MU - Micron Technology Inc. (MU) Presents at Goldman Sachs Global Semiconductor Conference (Transcript)
2023-05-31 11:25:22 ET
Call Start: 07:30
Call End: 08:17
Micron Technology, Inc. (MU)
Goldman Sachs Global Semiconductor Conference
May 31, 2023 07:30 AM ET
Company Participants
Mark Murphy - Chief Financial Officer
Conference Call Participants
Toshiya Hari - Goldman Sachs
Presentation
Toshiya Hari
All right, great. Good morning, everyone. Thank you so much for coming. I want to welcome you to the Goldman Sachs Global Semiconductor Conference. My name is Toshiya Hari. I cover the semiconductor and cap equipment space here in the U.S. Very excited to kick off the conference with Mark Murphy, EVP and CFO from Micron. I will kick off with some questions, but want to keep this fairly open. So for those who -- who'd like to ask a question, please have them ready.
Mark, thank you for hosting the conference, supporting the conference.
Mark Murphy
Yes, good morning.
Toshiya Hari
I wanted to kick off near-term as we progress, go longer term and then more structural. In terms of the near-term, I guess, since your last update, what have you seen in terms of demand across DRAM and NAND? And if you can kind of talk through some of the key applications, that would be super helpful. And as you answer that question, talk a little bit about the dynamic in China. We saw the headlines from the CAC last week, you've had a week to potentially digest and maybe reach out to a couple of customers, so any feedback from them would be super helpful.
Mark Murphy
Sure. So good morning, everyone. Thank you for joining us so early. I will start with the Safe Harbor. I'll be making forward-looking statements. These statements have risks and uncertainties associated with them. I refer you to our risk factors disclosed in our public filings.
So as far as trends in the business, the third quarter, the trends in the business have been consistent with what we outlined in our third quarter or in our March earnings call for the second quarter. Volumes and prices have been generally consistent with what we expected. We are seeing bit growth and byte growth for DRAM and NAND as we expected.
Now the CAC decision came very late in the quarter here, so -- and there were some effects from that. But since it happened so late in the quarter, we didn't feel there was a need to update the guidance. It'll be more of an effect as we look pro forma. Yes, we do think as we said in March, we do think that the markets bottoming. We are seeing -- we do believe that we're seeing that growth in bits, as we expected. We've bottomed in bits in the November quarter, had an increase in February quarter, increase in the May quarter, we still see second half being stronger on bits.
Customer inventories are trending down as we’ve expected. We've had broad based reductions in supply. So every industry participant at this point has reduced CapEx and utilization. So in the end, we see that the market is beginning to find its footing on supply demand balance. And as a result, we're beginning to see some indications of price stability in some areas. In fact, in some isolated areas, we've had price increases, which we saw right after some utilization, reduction announcements. But generally they're just indicative of their some -- more firm areas than others on pricing. So for example, DDR5 is firmer than DDR4.
On the CAC, so the Cybersecurity Administration of China, their review and conclusion, we talked about last week, we were notified the day concluded their review. And in their conclusion, they notified operators of critical information infrastructure, that they were to not use Micron products. So, it's very -- still very early in this. We are still -- customers and Micron are still working to fully understand the effects of this decision.
Initially, last week, we provided an indication of what we thought the impact would be, and we gave that as low single-digit percent of revenue to high single-digit percent of revenue -- total revenue for the company. As we've had a week of additional time, we've had some initial customer discussions. And as that information becomes clearer, we'd say that the better estimate is at the high-end of that range, or a better estimate is at the high-end of the range.
We will continue to assess it here and provide more earnings, but it is a -- it's an uncertain period right now. It's an evolving situation, and it's very challenging. But over time, we would expect that we would be able to replace some of this impact. But again it's very early, still taking an info and the situation that's evolving, and that we're working through.
Back to the core business. Yes, this was a very severe downturn that we've experienced or still in. But we do feel, again, that it's bottoming. As I mentioned earlier, we are seeing signs of supply demand beginning -- balance beginning to improve. But it's going to take given the severity of the downturn, that's going to take quite a bit of time. So we're working through it. Fortunately, Micron's technology leadership, the breadth of our product portfolio, our manufacturing excellence, that's helped us greatly work through this downturn.
The balance sheet has also provided us an advantage, and that we can still invest in critical technologies and make the right long-term decisions. Yes, but we're focused on executing while at the moment, dealing with the short-term challenges we've in the business and elsewhere. And then also just positioning ourselves for long-term opportunity.
