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Micron's 87% Margins, SK Hynix Debut & AMD's Packaging Crunch
Audio is available on Spreaker — see link below.
Micron's data centre unit just printed 87% gross margins — a number that redefines what a memory company can be in the AI era. Today's briefing covers SK Hynix's trillion-dollar Nasdaq debut, AMD's CoWoS bottleneck, ASML's EUV export probe, and China's multi-track chip workarounds.
Audio is available on Spreaker — see link below.
Micron's data center business just posted eighty-seven percent gross margins. That's not a software company.
SK Hynix made that case directly to public markets this week, debuting on Nasdaq at roughly a one trillion dollar valuation. The stock has run seven times in the past year.
The margin story connects directly to the packaging story, and that's where AMD finds itself in a genuinely difficult position. Advanced packaging, specifically TSMC's CoWoS process, has quietly become the real bottleneck in AI chip production.
On the geopolitical side, the ASML situation escalated from rumor to active US government inquiry. Commerce Secretary Lutnick pressed ASML executives directly over alleged covert EUV machine exports to China.
China isn't waiting for that resolution. The response is now multi-track and funded.
The signal to track is whether memory contract structures hold. If twenty-two billion in customer deposits is the new normal, suppliers have fundamentally repriced their leverage in the AI supply chain.
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