UBS on $MU: Our supply chain work on Long Term Agreements (LTAs) across the memory industry suggests that up to 30% of DDR volumes industry-wide will be soon locked in at pricing that is just slightly below current levels we now expect the DRAM industry to remain undersupplied until at least C2Q28 (vs. 4Q27 prior), and NAND undersupply to last until 4Q27 (was 3Q27). At this point, we believe hyperscalers alone to have currently secured ~60-70% of the industry Server DDR5 volumes under 'enhanced' LTAs - in other words, guaranteeing MU and others offtake for this volum Even more important, this scenario yields MU EPS of >$100 even out in C2029E when we do believe DRAM pricing will undergo a fairly significant correction. In other words, we think MU still earns >$100 even if pricing for the floating portion of DDR declines by ~50%.

In yesterday’s UBS Tech view (APAC) it is pretty striking how aggressive the UBS still is on the AI memory and packaging cycle. A few notable updates from this latest semi chain work: $NVDA AI GPU forecast raised from 8.7m to 10.3m units for 2026 Rubin now expected to ramp meaningfully in H2’26 CoWoS capacity seen reaching 210k WPM by end-2027 HBM wafer allocation expected to nearly double again into 2027 But maybe the biggest takeaway: UBS now thinks DRAM stays undersupplied until Q2’28 and NAND until Q4’27. That’s a much longer/tighter cycle than what the market historically expects from memory as far as I remember. The note also reinforces that packaging expansion still looks intact despite ongoing investor concerns around digestion/capacity normalization. $AMD $MU $005930.KS $000660.KS