On the other side of this downturn, we're very excited about the market. I mean, we've got artificial intelligence, we have automotive, we have a number of other high growth areas, and I -- and we just believe that with Micron's technology, our products, our manufacturing capability, that we're very well-positioned to take advantage and serve those markets well, and then deliver better financial performance more in line with our long-term financial model, through cycle model.
Toshiya Hari
That's great. Thank you so much for that. I guess, a couple of follow-ups on the CAC dynamic. You talked about the impact potentially being toward the higher end of what you had provided last week? Is it both DRAM and NAND? And I know the definition of critically -- Critical Information Infrastructure is still kind of vague, but what's included in the potentially high single-digit impact? Is it server networking, and nothing else or is it a blend? Or how should we think about that?
Mark Murphy
Yes, that we're still assessing it, and it's again, its fluid and unclear and very much evolving. That high single-digit estimate would principally be networking and server.
Toshiya Hari
Okay.
Mark Murphy
And then -- and is that the boundaries for the principal amount? We're trying to get a sense of that.
Toshiya Hari
Okay.
Mark Murphy
And we'll learn more here as we engage with more customers, they give us feedback. And we work to get clarity from the CAC and we'll just have to continue to work through it and provide an estimate Well, of course, have a better estimate in the -- at the earnings call.
Toshiya Hari
Okay. All right. And then I guess in terms of customer inventory, I think depending on the application or the end market, your customers and yourselves are kind of a different place in the cycle, if you will. I think PCs and smartphones are further along that dynamic and servers maybe less so, but maybe talk a little bit about that dynamic. And at what point would you expect your sell into match or converge toward true consumption or end consumption?
Mark Murphy
Yes. So we have, of course, on our own balance sheet and across the industry, the inventories are at unprecedented levels. We can talk more later about, that effect and why it's maybe an indicator of future health of the industry. I know it's counterintuitive, but I actually think it's a -- it's an interesting way the industry has responded to this environment versus previous decades and in the space.
But as far as customer inventories, we do view that PC and smartphone since they went into a downturn earlier, they've had longer to work through and right size our inventory. So we see those inventory levels sort of at this midyear time, being healthier. So really, in the case of PC and smartphone, it's going to be a function of their end market growth, less so they're worried about inventory adjustments.
And unfortunately for PCs and smartphones, that growth is still elusive there. In fact, in our last call, we call down our calendar year '23 view for smartphones and PCs. We had PCs as flat to down slight or down slightly, and we moved PCs to down mid single digits percent year-over-year. And on smartphones, we had flat to up and we've moved smartphones to down slightly over a year. So I think the inventories are okay in that -- in those markets, but it's about demand.
In the case of data center, it's -- the demand is robust, particularly in certain parts of the server market as you know. But the inventories are still elevated. So we're still seeing either inventories being reduced, or they don't have the same need with our inventory levels where they are to purchase product, but we think this shakes out through the back half of the year. And by the end of the calendar year we think all markets inventory should be in a better spot, our inventories hopefully will be -- begin to move down at that point.
Toshiya Hari
Got it. Earlier you talked a little bit about pricing in DDR5 being a little bit more resilient than in DDR4. Curious how you're thinking about the transition to DDR5 and your competitive position there. I think there were some concerns about server platforms. The new platforms being a little bit delayed, but what were your thoughts on crossover to DDR5 more so on the server space?
Mark Murphy
Yes. So we're really excited about our product position in DDR5. And our 1-beta technology is sort of designed for DDR5 in a way and HBM server, we've got a -- an outstanding technology that's right or ramp and serve these two product lines, both of which we see increasing here at the back half of the year and then next year. And 1-beta as -- 1-alpha was a good node, but 1-beta is 35% better bit density, 15% better power. So it's an extremely good node.
But as the server platform rollout goes, yes, we see DDR5 being about 30% of volumes or close to a third by the end of the year. It's about 20% now, and then the crossover point, we expect to be mid next year.
Toshiya Hari
Yes, got it. And then HBM, I think there's obviously a lot of focus around AI and we'll certainly come back to your exposure there and what you're doing there, but in terms of the competitive landscape and HBM with the current NVIDIA platform and servers, I think one of your Korean peers or competitors has a really good position there, but talk a little bit about what you're doing and at what point should we expect you guys to benefit?
