran back to 65 because like it's it's an amazing company just like Micron it just got a bit a bit up there in valuation and so that's why that's what it came down um let's see if we can get some more Bolivia coverage let me see if I can pull some stuff up there no CNN and fox are covering the debate I will be covering the debate as well after the uh after after tomorrow at 800 PM so we will have a live debate party I'm gonna see if I can get some people with me on that one um and the debate's going to be important but this Bolivia news is also is also important yeah no one CNN's talking about the debate all right we'll get back to Micron and then I'll try to get some some Bolivia coverage in in a little bit here we go here's Micron and then oh yeah we have the call in 15 minutes we're going to listen to the call in 15 minutes to plan if you believe in the overall semiconductor trade and micron's place in it I mean a lot of memory necessary uh for AI to work correctly that that you believe in this company or is there cause to step back based on what the valuation been yeah listen I I think as far as kind of the move we've seen obviously in the stock price not to mention across all of um typically you do see kind of these midcycle type corrections that take place where you almost have to see the the stock price actually kind of catch up with some of the fundamentals out there and maybe that's what you're seeing at this moment in time for micron that said um you know I think what was really impressive was um kind of the beat that we saw on the data center side of things kind of the the tone that they're striking on the data center side of things clearly there is a multi-year kind of Up Cycle that's going to be driven by high Bend with memory out there that is a higher value higher price offering out there and um you kind of saw that they again alluded to the fact that they are largely kind of sold out through the end of next year that's going to also help the kind of the pricing landscape we think um for micron going into 2025 so as far as kind of the drivers are concerned um if you remain a if you are a bull on Micron there's really nothing in this report that kind of changes that outside of the stock move at this point in time Angelo though I do wonder I mean there's so many expectations baked into the broad AI trade look no further than all the moves we've seen in Nvidia company becomes the most valuable company in the history of the world last week and then takes a bre breather we've seen some pretty outsized moves just in that stock alone in recent days here coming into the end of the quarter I mean have we gotten too far ahead of ourselves from an investing standpoint from a fundamental standpoint looking to to forward guidance standpoint or is the growth just so fast whether it's Nvidia whether it's Micron whether it's others that nobody can truly wrap their arms around it I I think when you kind of look at the total addressable Market opportunity for AI out there specifically as far as semis are concerned I think there I don't think anyone's got any idea of how big this potentially can be and we think the the potential Market you know size of kind of whether it be Micron whether it be Nvidia or you know other kind of key uh me memory compute or networking plays on the semi side of things we think have you know a lot more room to run but that said um you kind of look I think you have to look at this on a case-by Case basis in terms of Micron um I think as far as the fundamentals are concerned they're kind of kind of picking up steam later in the game than uh Nvidia is and U we think that you're GNA see a more pronounced inflection as you go into calendar 2025 you also look at the valuation of Micron based on our calendar 2025 estimate only trading at above 11 to 12 times um next year's estimate so it's probably the cheapest way to play AI right now but that said um again again I mean this is more of a commoditized type of um he is right memory is commoditized he's not wrong about that at all it's just if they had raised guidance a little higher that's what the Bulls were expecting Micon would have done better um but it has become cheaper than it was before now at 132 versus at 145 almost at like 148 the other day as well um okay we have an update on this Bolivia new stuff thank you sticky monkey for sending this to me on Twitter so here's a little bit of of Bolivian news on this I'm gonna turn the audio off because I have no idea what they're saying but um a military coup appears to be underway in the South American country of Bolivia as elements of the Army have gathered in the administrative capital of lapaz while soldiers have now broken through the main gate of the home of President Lewis ARS is the president like a like a bad dude why are they why are they cing this guy like is he like a dictator or something is he like a communist or is Bolivia a democracy is Bolivia a democracy uh Bolivia is a democracy we're credible okay so it's not a perfect democracy but it is they they've had some violence via VIA their elections over the past few years it was a democracy oh boy are they are they more socialist than capitalists is bivia socialist um bia's movement towards socialism has defied right-wing predictions okay so it seems more socialist than than capitalist huh 20 years socialist government huh interesting all right well that's not I mean that's not the best news geopolitically granted I don't know how much impact it's going to have on the broader Market uh I so I'm speaking out of my ass here because I have no idea about the information but if it has been socialist for 20 years again I could be totally wrong on this maybe there's a bit of Revolt happening because they're tired of some of the the failed policies of of socialism in the country again I could be totally wrong but that's just one reason maybe that we're seeing some um some of Revolt or there might be some other internal politics that I don't know about that's happening there as well uh Jensen hang just sold another 240,000 shares of Nvidia again this is part of a 10 b51 plan all of this is uh pre pre scheduled a lot of people are upset that he's selling some but this is scheduled sales like he did not decide at alltime highs at4 to start selling it was scheduled so like if the stock was $80 right now he would be selling as well um I think it's still less than 1% of his shares he brought in 30 million from this he's gonna have to pay probably 15 to the government so uh Jensen did sell some more shares here today Bolivia didn't use palun here oh my gosh oh boy Jensen hang sells less than 0.1% and gets 30 million that's crazy right that's how valuable the stock is I think his net worth is like 85 billion now or something it's kind of crazy dude 85 billion dollar do you imagine being worth 85 Billy that's a lot of money bro his net worth must go up and down so much every day it's just that's I mean all of us in the chat probably go up or down you know 10 some of the larger whales in the chat probably $100,000 a day I mean my portfolio defin fluctuates 10,000 plus a day you could say uh I'm sure a lot of people in the chat are much more than that and you know we probably are just like damn it goes up and down up and down we're kind of used to it imagine your P imagine your net worth going up a couple billion every day to the downside or to the upside that makes him the richest man no Bezos and Elon are still richer Bezos and Elon are still richer um that's crazy bro that's so freaking crazy Nidia market cap stock trading like a shitcoin this week oh my God all right micron's down 7% we got the call in seven minutes we'll listen to them in seven minutes and see if they can save this earnings even though it wasn't a bad earnings dude it's just the expectations were up there arms down DNA oh by the way genko let me show you guys what Jason Kelly said the CEO of genko I thought this was interesting so Kathy sold like another 30 million shares yesterday she's probably liquidating the entire position uh Jason Kelly actually responded someone called him a Zer era zero interest rate phenomena company and he actually he actually put up some Twitter fingers which means he fought back a little bit and he said no Ark and Cathy are great for the market we need people that invest in long-term growth rather than just in long-term value or short-term growth in public markets and they are the flag bearer for that Capital markets are where a lot of our funding for hardtech comes from in the US and in low rates only in the true long-term funds stay with backing long-term breakthrough Tech they are richly rewarded when it works out but the technology s me wants to see more funds like Arc out there so I'm a booster but we are working like hell to make biology easier to engineer and if we pull off that at scale then people will definitely regret selling all