$DOGE Nedir?

On August 18, S&P confirmed NVIDIA's rating, which includes an AA issuer credit rating.

On August 18, according to 21st Century Business Herald, an unusual signal has emerged since the second quarter of this year—some spot distributors of storage chips are willing to lower prices for certain models of NAND storage chips. Third-party organizations in the flash memory market have pointed out that since July, there has been a continuous low-price sales phenomenon for multi-brand eMMC products, leading to a significant price inversion between spot and contract prices, with the spot price of 64GB eMMC already showing a downward trend. eMMC is the standard storage chip for consumer electronics such as set-top boxes, smart TVs, and entry-level smartphones. Against the backdrop of overall high prosperity in the storage industry, this price inversion in this category is particularly striking. This actually indicates that the current storage chip market is heading towards a polarized situation: some consumer markets are facing a scenario where downstream customers cannot bear the price increase of chips, especially evident in the entry-level spot market, where in recent months, distributors have been willing to exchange price for volume to obtain cash flow; meanwhile, the price increase trend in the cloud-side AI or enterprise-level storage market continues, influenced to some extent by the signing of long-term contracts.

On August 18, Bank of America (BofA) stated that SanDisk's recently announced long-term growth targets could provide a reference for reshaping Micron's (MU) valuation. The bank reiterated its 'Buy' rating on Micron, maintaining a target price of $1550, which is approximately 61% higher than the $963 stock price used in the report. SanDisk projected nearly 15% annual sales growth in the future, with gross margins expected to exceed 80% by fiscal year 2030. BofA believes that if Micron can also maintain similar growth and profit margins driven by AI-related HBM demand and supply discipline, its business should not be viewed solely as a traditional cyclical storage business. The bank anticipates that Micron's FY30 earnings per share could reach $200 to $250, and if a higher valuation is assigned to the AI-related HBM business, its earnings and valuation potential will further expand. Additionally, BofA expects that as the profitability of the storage industry improves, Micron may achieve a price-to-earnings ratio of 12 to 15 times, rather than being priced solely as a traditional cyclical storage stock. Regarding cash flow, BofA predicts that after the expiration of restrictions related to the CHIPS Act on December 9, 2026, Micron may increase its stock buyback efforts. The bank estimates that Micron's free cash flow over the past 12 months may exceed $80 billion, theoretically sufficient to repurchase nearly 10% of its market value in stock each year, thereby further driving EPS growth through a reduction in equity. BofA believes that Micron needs to focus on three key factors moving forward: the sustainability of high gross margins, the management's strict execution of capital return plans, and the trends in HBM demand and pricing.