Mark Murphy
Sure. We -- we are going to benefit. Unfortunately, we just -- we've got a bit of a timing issue. There's some history here on HBM. And Micron, actually had a very good technology, maybe a better technology 5 years ago or more. I think it was called Hybrid Memory Cube. And we had worked on that product. And we're moving forward on that and the industry standard went to HBM. So we found ourselves behind.
But it's -- fortunately, the volumes are still very low. We've got an HBM product coming out and [indiscernible] it's on a 1-beta, which I talked about is just a terrific node. So we're excited that we'll be able to hit this at a decent time, which we're right there right now, but we will hit it. AI has got a lot of legs, it'll be a strong business for us. And so, again, we think that the product that we have that we're going to deploy later in the year, we've done our own competitive assessment. We think we'll have a very competitive product entering the market.
Toshiya Hari
Okay. So later in the year, you'll have that product out, okay. Got it. Topic of AI is hard to go around at the moment, there's a lot of focus on it. Talk a little bit about AI as a percentage of your business. I think in your case in Qs you disclose that servers account for about 20% to 25% of your revenue. I don't know if you have perfect visibility. But what percentage of that is AI today? And as you think about the implications for content growth and servers and contribution to overall DRAM industry bit growth, how do you how do you think about that internally [ph]?
Mark Murphy
We could talk for the next 28 minutes on this topic. It's a very rich topic. And of course, changing very quickly. What we can say is that, right now, it's a relatively low percent growing very quickly. But it's very difficult to really size it. And I think it's going to be increasingly difficult to size what's determined to be AI, because you've not just got the straightforward training and inference server activity. Eventually you have -- you've got AI in your phone now. You've got -- you'll have it eventually in other edge devices.
I think there was some news yesterday on the client side. So it's going to be that question of how much AI will be increasingly difficult to answer. We know it will grow. And I think that's the exciting thing for us is it's going to grow. And I think we had already contemplated that and our long-term growth in AI, of course, to drive server activity or server volume. We’ve included that in our long-term growth CAGR. We had talked about it in Investor Day, and that it was a important part of the mix shift in our business from sort of migration of less consumer to more data center AI driven and then automotive and industrial.
So, right now, with all the advancements just since our Investor Day a year ago, with all the advancements, yes, there's -- it looks like there's potential that it's above what we had contemplated. So we're deep into revisiting our assumptions and we'll be able to talk more about it at the earnings call in late June, but it is exciting. Maybe in the end AI is a data science that is very memory intensive. So -- and the accuracy of these AI models is a function of the number of parameters.
And if you just look at the progression of the ChatGPT model, so you've got, I think, ChatGPT-2 had 1.5 billion parameters. And my numbers may not be exactly right here, but somewhere in that range. I think ChatGPT-3 had 175 billion parameters. And ChatGPT-4 there's some not real clear if the numbers been disclosed, there's some mixed information on it, but it's hundreds of times plus more than ChatGPT-3 on number of parameters. Yes, these parameters and the number of parameters is highly correlated with the amount of memory that you need. So I think as there's a march towards greater accuracy and utility of these bottles, by definition you're going to end up with more memory content.
And then just the amount of silicon. If you look at that, I mean, and the -- there's more silicon versus compute as you look to these AI servers, and in a -- an example is an AI server and granted [ph] these are training servers, but you got 8x the memory content of a more traditional server. And for DRAM and 3x for NAND. So yes, as the server is designed to be optimized for AI, it's going to, again, consume more memory or need more memory.
Toshiya Hari
And I guess, in the near-term, from your perspective, can you sense sort of this inflection happening in AI servers? Or because your customers are still to your prior point sitting on inventory, you don't necessarily see it from where you are today?
Mark Murphy
No, we see it. I mean, we -- and we're working with -- yes, there's -- and there's a number of different ways to this comes at you, right? And we're working with everybody. I mean, this is not just GPUs. And there's, of course that and that's been dramatic. I mean, if you look at NVIDIA's generation of AI servers, 4 or 5 years ago versus the latest, Hopper version memory and that has quadrupled. And, of course, they're advancing and there's going to be additional need to optimize memory for the great work they're doing.
Yes, and there's other areas that there's CPU related activity, there's AFIX [ph]. So there's all sorts of activity that customers, they see what the advances that they're going to need to deliver. And part of this data intensive application requires great coordination and utility at memory.
Toshiya Hari
Got it. You talked a little bit about sort of reassessing the long-term CAGR for the DRAM business and perhaps the DRAM market at the Analyst Day. I think it was a mid-teens CAGR that you threw out?