of this is [ __ ] and the reason all of this is [ __ ] is because you Mr Jason Kelly did not have to take the company public at 15 billion when you knew that was a ridiculous overvaluation for the company it's like startups that raise money at like you know you're in series a you got through preed you got through seed someone gives you a term sheet for $200 million you're doing this was happening in 2021 a million dollars in ARR you're trading at 200x ARR some SAS companies by the way only trading at 10x ARR if you look at gitlab that's one of those so if you accept that term sheet you are saying we will be worth more than 200 million because the investor that's paying 200 million at a 200 million valuation they believe that that you'll be worth more I invested in figer that private company at a$2 billion valuation I and they were at a I think like 70 million series a so they jumped up from series a to series B by a lot but I believe they'll be worth more than two billion if they're not worth more than two billion I lose my money so Jason Kelly iping the company or spacking the company at 15 billion Knowing damn well gko was not worth 15 billion that absolutely is a zero interest rate phenomena that is someone who with all his Insider selling cashed out at the expense of retail and Cathy he cashed out at the expense of Cathy and he says oh we need more funds like Arc to be longterm guess what they can't be longterm when your stock goes below a dollar and that's why Kathy's selling the position so I think this is a nice little statement he tried to make but unfortunately the economics of this doesn't make any sense it's not that genko couldn't be a successful public company it's the valuation never made sense and they obviously didn't have the growth to justify the valuation as rates came up but instead of readjusting that I mean they just ended up selling the stock and that's that's the sad part about how the the genko story ended up playing out so there you go that's uh that's what happened with the Geno why is Micron down so much they didn't raise enough of their guidance we got the call in four minutes we'll take a look at that and that's why they are currently down pounder at 244 so pounder recovering over 24 now I will have a video today probably in about like three hours uh of sham sanker he had a really good keyot presentation today loved it it was very good and uh I'm gonna be recapping what the presentation was about why it was important at the end of the call or at the end of the at the end of the presentation he actually cursed which was great I love when see someone someone commented I hate when like SE sweets curse I'm like dude I love when sea sweets curse like that that shows me they actually give a [ __ ] that's why I always love when when carp curs during 's calls like when he said the product's really [ __ ] cool I was just like yeah he actually believes we're really cool uh he said you need Alpha not beta you need software that's going to make you more different not similar to the same [ __ ] that doesn't work I thought it was a good moment I thought it was uh a really good moment do you think the call in a couple of minutes could save Micron a little bit thank you MD for the $5 Super Chat um I think if they can speak to why guidance was low then yes if they don't have an answer for why guidance was low which the answer is that they're a commoditized uh industry and that you know their market share is being split among other people the reason Nvidia doesn't have that problem is because no one's competing with Nvidia then they're probably not going to be able to resolve that concern now granted if they continue to grow the way they're growing and they fall to 125 130 I think people will buy the dip it's just saving the call in the short term given they don't have an exact answer to that guidance question probably not probably not they're not they're not going to save this after ours action if that happens um so we'll see does anyone know if amid plans on playing the MU call I am not I am not playing mu at all I just I just don't understand enough about the company it's really to really get excited about it Micron Falls when the CEO does the CEO have an Indian accent I'm uh I'm curious now does he I can make fun of the accents okay I'm Indian I'm allowed to do this it's not racist so we gotta see if he has a I usually an Indian accent helps in my opinion I think it actually it make it makes people be like oh this guy's definitely motivated he cares so we'll see Adit I just realized you have the most noticeable Adam's Apple you are not a woman you know my Adam's Apple came in seventh grade and that's when my voice went from like a hyena to like like a like a deep you know became a deep voice and my mom couldn't believe it got Micron in about two minutes my mom like she saw the I don't think my mom knew what an Adams Apple was and she saw it one day she was like what is that why is there a ball in your throat and I was like I don't know but like I'm becoming a an adult I guess um so yeah I do I do a pretty thick a thick Adams Apple uh I don't have a ball in my throat because of what Andrew Tate said okay I know a lot of you guys are already running with that joke that's not the case uh it's just my voice is pretty deep dude also when I wake up in the morning like 5 am like you know when you have that like deep voice in the morning I also have a pretty deep voice in the morning as well um so yeah all right I guess we'll have to see what Micron says in like a minute we should see what happens too much Haw Tua yo we need we need that sunjay dude we need whatever the CEO's name he needs to Hawk Tua on also by the way you guys you guys know there's an extended video of it I don't think you guys know there's an extended video bro there's an extended video of the hawk to girl I'm gonna play it's like 10 seconds let me play it real quick there's an extended video bro this is crazy demonstrate uh demonstrate dude she's great she signed with a talent agency and um she's officially she's officially taking advantage of this whole thing I think I I I don't know if she officially got fired from being a kindergarten teacher or whatever but she signed with a talent agency and um it looks like we're going to get a lot of merchandise from her yeah she signed with UTA that's the famous Hollywood talent agency I like it only in America can you take advantage of capitalism by saying two words H and become an international sensation I mean it's absolutely incredible and I wish the best for her I I really hope that she takes off of this I really hope I really hope so okay so Call's not starting yet should be in a minute MD thank you again for the $5 Super Chat you don't have to send these man thank you so much my calls are F LMAO but maybe I can pull something out of my ass tomorrow well let's see let's see how it reacts what was the strike in expiration as well for the calls because if it's shortterm then yeah it might get hit but let's see what the CEO can say on the call and what they can do recession to ask all right we're starting here we go here's Micron one1 on your telephone if your question has been answered and you'd like to remove yourself from the queue simply press star one1 again as a reminder today's program is being recorded and now I'd like to introduce your host for today's program SAA Kumar investor relations please go ahead sir thank you and welcome to Micron Technologies fiscal third quarter 2024 Financial conference call on the call with me today are Sanjay Merra our president and CEO and Mark Murphy our CFO today's call is being webcast from our investor relations site at investors. micron.com including audio and slides in addition the press release detailing our quarterly results has been posted on the website along with the prepared remarks for this call today's discussion of financial results is presented on a non-gaap financial basis Micron Call Starts unless otherwise specified a Reconciliation of Gap to non-gaap financial measures can be found on our website we encourage you to visit our website at micron.com throughout the quarter for the most current information on the company including information on financial conferences that we may be attending you can also follow us on X at Micron Tech as a reminder the matters we are discussing today include forward-looking statements regarding market demand and Supply market and pricing Trends and drivers the impact of new technologies such as AI product ramp plans and Market position our expected results and guidance and other matters these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today we refer you to the documents we fil with the SEC including our most recent form 10q and the upcoming 10q for a discussion of risks that may affect our future results although we believe that the expectations reflected in the forward-looking statements