Micron Outearns Apple in Dramatic Shift of Pricing Power
Yahoo Finance ·
Fueled by severe memory shortages, Micron Technology posted $37.7 billion in fiscal fourth-quarter net income, surpassing Apple's $29.8 billion for its June quarter. Charlie Bilello of Creative Planning highlighted that Micron's net income has surged 42x in two years, noting that Apple needs the chips and Micron sets the price. Apple's mounting memory costs have impacted its profitability, with management guiding September-quarter gross margin to approximately 46.5 percent excluding tariff refunds, down from 48.1 percent in June. Egerton Capital co-founder John Armitage noted that Nvidia is also exposed to rising component expenses. Meanwhile, 99 percent of voting union members at Micron's Taoyuan operations authorized a strike over a bonus dispute, though no walkout has started yet. Despite soaring earnings and strong demand where CEO Sanjay Mehrotra stated they cannot fulfill all customer orders, Micron shares trade at 5.9x forward earnings, well below its three-year average of 10.5x.
AI 시장 분석
Micron recently posted a quarterly net income of $37.7 billion, surpassing Apple's $29.8 billion. Driven by strong pricing power from the memory semiconductor shortage, Micron's net income skyrocketed 42-fold in two years. Meanwhile, major clients like Apple and Nvidia are facing margin pressure due to soaring memory costs.
상승 영향
- Semiconductors — Micron exercised strong pricing power amid severe memory shortages, causing net income to surge to $37.7 billion and earnings guidance to be revised upward.
하락 영향
- Smartphones — Apple is under profitability pressure, absorbing soaring memory semiconductor costs and lowering its September quarter gross margin guidance to 46.5%.
DYAX 전담 분석
Amid the memory supply shortage, Micron secured overwhelming pricing power to achieve a net income of $37.7 billion, a figure that exceeds Apple's earnings. Strong demand and concerns over supply disruptions are intertwined, forming a causal relationship that sustains Micron's soaring performance.
The bullish scenario is the materialization of Micron's earnings per share (EPS) growth driven by persistent supply shortages, while the bearish scenario is demand contraction due to the realization of Taiwan factory strike risks and the limits of price pass-through by clients. Key indicators to watch are whether Micron achieves its Q1 guidance revenue of $61.5 billion and the margin trends of major clients.
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DYAX Investor Sentiment
Bullish (Long) 56% · Bearish (Short) 44%
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