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With a glut still nagging the chip industry, Micron expects the deepest revenue drop since 2001. Micron shares in after hours trading rose about 2%. The company expects third-quarter revenue of $3.70 billion plus or minus $200 million, matching analysts' average estimate, according to Refinitiv data. Revenue for the second quarter fell by about 53% to $3.69 billion, compared with estimate of $3.71 billion. Net loss was $2.3 billion, compared with a profit of $2.26 billion a year earlier.
Nvidia's data center business, which develops chips for AI, continued to grow, with its CEO saying that the technology is at an "inflection point." In its bull case for the stock, its price target is $348, or 67% upside, although the bank gives it an equal-weight rating. The bank said it was "very optimistic about the longer-term generative AI opportunity," but sees risk to Nvidia's data center business. BMO Capital Markets in a Feb. 21 note also pointed to the "increasing weaker environment" for the company's data center business in the near term. Wedbush analyst Matt Bryson has a neutral rating on the stock and gives it a price target of $175, or 15% downside.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Bowersock's Emily Hill and Wedbush's Matt BrysonEmily Hill, founding partner at Bowersock Capital Partners, and Wedbush analyst Matt Bryson join 'Closing Bell' to discuss Intel's inventory correction, favorable companies in the semiconductor sector, and more.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIntel earnings were 'definitely a surprise,' says Bowersock's Emily HillEmily Hill, founding partner at Bowersock Capital Partners, and Wedbush analyst Matt Bryson join 'Closing Bell' to discuss Intel's inventory correction, favorable companies in the semiconductor sector, and more.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDemand for handsets in China is so low that it 'has to go up from here,' investment firm saysMatt Bryson of Wedbush Securities says "it's just a question of what that upward move looks like."
Heading into 2023, the outlook for the server market is murky, especially in the early part of the year. He said tech companies can move faster with Supermicro servers and are willing to pay for execution and the company's design skills. Another specialized market Supermicro is targeting is servers for 5G or telecom applications, using a new kind of approach called OpenRAN. Supermicro said in November that a big unnamed customer was responsible for nearly 22% of the company's sales in the quarter. Intel and AMD have issued downbeat prospects for the server market, and companies of all sizes are cutting costs.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAI is a wonderful sector to be in, says Matt Bryson of Wedbush SecuritiesMatt Bryson of Wedbush Securities joins 'TechCheck' to discuss the swelling supply of semiconductors, bullish picks for the chip sector and the outlook for chip providers in gaming.
Micron's stock is close to a bottom, says Wedbush's Matt Bryson
  + stars: | 2022-12-21 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMicron's stock is close to a bottom, says Wedbush's Matt BrysonMatt Bryson, Wedbush, joins 'Closing Bell: Overtime' to discuss Micron's earnings as its stock falls after reporting.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTaiwan Semi is integral to most electronics, U.S. having a facility is important, says Wedbush's BrysonMatt Bryson, Wedbush Securities, joins 'Closing Bell' to discuss Taiwan Semiconductor ahead of President Biden's tour of the Taiwan Semiconductor plant in Arizona.
Micron was the first major chipmaker to sound an alarm about falling demand for personal computers and smartphones earlier this year in the face of decades-high inflation. "In order to significantly improve total inventory ... DRAM bit supply will need to shrink and NAND bit supply growth will need to be significantly lower than previous estimates," the company said. Widespread supply and capex cuts typically denote a bottom for the memory industry and is a good sign, Wedbush Securities analyst Matt Bryson wrote in a note on Wednesday. But he said there is potential for a longer demand trough that would likely weigh on the broader technology space. For 2023, the company expects its year-on-year bit supply growth to be negative for DRAM and in the single-digit percentage range for NAND.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWedbush's Matt Bryson breaks down Micron stock and chip volatilityMatt Bryson, Wedbush, joins 'Closing Bell' to discuss Micron and the hits chip stocks have been taking of late.
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