Old School Investor 💎

$MU | Micron Technology (MU) Analyst Price Target Updates Cantor leads with a massive $700 PT, Barclays at $675, and multiple firms pushing $600+. AI memory demand driving one of the most bullish setups on the Street.

Sivers < $SIVE / $SIVEF > powering Jabil ($27B MC) < $JBL > 1.6T LRO transcivers. As the laser light source. Is by far the biggest news from $NVDA GTC for Sivers ($280M MC) today... in history. Jabil brings in about $30B+ revenue from end users like $AMZN, $GOOGL, and $META. As well as OEMs like $NVDA, Arista, $AVGO, and Cisco. Especially after acquiring $INTC SiPH optical transceiver business, they're Tier 1 in the space. Sivers powering Jabil as the CW DFB laser source for Silicon Photonics and CPO and hyperscaler supply chains: At a $280M MC is incredible, and they're one of the most unknown yet highest potential company I've seen in the photonics sector so far. And the news from $NVDA GTC just cemented this thesis further. I think they genuinely have a shot at becoming the next $LITE.

Different Base Dies... Samsung and SK Hynix Take Divergent Strategies on Logic Dies — the 'Brain' of Next-Gen HBM As Samsung Electronics and SK Hynix advance the process technology for logic (base) dies used in next-generation high bandwidth memory (HBM), the two companies are showing notably different strategic postures. Samsung is aggressively adopting cutting-edge process nodes, prioritizing performance above all else. SK Hynix is also pursuing process miniaturization in response to customer demands, but is fundamentally weighing its strategy toward cost efficiency. Industry attention is focused on what market shifts or outcomes these diverging strategic and technical judgments will ultimately produce. According to industry sources on the 11th, Samsung Electronics and SK Hynix are taking different approaches in developing logic die processes for next-generation HBM. Samsung Electronics Commits to Logic Die Process Advancement — Designing Down to 2nm The logic die is the chip responsible for controller functions within HBM. It sits beneath the core dies — multiple DRAM layers stacked vertically — and connects HBM with system semiconductors such as GPUs via the PHY (physical layer), enabling high-speed data transfer. The importance of the logic die within HBM is growing with each generation. As HBM evolves, improvements in per-pin throughput and increases in DRAM stack count raise the performance requirements placed on the logic die accordingly. In response, both Samsung and SK Hynix have been shifting logic die manufacturing for HBM4 from legacy DRAM processes to more advanced foundry nodes. Samsung is the most aggressive adopter of leading-edge processes for the logic die. The company had previously revised the logic die process planned for HBM4 upward — from 8nm to 4nm — around 2023. Going further, Samsung is designing logic dies at up to 2nm in preparation for the custom HBM era expected to begin in earnest with HBM4E. The 2nm node is the most advanced foundry process, having entered mass production in the second half of last year. A custom SoC team within the System LSI division is currently understood to be developing chips optimized for individual customers. A source familiar with the matter stated: "HBM customers want next-generation products to simultaneously achieve lower power consumption and higher bandwidth — and internally at Samsung, the fundamental solution to this is seen as advancing the logic die process node. Concrete R&D outcomes in this area are expected to emerge later this year." SK Hynix Prepares for Advanced Nodes, But Weights Strategy Toward Cost Optimization SK Hynix is manufacturing its logic dies through TSMC, Taiwan's leading foundry. A 12nm process is applied to HBM4. SK Hynix also plans to adopt up to a 3nm process for HBM4E — an upward revision from the originally planned 4nm maximum, reportedly driven by customer requirements and the need for further performance gains. However, for HBM4E products where customer-specific customization is not heavily involved, the company plans to retain the same 12nm process used for HBM4. This is the case even as criticism has recently emerged that SK Hynix's logic die performance in HBM4 lags behind that of Samsung. The industry interprets this as SK Hynix prioritizing cost optimization over unconditional performance enhancement of the logic die. Synthesizing internal and external accounts, SK Hynix is taking a relatively conservative stance on advancing logic die process nodes for HBM4E — instead pursuing technological progress in other areas, such as next-generation packaging techniques. A source close to the matter said: "SK Hynix believes the current logic die process is fully sufficient to address HBM4E requirements. If there were a serious performance problem, it would have made changes to the process. Unlike its competitor, it views the rapid advancement of logic die process nodes as delivering diminishing returns."