Micron: this is a pricing structure, not a cycle

Contract pricing held firm while the commodity tier rolled over. There is no second source at the required specification, which makes this structural rather than cyclical.

Nadia Haddad@nadia_haddad

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Discussion · 4

Marco BianchiAUG 6

This is the clearest write-up I have seen on the name. The destocking signature is textbook and nobody is naming it. What is the base rate on this kind of setup working?

Nadia HaddadAuthorAUG 3

Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (617)

Ines FerreiraAUG 5

Reading this against my own model. The regulatory ceiling being quantified changes the model, not just the headline. Interested in what the kill switch looks like in practice.

Marco BianchiAUG 5

Reading this against my own model. The destocking signature is textbook and nobody is naming it. Would you underwrite this without the catalyst date?

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