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KeyBanc on $MU PT $1750 We expect MU will post better results and higher guidance, driven by continued memory shortages and pricing upside, with DRAM pricing expected to be +15-20% q/q in 3Q26 and +15% q/q in 4Q following +45-55% in 2Q, while NAND pricing is expected to increase +30-40% q/q in 3Q and +15% q/q in 4Q following +75% q/q in 2Q. We also remain constructive on MU’s HBM positioning, with MU fully qualified on HBM4 for Rubin and expected to benefit from HBM price resets in 1Q27, where we expect HBM4 pricing to be ~+100% y/y and HBM3E +150% y/y. In addition, MU’s 16 multi-year LTAs (SCAs) represent >$100B of minimum contracted revenue with price floors for large hyperscale customers locking in >prior peak GMs (>61%). We do not expect industry conditions to loosen until at least 2028, as clean room expansions do not begin contributing capacity until likely 2H27, and will still likely under-pace demand growth. We are looking for better F4Q26 (Aug) results and higher F1Q27 (Nov.) guidance. Our F4Q26 revenue/EPS ests are $52.1B/$32.36 vs. cons est of $50.5B/$31.16, and our F1Q26 revenue/EPS estimates are $60.2B/$38.03 vs. consensus estimates of $56.3B/$34.76. Street sentiment on the name is positive given tight supply conditions for DRAM and NAND resulting in price increases, expected through at least 2027. We expect investors will be focused on: 1) pricing and bit supply/demand growth for NAND and DRAM; 2) updates related to HBM4 ramp and pricing renegotiations; 3) capacity expansion updates; and 4) New multi-year LTA announcements.