Q: What is Micron Technology (MU) Q2 2025 Earnings Call Transcript Summary?

Micron Technology (MU) recently held its Q2 2025 earnings call, presenting a mix of positive and negative insights that could impact the company's future stock price. Below is a summary of the key points discussed during the call.

Here are the specific viewpoints from the earnings call:

**Bullish Points:**

1. Micron is in the best competitive position in its history, achieving share gains across high-margin product categories.

2. Data center DRAM revenue reached a new record in fiscal Q2.

3. HBM revenue grew more than 50% sequentially to over $1 billion of quarterly revenue.

4. Micron remains the only company in the world to ship low-power DRAM into the data center in high volume.

5. Micron's 1-beta DRAM technology leads the industry, and the launch of the 1-gamma node shows significant improvements in power, performance, and bit density.

6. Micron's leading-edge Gen9 NAND technology node delivers the industry's fastest TLC-based NAND.

7. Micron continues to make disciplined investments to capitalize on growth opportunities driven by AI.

8. Micron's HBM3E delivers significant power and capacity advantages over competitors.

9. Micron has begun volume production of HBM3E 12-high and expects it to comprise the majority of HBM shipments in the second half of calendar 2025.

10. Micron's HBM4 will ramp in volume in calendar 2026, providing a bandwidth increase of over 60% compared to HBM3E.

**Bearish Points:**

1. Fiscal Q2 revenue was down 8% sequentially.

2. Fiscal Q2 DRAM revenue decreased 4% sequentially.

3. Fiscal Q2 NAND revenue decreased 17% sequentially.

4. The consolidated gross margin for fiscal Q2 was down 160 basis points sequentially.

5. Operating income and margin were down sequentially.

6. Micron's fiscal Q2 ending inventory was up 9 days from the prior quarter.

7. NAND underutilization continues to weigh on gross margins.

8. Micron's fiscal Q3 gross margin is projected to be lower, including the effects of higher consumer-oriented volumes.

9. Micron's fiscal Q3 operating expenses are projected to increase.

10. Micron's fiscal Q3 and Q4 non-GAAP tax rate is estimated to be higher.

For more information about Micron Technology's earnings call, you can read the relevant news: Micron Technology (MU) Q2 2025 Earnings Call Transcript