Bible 1Q23 – Memory: past the trough?
Today, we are publishing the Memory section of our 19th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 130 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Smartphones, Automotive, Cloud Infrastructure, Telecom Equipment, Industrials, PCs, Enterprise IT, Ride sharing & Delivery, Foundry, and Semicap Equipment.Memory is undergoing the steepest correction on record since 2008, but we are seeing signs of stabilization in sell-in demand and prices. Despite memory suppliers' aggressive capex cuts, it will take time for capacity utilization and manufacturer profitability to recover, as they need to work down their own high levels of inventory first. We do not see this recovery reflected in stock prices, and our recommended relative positioning in semiconductors for the remainder of 2023 is to be long Memory and short diversified semis.
Micron Technology provides memory and storage solutions. The company's portfolio of memory and storage technologies include Dynamic Random Access Memory, Not And, 3D XPoint? memory, and Not Or. The company's segments are: Compute and Networking Business, which includes memory products sold into client, cloud server, enterprise, graphics, and networking markets; Mobile Business, which includes memory products sold into smartphone and other mobile-device markets; Storage Business, which includes Solid-State Drives and component-level solutions sold into enterprise and cloud, client, and consumer storage markets; and Embedded Business, which includes memory and storage products.
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