are reasonable we cannot guarantee future results levels of activity performance or achievements we are under no duty to update any of the forward-looking statements to conform these statements to actual results with that let me turn the call over to Sanjay thank you Satya good afternoon everyone I'm pleased to report that Micron delivered fiscal Q3 Revenue gross margin and EPS all above the high end of guidance ranges Micon drove robust price increases as industry Supply demand conditions continue to improve this improved pricing combined with our strengthening product mix resulted in increased profitability across all our end markets in data center rapidly growing AI demand enabled us to grow our Revenue by over 50% on a sequential basis and we grew share in high margin AI related product categories such as hbm high capacity Dems and data center ssds our mix of data center Revenue is on track to reach record levels in fiscal 2024 and to grow significantly from there in fiscal 2025 robust AI driven demand for data center products is causing tightness on our Leading Edge nodes consequently we expect continued price increases throughout calendar 2024 despite only steady near-term demand in PCS and smartphones as we look ahead to 2025 demand for AI PCS and AI smartphones and continued growth of AI in the data center create a favorable setup that gives us confidence that we can deliver a substantial Revenue record in fiscal 2025 with significantly improved profitability underpinned by our ongoing portfolio shift to higher margin products Micron is ramping the industry's most advanced technology nodes in both Dam and nand over 80% of our dam bit production is now on Leading Edge one alpha and One beta nodes over 90% of our nand bit production is on our two Leading Edge nant nodes one gamma Dam pilot production using extreme ultraviolet lithography is progressing well and we are on track for volume production in calendar 2025 our next generation node is on track with high volume production planned for calendar 2025 we experienced some operational disruptions after the recent Taiwan earthquake but were able to recover quickly thanks to diligent efforts from Micron thawan team members working together with our Global operations teams despite impacts from the earthquake we now expect our fiscal 2024 Dam front-end cost reductions excluding hbm to be in the high single digigit percentage range we expect our fiscal 2024 n frontend cost reductions to be in the low teams percentage range these cost reductions are supported by our industry leading 1 beta Dam and 232 layer nand nodes during the quarter Micron signed a non-binding preliminary memorandum of terms or PMT with the US government for $6.1 billion in Grants under the chips and science act these grants support our planed Leading Edge memory manufacturing expansions in Idaho and New York federal and state incentives projected power cost advantages and R&D collocation synergies will enable Micron to achieve cost competitive Leading Edge memory Manufacturing in the United States when these projects reach efficient manufacturing scale Sab Construction in Idaho is underway and we are working deligently to complete the Regulatory and permitting processes in New York this additional Leading Edge Green Field capacity along with continued technology transition investments in our Asia facilities is required to meet long-term demand in the second half of this decade and Beyond these Investments support our objective to maintain our current bit share over time and to grow our memory bit Supply in line with long-term industry bit demand Micron retains flexibility under the PMT to manage construction and timing of Supply growth in a manner that allows us to remain responsive to market conditions now turning to our end markets we are in the early Innings of a multi-year race to enable artificial intelligence or AGI which will revolutionize all aspects of Life enabling AGI will require training ever increasing model sizes with trillions of parameters and sophisticated servers for inferencing AI will also permeate to the edge via AI PCS and AI smartphones as well as smart Automobiles and intelligent Industrial Systems these Trends will drive significant growth in the demand for Dram and nand and we believe that Micron will be one of the biggest beneficiaries in the semiconductor industry of the multi-year growth opportunity driven by AI most data center customer inventories have normalized and demand from customers continues to strengthen PC and smartphone customers have built additional inventories due to the rising price trajectory the anticipated growth in AI PCS and AI smartphones as well as as the expectation of tight Supply as an increasing portion of dam and land output is dedicated to meeting growing data center demand due to expectations for continued Leading Edge node tightness we are seeing increased interest from many customers across market segments to secure 2025 long-term agreements ahead of their typical schedule in data center industry server unit shipments are expected to grow grow in the mid to high single digits in calendar 2024 driven by strong growth for AI servers and the return to modest growth for traditional servers Micron is well positioned with our portfolio of hbm D5 lp5 high-capacity dim cxl and data center SSD products recently our customers have announced their long-term AI server product road maps with an annual Cadence of new products with significantly improved capabilities for the next several years micron's technology and product leadership puts us in an excellent position to support this growth customers continue to provide feedback that our hbm3 e solution has 30% lower power consumption compared to competitors Solutions our hbm shipment ramp began in fiscal Q3 and we generated over $100 million in hbm C Revenue in the quarter at margins active to DM and overall company margins we expect to generate several hundred millions million dollars of revenue from hbm in fiscal 2024 and multiple billions of dollars in revenue from hbm in fiscal 2025 we expect to achieve hbm market share commensurate with our overall DM market share sometime in calendar 2025 our hbm is sold out for calendar 2024 and 2025 with pricing already contracted for the overwhelming majority of our 2025 Supply we are making significant strides towards expanding our hbm customer base in calendar 2025 as we design in our industry leading hbm technology with major hbm customers we have sampled our 12 High hbm 3E product and expect to ramp it into high volume production in calendar 2025 and increase and mix throughout 2025 we have a robust road map for hbm and are confident we will maintain our technology leadership with HPM 4 and HPM 4E our next Generations of HPM will provide further performance and capacity enhancements while we continue to evolve our industry-leading low power Innovations we achieved full validation on our 1 beta 32 gbit monolithic die based 128 gigabyte high capacity server dim products and are on track to achieve several hundred million of revenue from high capacity demms in the second half of fiscal 2024 additionally we continue to see strong interest in our industry-leading One beta LPD Ram in data center applications data center SSD is in the midst of a strong demand recovery as customers have worked through their 2023 inventory hyperscale demand is improving driven primarily by AI training and inference infrastructure and supplemented by the start of a recovery of traditional compute and storage infrastructure demand Micron is gaining share and data center ssds as we reach new revenue and market share records in this important product category during the quarter we more than tripled bit shipments of our 232 layer based 6530 terabyte ssds which offer best-in-class performance reliability and endurance for AI data Lake applications we continued our leadership and Innovation by becoming the first nand vendor to supply 200 plus layer qlc for the Enterprise storage Market in PC unit volumes remain on track to grow in the low single digigit range for calendar 2024 we are optimistic that the planned Windows 10 end of life in 2025 the launch of Windows 12 and the introduction of new generation of AI PCS will accelerate the PC replacement cycle starting and late calendar 2024 the PC replacement cycle should gather momentum through calendar 202 5 as new AI applications are rolled out during computex in Taiwan we saw several announcements of Next Generation chipsets and AIP PCS these devices feature high performance neural processing unit chipsets and we expect these devices will have 40% to 80% more DM content than today's average PC Microsoft's minimum system requirement for co-pilot plus PCS such as the Surface Pro is 16 GB of dam we expect Next Generation AI PCS to make up a meaningful portion of total PC units in calendar 2025 growing each year until