Mark Murphy
Right.
Toshiya Hari
Does that feel like it's still the right range as you think about your business medium to long-term?
Mark Murphy
Yes, we've not updated it. And that, I think for now, it seems directionally correct. And in that mid-teens assumption is automotive and industrial, which will be more than double that growth rate. You've got data center, which we just talked about, which will be above that growth rate, and it will be AI driven. And then you've got, as we talked about earlier, you've got lower growth, but still durable businesses, PCs, smartphones. And it'll be interesting to see if with greater AI activity, and what sort of increased content will happen at these edge devices that'll be interesting to follow.
Toshiya Hari
Okay, great. I guess transitioning to the NAND side of the portfolio, where I think there tends to be more price elasticity. Vis-à-vis DRAM, NAND pricing is down more than 50% year-to-year. Do you sense price elasticity kicking in across longer key applications or not so much?
Mark Murphy
It's hard to say. I mean, the pricing environment NAND is worse than DRAM. Inventory levels are higher than DRAM. I think there may be some elasticity and maybe helping demand. I think in some areas, like let's say, as a hard drive replaced with my SSD, I think folks realize that the pricing in NAND at the moment just isn't sustainable. So while there can be an economic trade off for that, use case in the near-term, the question is it being stalled by just a price that's just not sustainable at the moment.
So, yes, that part of the market, we've said that the NAND business or the NAND industry will benefit from some consolidation. And I think we've set our long-term growth CAGR in our businesses low 20s. So we see it being a strong growth business, but it's just hard to say at this point, how much elasticity is affecting demand.
Toshiya Hari
Got it. And Mark that low 20% CAGR on the NAND side, I know NAND is a little more consumer heavy relative to DRAM. But is that low 20% still, does it feel right as of today, or …?
Mark Murphy
We've had no update on that. It feels okay.
Toshiya Hari
Okay. All right. Maybe one question before I take questions from the audience on the supply side of the equation, you guys were probably one of the earlier companies in terms of actually cutting CapEx and cutting production. I think you're cutting production by 30% give or take?
Mark Murphy
25%
Toshiya Hari
25%. I'm sorry, 25% both in DRAM and NAND, you're cutting WFE by more than 50%. I guess, as you think forward and look forward what would you need to see to consider increasing production in both DRAM and NAND? What are some of the potential trigger points?
Mark Murphy
Yes. So, yes, as you've said, we feel very good about how quickly we took action. And we responded -- we saw demand weakness about this time last year, like back half of May, actually. And on our June earnings call last year, we talked about that we saw demand weakness that we were responding to that weakness and can beginning to curb spend, and so forth. Of course, we know it intensified through the year. We reduced utilization, we cut CapEx, we cut CapEx meaningfully, then -- and then, again, intensify those efforts through the year. We stand here, as you said, with WFE down over 50% year-over-year with utilization off 25% on starts.
And yes, we have as to what it takes to turn that increase investment and first increase utilization, it's just going to take the inventory levels coming down, and some visibility that the trajectory of that is what's needed to come back to more normal levels. So we're over -- well over 200 days of inventories. And we've said we'll exit the year over 150 days. And so …
Toshiya Hari
For the fiscal or calendar?
Mark Murphy
So it's calendar as well.
Toshiya Hari
Okay. Okay.
Mark Murphy
I mean, it's just -- and that's a function of -- in the last call, we talked about the recoveries a bit more elongated than we had expected. So the inventory -- so they're high. As we see demand firm up and inventories begin to trend down and fortunately, though, the entire industry has taken supply actions. So eventually we'll start to see that correct itself. And then the industry has utilization to work into.
And then I talked about the 1-beta node we have and we actually have the 232 layer on the NAND side. Unfortunately, both those nodes are being deployed just as we entered the downturn. So we've got two nodes that actually, as we increase utilization, we'll also have two new nodes to work into that will be very capital efficient. In fact, on both those nodes, we've achieved sort of targeted yields, and record time.
So both those nodes they're not fully ramped. They're both have yields that are associated with products that have been out longer. So we'll be able to very efficiently ramp when we do. And then we'll talk about CapEx and building out capacity now. We expect next year to be also depressed on WFE, and that our spend will be a bit heavier weighted on construction, as we think about back half of the decade capacity. But again, it's a -- it's an inventory related focus at the moment.
