Revenue can grow 300%+ without shipment growth coming anywhere close to 300%.
MUB and SNDKB are both available as bStocks and sit in the broader semiconductor/memory universe.
So at first glance, it’s easy to group them into the same broader semiconductor growth story.
But look at what’s actually driving the numbers.
For Micron, DRAM revenue reached $31.3B in fiscal Q3, up 343% YoY and representing 76% of total revenue.
Yet DRAM bit shipments grew only in the low-20% range YoY, while DRAM ASPs increased in the low-260% range.
In other words, DRAM revenue growth wasn't simply about selling dramatically more bits.
SanDisk's latest quarter tells a similar story from a different angle.
Its fiscal Q4 revenue reached $8.97B, up 51% sequentially — with roughly one-third of the sequential increase coming from higher volume and two-thirds from higher pricing.
That made me rethink how I read “growth” when looking at bStocks.
The ticker tells me which company I'm getting exposure to.
But the headline growth number doesn't automatically tell me what is driving that exposure.
Two bStocks can sit in the same broad category while very different things drive their financial results.
Before comparing growth rates, ask what's underneath the growth.
#bstockscis @BinanceCIS
MUB and SNDKB are both available as bStocks and sit in the broader semiconductor/memory universe.
So at first glance, it’s easy to group them into the same broader semiconductor growth story.
But look at what’s actually driving the numbers.
For Micron, DRAM revenue reached $31.3B in fiscal Q3, up 343% YoY and representing 76% of total revenue.
Yet DRAM bit shipments grew only in the low-20% range YoY, while DRAM ASPs increased in the low-260% range.
In other words, DRAM revenue growth wasn't simply about selling dramatically more bits.
SanDisk's latest quarter tells a similar story from a different angle.
Its fiscal Q4 revenue reached $8.97B, up 51% sequentially — with roughly one-third of the sequential increase coming from higher volume and two-thirds from higher pricing.
That made me rethink how I read “growth” when looking at bStocks.
The ticker tells me which company I'm getting exposure to.
But the headline growth number doesn't automatically tell me what is driving that exposure.
Two bStocks can sit in the same broad category while very different things drive their financial results.
Before comparing growth rates, ask what's underneath the growth.
#bstockscis @BinanceCIS