most PCS ultimately support Next Generation aipc specs aips are also likely to require higher performance and higher average capacity ssds than traditional PCS aligning well with our leading technology portfolio on our 232 layer nand with our performance 3500 SSD and our industry-leading value qlc 2500 nvme ssds turning to Mobile smartphone unit volumes in calendar 2024 remain on track to grow in the low to mid single digigit percentage range leading smartphone oems recently announced new AI capabilities and we are optimistic that delivering high quality AI experiences can accelerate the smartphone refresh cycle smartphones have tremendous potential for personalized AI capabilities that offer greater security and responsiveness when executed on device micron's leading lp5x is enabling the recent 12 GB and 16 gab AI phone releases at all Android tier one customers representing a 50% to 100% increase over last year's Flagship models micron's leading Mobile Solutions provide the critical performance capacity and power efficiency needed to unlock AI capability our mobile Dam and L Solutions are now widely adopted in Industry leading flag Flagship smartphones in calendar q1 we received recognition for being number one in quality by five of the world's leading smartphone oems qualifications are on track for our second generation one beta LP 5x products and we see broadening use of our 232 layer nand moving beyond Flagship phones into high capacity high and mid tier phones turning to Auto and Industrial the automotive sector continued to experience robust demand for memory and storage and Micron achieved a record quarter for automotive revenues car production volumes are returning to pre-pandemic levels and broader adoption of intelligent digital cockpits and more advanced driver assistance capabilities are driving content growth we anticipate further content growth as additional intelligence including generative AI based Technologies is adopted in vehicles Micron continues to be a leader in automotive with high quality and industry first product introductions in the fiscal third quarter we launched the world's first multiport gen 4 nvme SSD in support of Next Generation centralized compute architectures in industrial and Retail consumer segments which are a smaller part of our business we are seeing some near-term demand uncertainty from our distribution partners and customers we remain confident in the long-term fundamentals and growth drivers of these businesses especially with the increasing adoption of AI in a variety of applications now turning to our Market Outlook we forecast calendar 2024 bit demand growth for the industry to be in the mid teens percentage range for both dram and nand over the medium term we expect industry bit demand growth gaggers of mid teens in Dam and high teens in nand turning to supply we expect calendar 2024 industry Supply to be below demand for both Dam and nand as discussed previously the ramp of hbm production will constrain industry Supply growth in non hbm products industrywide hbm 3E consumes approximately three times the wafer Supply as 5 to produce a given number of BS in the same technology Noe with increased performance and packaging complexity across the industry we expect this trade ratio for hbm 4 to be even higher than the trade ratio for hbm 3E we anticipate strong hbm demand due to AI combined with increasing silicon intensity of the hbm road map to contribute to tight Supply conditions for Dam across all end markets as the memory industry is still recovering from the challenging environment in 2023 this tight Supply environment will help Drive the considerable improvements in profitability and Roi that are needed to enable the Investments required to support future growth micron's bid Supply growth in fiscal 2024 remains below our demand growth for both Dam and nand Micron will continue to exercise Supply and capex discipline and focus on improving profitability while maintaining our bit market share for Dam and nand we continue to project we will end fiscal 2024 with low double digigit percentage less wafer capacity in both Dam and nand than our Peak levels in fiscal 2022 we intend to use our existing inventory to drive a portion of the bit growth support our Revenue in fiscal 2025 to enable a more optimized use of our capex investments micron's fiscal 2024 capex plan will be approximately $8 billion and wfp spending will be down year on year in fiscal 2024 we expect to increase our Capital spending materially next year with capex around mid-30s percentage range of revenue for fiscal 2025 which will support hbm assembly and test equipment fav and backend facility construction as well as technology transition investment to support demand growth the construction capex in the planned Idaho and New York Greenfield Fabs in fiscal 2025 will be half or more of the expected increase in total capex in fact the growth in both Greenfield Fab construction and hbm capex Investments is projected to make up the overwhelming majority of the year-over-year capex increase these Fab construction Investments are necessary to support Supply growth for the latter half of this decade this Idaho Fab will not contribute to meaningful bid Supply until fiscal 2027 and the New York construction capex is not expected to contribute to best Supply growth until fiscal 2028 or later the timing of future WF spent in these Fabs will be managed to align Supply growth with expected demand growth I will now turn it over to mark for our financial reserves and Outlook thanks anj and good afternoon everyone Micron delivered strong results in fiscal Q3 with Revenue gross margin and EPS above the high end of the guidance ranges provided in our last earnings call improving market conditions and strong price and cost execution drove the financial outperformance total fisal Q3 revenue is $6.8 billion up 177% sequentially and up 82% year-over-year fiscal Q3 dram Revenue was approximately $4.7 billion representing 69% of total revenue dram Revenue increased 133% sequentially with p shipments declining in the mid single digit percentage range and prices increasing by approximately 20% fiso Q3 Nan Revenue was approximately $2.1 billion representing 30% of micron's total revenue Nan Revenue increased 32% sequentially with bit shipments increasing in the high single digit percentage range and prices increasing by approximately 20% now turning to revenue by business unit compute and networking business unit revenue is $2.6 billion up 18% sequentially bam data center Revenue more than doubled year-over-year revenue for the mobile business unit was $1.6 billion down 1% sequentially as a planned decline in volume was partially offset by improved pricing embedded business unit revenue is $1.3 billion up 16% sequentially driven by record revenue and Automotive revenue for the storage business unit was $1.4 billion up 50% sequentially with growth across all end markets we achieve record data center Center SSD Revenue which nearly doubled sequentially the Consolidated gross margin for fiscal Q3 was approximately 28% up over 8 percentage points sequentially driven primarily by higher pricing and helped by product mix and cost reductions excluding the effects of previously written down inventories on fiscal Q2 gross margin the sequential Improvement in fiscal Q3 would have been 15 percentage points as a reminder previously written down inventories had no impact on fiscal Q3 gross margin and will not affect our gross margin moving forward operating expenses in fiscal Q3 were $976 million up $17 million quarter over quarter continued spend discipline and ongoing operational efficiencies helped deliver operating expenses at the low end of the guidance range we we generated operating income of $941 million in fiscal Q3 resulting in an operating margin of 14% which was up 10 percentage points sequentially and up 53 percentage points from the year ago quarter fiscal Q3 adjusted ebah was $2.9 billion resulting in an ebah margin of 43% up six percentage points sequentially and up 30 percentage points or $2.4 billion from the year ago quarter fiscal Q3 taxes were $227 million lower than expectations at the time of our guidance driven by one-time discreet items nonap deluded earnings per share in fiscal Q3 was 62 cents compared to 42 cents in the prior quarter and a loss for share of a143 in the year ago quarter fiscal 3 non-gaap EPS exceeded the high end of our guidance range by 10 cents driven by better revenue and profitability turning to cash flows and capital spending our operating cash flows are $2.5 billion in fiscal Q3 representing 36% of Revenue Capital expenditures were $2.1 billion during the quarter and we generated free cash flow of $425 million our fiscal Q3 ending inventory was $8.5 billion or 155 days a decline of five days from the prior quarter our Leading Edge Supply continues to be very tight for both dram and