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# Micron: Why Q4 Results Didn't Get Me Excited (Archive)
- URL: https://www.huntingalphas.com/micron-why-q4-results-didnt-get-me-excited-archive/
- Published: 2024-09-28T09:34:00.000Z
- Updated: 2026-02-28T02:47:00.000Z
- Description: HBM tailwinds and margin gains clash with costly capex and an unimpressive premium valuation.
- Author: Vish (Hunting Alphas)
- Tags: 5-Minute Pitches, #noindex, Archive, #sa-origin, Tech, MU

*This 5-Minute Pitch was originally published on Seeking Alpha before the launch of the Hunting Alphas website. It is shared here to showcase my previous work and track record. New 5-Minute Pitches published on this site will not be disseminated anywhere else.*

## Elevator Pitch

- Micron is seeing growth in the HBM market but management's market share outlook of \~20% has negatively surprised me; I expected it to be higher given Samsung's lagging position.
- I believe the main positive surprise in Q4 was better gross margins delivery due to cost savings in DRAM production and better HBM yields. This is expected to continue.
- Micron still trades at a modest 32% premium vs its memory peers. I am not sure if this is justified as I doubt overall outperformance vs its competition.
- Despite a positive earnings reaction, the longer-term relative technicals vs the S&P500 point to a range-bound scenario with no clear bullish direction.
- HBM market share dynamics, capex intensity and FCF margins are key monitorables to track.

Read the full article [here](https://seekingalpha.com/article/4723935-micron-q4-results-didnt-get-me-excited?ref=huntingalphas.com).

#### Disclosures and Disclaimers

**Past performance ≠ future results. Not investment advice. See* [**full Disclaimer*](https://www.huntingalphas.com/disclaimer/)**.*