← Holdings
MU

MU

3 managers · $852M total
Data: SEC EDGAR 13F · 2026Q2
Manager holders · last 5 qtrsⓘ
3
2025Q2 – 2026Q2 · +1 QoQ
Total position
$852M
Combined value across tracked managers
Net move this quarter
↑ Adding
Weighted by holders' share change
HolderQ actionValue% of port.Style
SandsⓘNew$608M2.26%High-conviction growth / Innovation-led
HoskingⓘTrim-11.02%$182M6.48%Contrarian value / Global diversified
MarathonTrim-60.28%$62M2.51%Capital cycle / Contrarian value
What managers sayⓘ
2026-10-09Patient Capital ManagementNeutralThe Art of Imagining: Conviction without PredictionDetail →
2026-10-08Aswath Damodaran (Musings on Markets)NeutralStock Prices, Earnings and Cashflows: The AI Effect plays through!Detail →
2026-09-30Oakmark FundsBear与股东对话|Oakmark 2026年第三季度美国股票市场评论Detail →
2026-08-17Sands CapitalBullAI Sentiment Versus FundamentalsDetail →
2026-08-14Baillie GiffordBearThe market’s short memoryDetail →
2026-07-31Scottish American Investment Company / SAINTS (Baillie Gifford)NeutralScottish American Investment Company Interim Financial Report - June 2026Detail →
2026-07-24Patient Capital ManagementNeutral2Q26 Quarterly WebinarDetail →
2026-07-20Hosking PartnersNeutralQ2 2026 - Quarterly Report CommentaryDetail →
Earnings Callsⓘ
Q4 2026October 1, 2026
›
### Overall ConclusionThis quarter's results exceeded expectations, primarily driven by strong AI demand, a significant increase in HBM pricing, and long-term SCA agreements securing supply.
### Key Data- Quarterly revenue up 25% YoY, HBM revenue up 40% QoQ- HBM pricing for 2027 substantially raised, narrowing the profit gap with conventional DRAM- SCA coverage for 2026 reaches 35% of sales, with 10 new customer agreements added
### Business ProgressProgress has been made in co-developing HBM4E with NVIDIA, which is expected to become the first customized HBM product, enhancing system performance and value. 1-gamma DRAM has become the main node, while development of the 1-delta node is proceeding smoothly, with mass production expected in the second half of 2027. On the NAND front, G9 technology continues to provide cost-effective supply, and a new cleanroom in Singapore is set to begin production in the second half of 2028. SCA agreements now cover all business segments, with some customers extending commitments beyond 2030, boosting long-term demand visibility.
### Guidance and OutlookManagement has raised its 2027 outlook, forecasting sustained gross margin expansion throughout the year, supported by moderate price increases, an optimized product mix, and continued market tightness. No clear supply-demand equilibrium is expected in 2028, due to the rising share of HBM, diminishing returns from technology nodes, and long cleanroom construction cycles.
### Risk/Positive SignalsPositive signals: Management repeatedly emphasized "no timeline for supply-demand balance," with a confident tone; the number and duration of SCA agreements exceeded expectations, reflecting customers' urgent need for long-term supply. Negative signals: None mentioned.
Q2 2026March 18, 2026
Pending›
FinancialsⓘFY2025 · Source: SEC EDGAR 10-K

5y revenue CAGR 8% · latest net margin 22.8% · FCF volatile

Revenue$37.4B
Rev. YoY+48.9%
Gross margin39.8%
Net margin22.8%
Net income$8.54B
Free cash flow$1.67B
Operating cash flow$17.5B
ROE15.8%

Source: SEC EDGAR company filings (10-K). Foreign issuers (20-F/IFRS) not yet covered.