Micron cuts DRAM/NAND wafer starts 20%; sees negative DRAM bit supply growth in CY2023

MICRON TECHNOLOGY INC

Reducing DRAM and NAND wafer starts by approx. 20% vs fiscal Q4 2022 across all technology nodes.
Additional capex cuts planned; expects year-on-year DRAM bit supply negative, NAND single-digit % in CY2023.
CEO Sanjay Mehrotra cites near-term cyclical challenges but remains confident in long-term secular demand drivers.
Market outlook for calendar 2023 has weakened; company aims to significantly improve total inventory in the supply chain.

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