Nan on the balance sheet we held $9.2 billion of cash and Investments at quarter end and maintain near $12 billion of liquidity when including our untapped credit facility considering our ample liquidity return to free cash flow generation and strong Outlook during the quarter we repaid $650 million of debt maturing in November 2025 we ended the quarter with $ 13.3 billion in total debt low net leverage and a weighted average maturity on our debt of 20131 now turning to our outlook for the fiscal fourth quarter we expect Dam bit shipments to be flattish and Nan shipments to be up slightly in fiscal Q4 we forecast shipment growth to strengthen modestly in the November quarter we project continued gross margin expansion pricing Trends remain positive supported by favorable Supply demand conditions portfolio mix will be an important contributor over time as hbm high-capacity dims Data Center ssds and other high value products increase as a portion of our mix the high mix for our Leading Edge nodes support frontend cost reductions in line with our long-term cost reduction kagar excluding hbm on dram keep in mind that higher mix of hbm will offset non hbm dram cost reductions but hbm will be at accretive gross margins we forecast operating expenses to increase sequentially in the fiscal fourth quarter due to an increase in R&D program expenses and a non-recurring Q3 asset sale gain contemplated in our Q3 guidance we estimate fiscal 4 Q4 tax expense of approximately $320 million for fiscal 2025 we estimate our non-gaap tax rate to be in the mid- teens percent range we project days of inventory outstanding to decline through fiscal 2025 and Di to approach our Target by the end of fiscal year 2025 we forecast Capital expenditures to increase sequentially in the fiscal fourth quarter to approximately $3 billion despite this increase in capex we project continued positive free cash flow in fiscal Q4 we expect full year fiscal 2024 capex of around $8 billion record revenue and significantly improved profitability in fiscal 2025 will help support average corly capex in fiscal 2025 to be meaningfully above the fiscal Q4 2024 level of $3 billion we expect capex around mid-30s percent percentage range of revenue for fiscal 2025 which will support hbm assembly and test equipment Fab and backend facility construction as well as technology transition investment to support demand growth as noted earlier half or more of the expected capex increase in fiscal 20 2 will be to support us Greenfield Fab construction as we have noted in the past the chips grants ITC and state incentives offset a significant portion of us Fab capex Investments receipt of some of these incentive reimbursements occur well after when we incur the spend resulting in higher capex for a period while we ramp our Green Field US Investments my Micron will remain disciplined in our Capital spending and will modulate our wfe investments to grow bit Supply in line with industry Demand with all these factors in mind our non-gaap guidance for the fiscal Q4 is as follows we expect Revenue to be $7.6 billion plus or minus $200 million gross margin to be in the range of 34.5% plus or minus 100 basis points and operating expenses to be approximately $ 1.06 billion plus or minus $15 million we expect tax expenses of approximately $320 million based on a share count of approximately 1.1 billion shares we expect EPS to be A1 eight per share plus or minus 8 cents in closing market conditions are improving with price increases driven by favorable Supply demand Trends and tightness on the Leading Edge Micron is executing well on leveraging our technology leadership to grow our mix of high value Solutions especially in products that support AI applications finally our Leading Edge Investments and productivity initiatives are delivering cost d pounds and operating leverage during this Market recovery we expect record revenue and significantly better profitability in fiscal 2025 to support disciplined investment to maintain stable bit share and deliver free cash flow growth I will now turn it back over to sanj thank you Mark I want to close by commending our team in Taiwan for their response to the significant earthquake in fiscal Q3 in many ways that is that response exemplifies Micron an agile prepared team that assesses and reacts quickly supported by a brilliant network of colleagues around the globe that collaboration planning discipline and experience are precisely what ensures Micron is so well positioned today I look forward to our teams accelerating micron's memory and storage leadership as AI Solutions present increasing opportunities to provide greater value from data centers to the edge thank you for joining us today we will now open for questions certainly and one moment for our first question all right here we go our first question comes from the line of Chris Shanker from TD Cowan your question please yeah thank you my question uh I have two questions f is the first one it's on hbm uh clearly you're gaining practice in hbm3 I'm just curious how the hbm3 is and how qualification going Beyond uh One customer last time you publicly said that you're qualified at nmedia h200 kind of curious how is it going with uh the B100 for NVIDIA and also along the same path your competitors spoke about pulling in the time frame for hbm for uh versus the regular 18month Cadence for uh hbm technology transition so basically I'm curious sanj any color hbm3 e is call a different customers timing of hbm for help had a quick followup so let me start off by again pointing out that we delivered uh over $100 million in Revenue in fiscal Q3 with our hbm3 and I'm very pleased with our team's focus on this and uh delivering this number and um note that this uh was margin accretive to our um overall uh U margins but also to our DM margins and of course we remain very much focused on delivering several hundred millionar in fiscal 2024 uh for hbm revenue and as I noted multiple billion dollars in revenue and in hbm we are very much focused on continuing to ramp our production and also to improve our yields and that is of course an important priority and any new product that is as uh complex as hbm or any new technology node always has a yield ramp and the team is extremely focused on that so as we look ahead to 2025 uh we remain confident in our ability to deliver our market share consistent with Dam share sometime in 2025 and again are very pleased with uh micron's strong product of hbm 3E that as I noted has been well recognized by our customers to have um 30% better power than compet any competitors product that is out there now regarding your question on qualifications um of course we are in qualifications with other customers as well and as I noted in my remarks that in 2025 time frame uh we expect to be broadening diversifying our customer base as well and hbm 4 uh I mentioned in my remarks that we have a strong road map ahead for hbm 4 and hbm 4 and we feel very good about our capabilities there the road map that we have in front of us and our ability to deliver leadership with hm4 and hbm 4E as well got it thanks andj for that and a quick followup uh on Nan indust on the Nan bid demand you kind of mentioned that the bid growth demand bid growth me the high team if I remember right last quarter you said it's going to be in the low 20s so I'm kind of curious what was the Delta versus last three months ago because there a general view that AI should be helping Nan so why is the Nan bid demand growth not going higher looks like it's going lower thank you so so what I would tell you chish is that um you know there is really not much of a difference between the kager that we shared last time versus the kager we shared here and I'll also tell you that you know we basically revised the base year for the kager uh that we used yeah so this time the kager that we used used we used the base year of 2023 and in 2023 as you know we had um a bit demand growth in nand that was higher meaningfully higher than the kager so that of course the larger base of 2023 just you know somewhat changed our outlook on the overall kager but you're absolutely right to note as we have also highlighted that you know data center ssds are a good growth demand driver and I'll just provide you some color the data center Automotive in and Industrial these are all growing faster in terms of nand Demand versus the kager that we have shared client mobile and consumer somewhat slower but these slow growing segments actually have also average capacity increases ahead of them you know as I gave you examples of AIP PCS and AI smartphones driving content growth and we have just conservatively planned for this uh perhaps and we will continue to assess uh the average capacity growth in smartphone and PCS in the times ahead um and it's important that the kager that we highlight here this is what we use for our capacity planning and