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    Chris Daintley • Citigroup Inc.

    Chris Daintley's questions to Micron Technology Inc (MU) leadership

    Chris Daintley's questions to Micron Technology Inc (MU) leadership • Q3 2025

    Question

    An analyst on behalf of Chris Daintley from Citi asked what had changed to cause the significant improvement in the August quarter gross margin guidance from 'flattish to slightly up' at a recent conference to the much stronger current forecast.

    Answer

    EVP & CFO Mark Murphy explained that market conditions, particularly pricing, improved more than anticipated since the earlier comments were made. He noted the stronger Q4 guide is based on a higher Q3 actual result and is primarily driven by favorable mix effects, including more DRAM growth relative to NAND and a higher proportion of data center revenue versus consumer.

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    Chris Daintley's questions to Micron Technology Inc (MU) leadership • Q3 2025

    Question

    Speaking for Chris Daintley, an analyst asked about the significant improvement in the August quarter gross margin guidance compared to the 'flattish to slightly up' commentary given a couple of months prior, wanting to understand the major changes beyond pricing and mix.

    Answer

    Executive VP & CFO Mark Murphy explained that market conditions simply turned out better than expected since the prior comments were made. He highlighted that Micron's pricing performance was stronger than anticipated, which carried into the Q4 forecast. He noted the Q4 guide of 42% (midpoint) from a higher Q3 baseline of 39% is driven by a better-than-expected market and a favorable mix shift toward more DRAM and data center products.

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