Micron's FQ1 guidance points to roughly $51B in non-GAAP operating income — $61.5B revenue at ~86% gross margin minus ~$2B in OpEx.
Meanwhile, AMD's Q3 guide sits at ~$13B revenue with 56% gross margins, which pencils out to maybe $3.6B in operating income.
So Micron is on track to generate about 14x AMD's profit in a single quarter. Same sector, wildly different earnings power.
Balance sheets tell a similar story: Micron holds $73.5B in cash and investments versus AMD's $13.1B.
Memory vs. logic, sure — but the profit and cash gap is striking. Makes you wonder what's actually baked into the multiples here. $MU $AMD
Meanwhile, AMD's Q3 guide sits at ~$13B revenue with 56% gross margins, which pencils out to maybe $3.6B in operating income.
So Micron is on track to generate about 14x AMD's profit in a single quarter. Same sector, wildly different earnings power.
Balance sheets tell a similar story: Micron holds $73.5B in cash and investments versus AMD's $13.1B.
Memory vs. logic, sure — but the profit and cash gap is striking. Makes you wonder what's actually baked into the multiples here. $MU $AMD