we want to of course always remain disciplined uh with respect to our capacity um planning and very much focusing on demand Supply balance and Roi thanks San very helpful thank you thank you and our next question comes from the line of a ara from Bank of America Securities your question please uh thanks for taking my question um Sanjay you mentioned a 3X trade ratio of hbm to D5 uh what happens to this ratio as you go to higher uh Stacks you know 12 high or more and on the other hand what happens as you make yield improvements um just overall is 3x still the operative uh assumption for calendar 25 and just what are the and takes around um this ratio yeah I mean I think for hbm 3E 3x is uh you know the operative guidance here you know with respect to the trade ratio and again just keep in mind that this already accounts for you know the larger die that exists with hbm3 given its performance and packaging and overall product expectations as well as uh um the of course with the eight die stack as well as the logic die in there the mature yield expectations there as well and as the yields will be ramping up for us of course you know we will be able to get the benefit on the uh lower cost as we go forward but with mature yields the trade ratio with hbm 3E is about three times over the mature yields of D5 uh in the same technology node and U as you go up to HPM 4 of course uh the trade ratio as we have said before increases goes higher than three and you know as you go up from eight di stack to 12 di stack in hbm 3E of course 12 di stack will have somewhat lower lower mature yields as well that's just the nature of how you know device yields work um and but the operative guidance I think remains still uh 3x for hbm 3E and greater than that for hbm 4 inclusive of the Assumption of mature yields and of course Assumption of mature yields here is world class mature got it and a quick followup maybe for Mark so you know you're suggesting fisal 25 is uh could be a record in terms of uh sales uh why can't it be a record in terms of gross margins what what are the puts and takes of gross margins as we go into next year so maybe give us some sense of what incremental margins can be let's say sales that up 5 billion or 10 billion year on year just so you know we can level set our model from a gross margin perspective good question yeah Vivic we're U happy to take that we we're not providing fiscal year 25 guidance yet um you know I can I can uh talk about some sequential improvements from here of course we guided um a 600 basis point increase um uh gross margin guidance between third quarter and and the guide um and fourth and yeah that's driven um that's driven by um by price um but also um you know mix is beginning to become a more substantive factor in the in the sequential gross margin expansions um we see November quarter um you we see gross margin expansion continuing uh up a few hundred basis points again price is a is a factor but also um as a fourth quarter mix um uh participating in the OR contributing to the increase and that's you know that's the effect of of hbm and and high capacity dims and other higher higher value products uh we do expect through fiscal 25 uh for price to continue to increase and we expect this favorable mix effect to continue to increase um you've seen the you know very clearly in the third quarter and our fourth quarter guide the the strength and data center and and we see uh that growth continuing and then later in the year we see um you know replacement cycle for smartphone and PC and then the associated content with AI picking up so we expect that to again second half of the calendar year into into you know early 25 for that to kick in then on the supply side you know you've got just tight conditions um you know you've got um structurally lower capacity industry inventories are trending down which we believe ours will Trend down through fiscal 25 to close to our Target by the end of 25 um and um and then just the hbm trade ratio which which sanj just commented on um and then of course I talked about in the sequential gross margin talked about you know the mix that we see in the business with our higher value products uh which are um you know hbm high-capacity dims ssds which we've talked about so the momentum is is very strong um you know we we've got technology leadership we've got the best product position the company's ever had and and the manufacturing is operating very well so uh uh well positioned for fiscal 25 thank you thank you and our next question comes from the line of toari from Goldman Sachs your question please hi uh thank you so much for taking the question um I had two as well the first one on hbm um I guess recently there have been a couple of reports about you know you all having some yield issues um based on your commentary didn't sound like you were having these issues but just wanted to clarify that if you could address that that would be that would be really helpful um and then on hbm the second part is so so gross margins are inative to overall overall corporate margins today uh what are your thoughts on S the relative profitability going into the second half of the year and into calendar 25 uh particularly given the fact that you you have pretty good visibility as it pertains to HPM pricing so regarding the yields I think I already commented uh that um we are pleased that in the very first quarter of production we were able to ship over 100 million of hbm uh revenue and we remain uh focused on our goals and remain confident about our goals of delivering several hundred million dollars of Revenue in fiscal 24 and uh um a multiple hundred billions of dollars of Revenue in fiscal 25 and getting to our share to be in line with our share for hbm to be in line with our D Dam share sometime in 2025 so of course our yield assumptions are baked in in all of that and you know we look to um continue to work on uh all aspects of ramping up our capacity and of course we expect to uh improve yields as we go forward again that is typical of any new technology any new uh product that you ramp up um so that's what we remain focused on and regarding the gross margin comment maybe Mark can add some color but as I mentioned earlier that gross margin is a creative not only for to our corporate margins but it is also a creative to our dam margins and our dam margins as you know uh tend to be higher than our corporate margins which are uh you know lower because of uh the lower n margins in land generally in the industry it is it is helping the drive continued grow Market expansion through 25 okay got it that's helpful and then as my followup um maybe one for Mark on Capa so you're guiding fiscal year 25 up materially um you know given some of the hints that you've provided you know maybe you're looking at a mid- team's uh billion dollar number for fiscal 25 I know more than half of that or half of that is coming from the Greenfield investments in the US but how should we be thinking about your bit Supply growth uh in in fiscal 25 or calendar 25 um should we expect you guys to grow you know more or less in line with the demand cager you have for DRM andand mid teams and high teams respectively or do you expect to to undershift relative to those um relative to those ranges in fiscal 25 thank you yeah we uh good questions uh toshia and you know your your your view on cap um you know we we've given enough that you know we don't want to guide revenue for 25 because we you know we we'll do that at a future date by quarter um but um but we do expect a you know a a material increase year-over-year uh for the quarter sequentially we'll see a you know a meaningful Step Up um you know and you know we we were we were at three billion um you know we increased from 2. 