Verizon (VZ) 53rd Annual JPMorgan Global Technology, Media and Communications Conference summary

Market trends and financial performance

• Healthy demand for both DRAM and NAND, with strong data center and consumer market recovery as inventories clear.

• DRAM and NAND pricing have improved, with supply actions supporting positive price inflection.

• Gross margins in fiscal Q4 are expected to improve slightly, driven by better pricing trends and a shift in business mix.

• HBM product ramp is progressing well, with 12-high volume shipments expected to surpass 8-high in fiscal Q4.

• Robust demand for HBM and high-capacity DRAM modules, with multi-billion dollar business expected in fiscal 2026.

Technology and product updates

• HBM3E 12-high production ramp is ahead of expectations, with yield improvements outpacing previous generations.

• Next-gen 1-gamma DRAM and Gen9 NAND technology ramps are on track, with strong yield and cost performance.

• 1-gamma node offers a 30% bit density gain, positioning the company as a leader in DRAM technology.

• Data center SSD market share has grown significantly, with continued share gains expected as new products launch.

• Vertically integrated platforms and self-designed ASICs are key differentiators in data center SSDs.

Industry dynamics and competitive landscape

• AI and accelerated compute drive strong demand, with no signs of pullback from cloud and hyperscaler customers.

• Tariff and trade uncertainties are being monitored, but DRAM and NAND products remain exempt from recent tariffs.

• U.S. manufacturing expansion is underway, with projects in Idaho, New York, and Virginia, and positive customer response.

• Chinese competitors are present but focused on legacy products; company remains focused on high-end, high-performance applications.

• HBM qualification cycles and rapid platform cadence favor technology leaders, supporting sustained pricing power.