1) Industry: The storage industry has bottomed out. The Gross margin of the company in this quarter was negative. Even excluding the impact of inventory write down of $400 million, the Gross margin was still negative. The current price of storage products has broken the breakeven line, and there is not much room for further decline. At the same time, by product, the market price decline of DRAM in this quarter has significantly narrowed, while the market price of NAND has shown signs of recovery;

2) Company profile: The inventory situation has significantly improved. Although the company still has inventory reduction in this quarter, the amount has significantly decreased compared to the previous quarter. With the decrease of inventory write down, the company's Gross margin is expected to continue to increase, which will help the company turn losses into profits as soon as possible on the performance side.

Overall, this financial report continues to signal that the company has bottomed out and improved. From an investment perspective, the company's stock price has risen by 34.46% since the beginning of the year. This is partly due to the impact of the overall valuation rise of NASDAQ, and also includes some market expectations for the company to improve. The continued rise in stock prices requires a performance that exceeds expectations to stimulate. The progress of inventory clearance in this financial report is also one of them.

Since Dolphin Jun released the first in-depth report of Micron on March 15, 2023, "Micron: Is Memory Chip Factory Ending Winter?", the company's share price has risen by more than 25%. Dolphin King will continue to follow the trends of Science and technology in the United States markets such as Micron, and you are welcome to pay more attention to Dolphin King.

Changqiao Dolphin King will then share the meeting minutes with the Dolphin user group through the Changqiao App. Interested users are welcome to add the WeChat account "dolphinR123" to join the Changqiao Dolphin Investment Research Group and obtain the meeting minutes as soon as possible.