1 to three billion uh third quarter to fourth quarter guide um I would I would characterize that both on a dollar and percent basis is more than meaningful so um so it' be less than that um sequentially but you know um but we are are spending spending more um you know to your to your question on um you know we are very constrained on bits um uh bit production and um you know uh so we will you know as I mentioned in my earlier comments we will certainly see inventory levels come down in fact we expect to be uh approaching Target inventory Levels by the end of of 2025 thank you thank you and our next question comes from the line of Thomas o Aly from Barkley your question please hey guys thanks taking my question this is for sanj or Mark so you've given us the fiscal year 25 kind of company guidance of several billion in hbm and then you've kind of talked about the share that you're getting to is equivalent to that of dram so you kind of solve for that market low teens total hbm Market I just kind of want to understand what's your view of the suppliers to that market um as it stands today it seems like there's really two major suppliers do when you look at the oute do you think that number changes if there additional qualifications um would that number change uh if you were to have a third qualification aka the market be bigger and you know how did you kind of come up with that total Market uh numers that kind of a Bottoms Up accelerator forecast but just kind of how you're thinking about the market and did that change or is it contingent upon qualifications of some of your competitors well as we have said before that we see the kager for HPM growth um you know in terms of bit growth kager to be well above 50% over the next few years so you know certainly uh hbm is a strong growth driver and again you know as we increase our mix of hbm going forward it will of course be uh you know continuing to be creative to our financial performance uh including margins um and we are pleased that with the strong performance that we have um you know we we are sold out for 25 as well uh with uh overwhelming part of our output already uh committed in terms of pricing so you know that points to a strong position that we have in terms of continuing to work toward achieving our goal of uh getting to our hbm market share to be in line with Dam share sometime in U 2025 um and of course um you know um we are working uh with broad range of customers um in qualifications and next year we plan to be shipping to broader set of customers having said all of that no question that hbm is a complex product for our customers to qualify as well it's uh highly resource intensive not just for us but for our customers as well and this is where we think that our strong product position highlighting again those attributes of 30% better power than nearest competitor and better performance and really high quality here positions as well uh when customers work in with those resource intensive qualifications for micron and that's what you know we are already seeing in terms of our engagement so we feel pretty good about our plans here for hbm super helpful and then just Switching gears over to the the Nan side of things um obviously you had a competitor out in the market talking about kind of run rate industry capex and kind of talking about the the the change in Industry architecture maybe not scaling as quickly or as capital intensively as you had in the past um you obviously are talking about capex a lot of your capex next year is going towards Greenfield and hbm could you talk to the remainder of that capex could you give us any color on Dam or nand split between that and then do you agree with in this instance it was Western Digital talking about Capital intensity longer term on the man side do you agree that maybe structurally you'll see a lower investment uh threshold in the future to kind of continue to maintain uh what the industry needs so uh you know for us you know certainly our capex U is dominated by our Dam related capex uh you know that's you know certainly hbm because it's growing as mix in the industry and hbm is uh Capital intensive when it comes to Unique clean room requirements for HPM um and in packaging and assembly as well as uh you know test equipment so our capex is dominated by that as well as to meet the future requirements in the second half of this decade and that involves the construction of the Fabs so nand capex is uh you know you know certainly uh much smaller portion of our total capex and we have a very strong technology position with our n and strong portfolio that you see and we are continuing to shift that portfolio toward higher value Solutions as well so we certainly will remain extremely disciplined when it comes to nand as well in terms of driving the capex and we will be disciplined in terms of driving our technology node transitions um in the timing of node transitions you know across the industry I think it is um you know certainly helpful given the bit growth that you get from those transitions to um you know slow down the timing of those uh the Cadence of those node transitions uh so that um you know your uh bid growth kager versus the gain of bits that you get from the Wafers can be managed well these are the kind of things we have very much focused on in order to maintain a good Supply discipline maintain Supply growth that is very much in line with the demand growth and managing our capex here prudently but yes I mean overall our capex is uh in end is uh significantly smaller but you know we remain extremely disciplined um you know focused on managing our supply growth in line with demand there and again I want to point out that you know with nand technology transitions are sufficient to meet the demand growth we do not need the new clean room the new Green Field Fabs the kind that are needed in uh drram and you know hbm and the trade ratio of hbm with standard dam is a in The Green Green Field requirements only also thank you one moment for our next question and our next question comes to the line of chrisopher dley from City your question please hey thanks guys so I think you mentioned you're signing up um some customers to long-term contracts uh you know given your belief that the pricing is going to keep going up why sign people up to long-term contracts and potentially you know miss out on some of the increased pricing or is there some uh potential for wiggle room on pricing with the contracts and it's more of a unit basis just curious there good question with the long-term contracts you know really help um us and customers get closer not only with respect to let's say let's say Supply or pricing discussions as may be relevant to our various customer contracts but also uh with respect to the technology road map the product road map the timing of the supply and they are very helpful factors in building a close relationship with the customers and you can see that you know we are pointing to uh a you know a substantial Revenue record in 2025 uh of course you know leveraging uh some of these contracts that we have put in place and we have also pointed to a significant Improvement in profitability so I think we are well positioned in these contracts uh with respect to um not only the supply and demand fundamentals but also with respect to the financial aspects great thanks sanj and then just a quick one for Mark Mark was the um was the Taiwan Quake impact limited to the make order or is it impacting the current quarter as well not a material impact Chris but just me all right thanks thank you and our next question question comes from the line of harlander from JP Morgan your question please yeah good afternoon thanks for taking my question um Enterprise ssds are seeing really strong demand pull from AI workloads right the team has driven significant share gains in Enterprise SSD just over the past few quarters I think in calendar q1 think Micron was the number three Global share leader in Enterprise SSD I think it's now about 20 25% of your overall Nan business I mean this is a position that we've never seen Micron in before so I think first question is are Enterprise SSD gross margins are creative to your overall n gross margins and then secondly I I saw your nextg pcie Gen 5 SSD demo at nvidia's GTC conference pretty significant performance uplift on AI workloads versus your Gen 4 SSD so are you qualifying these nextg Gen 5 ssds for AI application when do you expect to shift just wanted to understand the sustainability of your strong share position here well thank you Harland for recognizing uh uh the strong momentum that micron's data center SSD have and you know certainly our data center ssds are accretive to our overall land margins and we have really great products I already highlighted in my prepared remarks that we saw um you know tripling of bits that we share with our 232 layer and AI ssds you know going absolutely toward AI data center applications and we have a broad set of customers that we are working with uh in terms of growing our sharees so we see when we talk about you know sequentially we had um you know 50% uh increase in uh Revenue uh for our data center products of course that includes the benefit of our strong uh data center SSD road map and yes I mean we will of course continue to work with our Gen 5 ssds you know in terms of working with customers uh for qualifying and um you know not prepared to discuss at this point specifics regard regarding uh timing of you know some of the road map that is uh in front of us for shipments um so yes uh in terms of sustainability of the strong Improvement to share you know we are defitely with our strong product portfolio counting on it and this will our SSD momentum data center SSD momentum will absolutely contribute also toward um my remarks that I said that we will increase our mix of uh data center Revenue in fiscal year 25 as well of course hbm high density dims um you know these will of course be big part of it but also data center ssds uh is going to be