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even profitability, and Our healthy the emerge foundation industry team winning for when sheet, the environment to us structurally recovers. stronger set balance improved
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Now highlights end turning to by markets.
which later and call. will Dave the was discuss mobile by restrictions, trade Our I in impacted business U.S.
as will foldable such and advanced drive innovations ahead, growth XG, cameras products. our Looking for phones,
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make progress products our UFS on to managed second-generation good our as product with endurance. NAND launched best-in-class recently continue well, We and
most are inventory customers corner Within normal the center turning on approaching levels. and the are data market, cloud inventories,
for and sequentially our early expectations, cloud quarter, sequential suggest in DRAM FQX. shipments the growth grew strong fiscal exceeding the Our bit trends third
customer normalize are Enterprise taking than previously inventories somewhat expected. we to had longer
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want the to Before Huawei. provide about I market comments related talking to some outlook,
As you the added of List. to effective Department’s and of Entity “BIS,” Huawei non-US and Bureau the know, XX BIS Commerce XX, affiliates US or Security, its May Industry
Micron Regulations To to restrictions. Entity suspended not shipping because subset immediately of Through current review, that began they to determine ensure Huawei lawfully determined whether List subject of could the are we and to compliance, resume to a we and products Export Administration subject shipments sold this Huawei a products to imposed are restrictions. review they Micron
last to shipping the Huawei have some We two started weeks. those orders of products in
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actions we additional government further ability ship course, whether cannot our predict Of to Huawei. may to impact
Now turning DRAM. to the market outlook for
As the compared early seen for second demand DRAM to assessment I most industry on demand the mentioned of in in calendar first have the half year, end in of growth improvement, robust our the Based signs we earlier, the bit of markets. recovery we inventory demand bit half. weak anticipate customer
recovery the levels with and growth DRAM resulting excess is Our in supply challenging Despite bit demand producer in inventory growing a have view industry supply calendar pricing the of bit DRAM mid-teens, higher XXXX signs teens. the mid-to-high created industry demand, of environment. early
in that growth the contribute expect trend begin XXXX. later strengthening demand an to calendar will in to We inventory improving producer
the on bring prudent DRAM market Turning to stabilization. to steps to to continues our help be supply, at taking Micron our focus back
expect we calendar supply We remains The the wafer driven X%, are bit growth transition bring XXXX accelerated start growth XD DRAM market the continuing previously the of industry which by supply will to demand announced growth. oversupplied NAND. approximately from to NAND our XD close production NAND market from reductions overall for
unchanged demand Our calendar expectations NAND bit are industry the range. at for growth mid-XX% XXXX
target to adjust in industry approximately announced our close be to growth of starts to the we shipments the from XX%, wafer further reduction We supply call, which lower earnings continue the to taken our in to now rate. half bit result X% will Since actions last growth year. have previously calendar second the demand
both well reductions as to the which NAND of XX-layer legacy our our are capacity, existing for of equipment some capital result lowering conversion, optimizations more as These reuse
previously. announced we
demand recent price from believe industry While is NAND still market stemming supply the the year, is elasticity above this growing we declines. of increased signs showing
are We calendar start of overall NAND the market XXXX. to will optimistic second the that stabilize half in
high are taking the With of production. to macro on manage and balance NAND decisive higher and levels we bit inventory sheet, action our the uncertainty our DRAM of relatively levels
wafer discussed that In reductions action addition taking start to on also are we the we
approximately or from $X minus a this CapEx. Earlier fiscal reduction billion the year, now. of announced to the in XXXX $XX.X at start X% plus we CapEx billion forecast year,
For fiscal be fiscal meaningfully for we plan lower to than XXXX, CapEx XXXX.
free are plans flow objectives. to being still balance we with our While finalized, manufacturing our seek cash CapEx our investments
I’ll to quarter. results now the guidance to quarter for financial fourth turn and over of our it fiscal provide Dave third