another big part of our growth in 2025 uh related um to Data Center um Revenue I would just add har I would just add Haron that the that the um storage business unit delivered operating profit in the quarter perfect thank you very much insightful thank you this does conclude the question and answer session as well as today's program thank you ladies and gentlemen for your participation you may now disconnect good day okay cool so that's it uh that's the Micron call we'll do about 10 minutes of breaking down some of the stuff after hours and then uh I will get you guys out of here um look not a bad call we're seeing it get back up there it was down almost 10% at one point the RSI on The Daily fell to six when this bad boy fell to 127 which was kind of insane when it got there um yeah it got to 12737 now it lasted for a few seconds but it did get there and we clawed our way back up to 133 at one point we got to 13824 which you know I mean it got rejected right there so not amazing but Breakdown still uh we did get to those levels and it's because I mean this was a good earnings dude this was a good earning this was not a bad earnings Revenue up 80% year-over ay year they beat on EPS they're profitable 700 million bucks they beat on um they beat on their EPS their revenue and their F year guidance so they beat on expectations of guidance they just didn't increase it as much as the street wanted them to increase buy which when the stock is up 72% year to date obviously that's hard to do I think this is going to end up like Shopify dude so I mean let's let's look at Micron right now Micron currently year-to date is up 72% it was up like 80% before before the uh 6% drop right so uh you got a stock that's already up a lot this year having to put up blo the expectations they didn't fully deliver on those expectations although I think the nuances of this call which we'll talk about in a second shows that their expectations are likely going to be superseded uh they just need some more time to get there if we look at Shopify stock Shopify year to date is down 11% we ran all the way up to 90 then fell into this 77 is range topped out at 77 then it collapsed um Google's not even showing it correctly but it got to well no I think it got to like fifth 354 but let's just say it got to 57 from 77 a nice 25% Decline and then it claws its way back up within a matter of a month back to 67 not at the levels it was at at like 90 in February or even 77 but still getting back up there Micron didn't even take that big of a hit Micron fell from 142 to if now it's at 133 I mean it was at 127 for a second now back at 133 I think there is an argument that the street buys the dip on this and the main reason I think the street could buy the dip on this is primarily because of this statement they made during the earnings call which is that their hbe or sorry hbm high bandwidth memory product is sold out for 2025 they were sold out for a majority of 2025 a couple of weeks ago now they confirmed on this call they are sold out for the entirety of 2025 with pricing already contracted for the overwhelming majority of our 2020 2025 Supply now I think that Contracting on the pricing is very important because basically that says hey we did all the negotiations we needed to do with the people that are buying the product we are Supply constrained which means we kind of told them hey you got to pay us this or we're just going to go to the next guy and they were like all right [ __ ] it we're gonna pay what you want let's just get the contract done so we can secure we're going to get the product and that's why they were able to sell out of most of the product for fiscal year 2025 with the Contracting which means the margins that Micron wanted on that product so the the the memory storage space is a commodity I mean there's a lot of different plays here Micron is one of the leaders and the streets fear about that commoditization and the cyclicality of it at least for the next year seems to be not that important of a fear because the the competition did not stop them from selling out of 2025 again selling out means they don't have any more product they can physically sell they're done they sold out of it and they sold it out likely at the price as they wanted to and then B uh it means that the demand is obviously there so the cyclicality of it maybe it starts taking into effect 2026 2027 but not in 2025 cevich says it also hints that supply chain could be a hassle moving forward yes so that that is a bare case you have towards that but I'd rather you know I think every semiconductor investor would rather have Supply be an issue versus demand I mean this also reminds me what happened to TSM do you guys remember tsm's dip on earnings they fell to like 125 um let's go to six months yeah right here this was it was so stupid dude they were at 177 they fell to 125 April 19th because they said we have too much demand not enough Supply and and it doesn't take a rocket scientist to realize okay you know that that's not a great problem but it's a way better problem than not having enough demand and obviously the demand kicked up and TSM now rallied all the way to 186 now at 170 because their chips are the most important in the world so Micron is not TSM in the same sense but it is kind of the same story and I think investors might end up buying the dip on that um over the coming weeks not bad not bad at all for micron so that was micron's earnings uh let's look at actually after the Bell where Nvidia went so Nvidia fell right after Micron fell Nvidia right now uh down 1.33% so we're covering a little bit on Nvidia um it fell all the way after hours to 123 now it's at 24.71 P here recovered again above 24 it was at 2399 or 2392 so not too bad below 24 but now above 24 and then the SNP S&P at 5446 8 down a little bit after hours closed the day on 545 51 not bad dude it's not bad I think the broader story here is that the AI narrative is uh is not going anywhere it is absolutely not going anywhere I mean you needed a catastrophic earnings from Micron to be able to say nvidia's gonna suck demand's going away Yad Yad Yad I don't think we got any of those numbers any of those results why is Visa Visa down 1.5% after hours I don't know um not sure about why Visa is down I don't think they had earnings oh Levis by the way we didn't yeah I'll look at visa and try to see if I can get an answer but that one's down Le took a hit uh they missed on EPs and they missed on Revenue they're down 12% they fell from 24 to 18 now they're back at 20 um$ billion market cap on Levis I want to go through their numbers but it seems like they missed on EPs and revenue and that's why they got hit as well after hours um and then finally while we were watching the call SpaceX wins an $850 million contract from NASA not bad for Elon either I look at that space win 843 million NASA contract to build the USD orbit vehicle for the International Space Station reading a little bit from here selecting USD orbit vehicle for the ISS will help NASA and its International Partners ensure a safe and responsible transition in low earth orbit at the end of station operations um the single award contract has a potential value of 843 million the launch service for the USD orbit vehicle will be a future procurement and they ended up giving the entire contract to SpaceX BX right now valued I think at 200 billion in the private markets when you win billion dollar contracts like this you know tends to and and and obviously the Elon effect you tend to get uh a nice valuation so 200 billion right there for Elon another billion dollar contract Tesla stock after hours I think I don't think it's sold off aggressively on Micron sold off a little bit down 0.47% 196 close 195 for the day and then where's Amazon is Amazon above 190 still Amazon 193 after hours that's really good for Amazon and needed to close close above 190 and that's what you got for Amazon all right cool uh that's it for me thank you all for listening and watching I'll have that uh daily Pantry episode out in a couple hours about sham sanker and his recent interview or keynote today I thought it was a really good keynote and so um important to dis dissect that and discuss what he means in the context of American manufacturing and why he's so bullish on on spreading this message out there so we'll talk about that and uh then we'll be live tomorrow for the market open we have Nike after the Bell tomorrow tomorrow's Thursday um so Nike will be an important check on the consumer and then we'll keep going from there all right we'll see what happens to Micron over the coming days but that wasn't a bad call at all I think the questions they had some good answers for them too so now we'll just see how they how they play out from there all right thank you everybody have a good one love you all we'll see you guys tomorrow 8:45 a.m. bye everyone have a good one