Toshiya Hari
Got it. Got it. And I think you made this comment earlier, but in terms of what your competitors are doing from a supply perspective, I think, 6 months ago, 9 months ago, you guys had thought specific competitors, were not cutting enough. At this point, would you say that all parties in DRAM and NAND are taking appropriate steps? Are you still waiting for select competitors to take action?
Mark Murphy
Well, we can, I mean, we can only control -- we control -- we are doing what we can do. We think we have ample inventories. We think it's appropriate to reduce utilization based on what we see. We believe that incremental capacity is not helpful to the industry at the moment. And the pricing just is not -- it's not sustainable. It's not sustainable for investment in the technology and the business overall. So that has to be fixed.
And I think based on what we see on others, reducing utilization and CapEx it appears that there's -- companies are not healthy at the moment, and they're dealing with it. So again, we'll keep an eye on inventories and our own business we will manage, as we see how we're projecting those inventories over time.
Toshiya Hari
Got it. That's helpful. I'll pause here and see if you have any questions from the audience. You can use the mic, please.
Unidentified Analyst
Just wanted to follow-up on the comment …
Toshiya Hari
Sorry, if you can -- I think there's a button.
Unidentified Analyst
Sorry about that. I just wanted to follow-up on the comment form back to the 1-alpha node. I think, at the time, Micron first started talking about that, the comment was it would provide 40% greater bit density. And I think it didn't really say what you've achieved there. It was just a productive node. Could you talk about what you really did see at 1-alpha? And if I combined that with 1-beta, am I right that you're getting like 70% improvement in density over two nodes?
Mark Murphy
Yes, so the 1-alpha node was also very good node. The bit density improvement was in the zip code that you're talking about. So yes, so from 1-alpha node, 1-beta node, you've got 40%-ish, and you've got another 35% the density improvement in 1-beta so.
Unidentified Analyst
Thank you.
Toshiya Hari
Any other questions?
Unidentified Analyst
You made a comment about how high inventories in the industry might be a positive sign going forward. Could you elaborate more on that?
Mark Murphy
I would say glad you brought that up here. So it's obviously on one level. It's not good. It's -- we obviously don't want inventories at this level, and they should be roughly half of what we've got. But to me what's interesting is that it's an effect that you would not have seen, let's say a decade ago or more. The cost downs have become so challenging in the space and they become shallower. And the one effect of that is you can then hold inventories longer than you used to.
So in the past when you were getting cost downs that were significantly higher, you would be compelled to liquidate your inventories, try and get rid of as quickly as you can, of course, depressing the pricing all the more and then you would, in parallel, you'd be investing heavily for the next node. Because you needed that cost down in order to survive. And again, you'd liquidate inventories, because very quickly those were not going to become -- they were not going to be price competitive. So what you see now with shallower cost downs, very hard to drive incremental improvements in the business.
These inventories are good longer. So when we were last summer, and through early fall, we knew we were building inventories. And didn't want to, but we have some comfort in building them and it's carrying costs, but it's not as severe as it was in the past. And we've got 1-alpha product, for example, is going to be good product for many years, and competitive in the marketplace. So I think that's a difference. And I think it speaks to the what we believe are going to be some positive factors in the structure of this space going forward.
If you think about supply, demand balance, you've got positive things happening on both supply and demand. On demand, it's contrasted with -- 15 years ago, it's not largely consumer driven anymore. Consumers still a big important market in memory and storage, but it's not the dominant feature in the market. You've got -- it's less than half. It's -- and the drivers of growth, what we know will be much better going forward will be data center, automotive, industrial. So the demand is broader. It's more durable and that's better.
On the supply side, we talked -- just talked about the cost downs are more challenging and shallower. And as a result, inventories can be used to modulate capacity, like they couldn't be used before. And so I think the combination of more levers on the supply side, and more discipline on the supply side, and a broader, more durable demand equation you end up with, I believe, you'll end up with better capital allocation, and then that’s a more stable pricing environment and better industry going forward.
Unidentified Analyst
Just on the CAC, if that really happens, and as you expect up to a high single-digit kind of impact on your revenue. Is that correct?
Mark Murphy
Well, what I said is that we gave a range last week, fresh off of the notice that we received. And we provide a range of low single-digit percent of revenue to high single-digit percent of revenue.
Unidentified Analyst
Okay.
Mark Murphy
And today, I said based on additional customer feedback, and it's still early, and our own assessment of things that the high-end of that range is a better estimate. Now that estimate is still evolving. That estimate as Toshi brought up earlier, that estimate is largely a function of networking and data center. So last week, I mentioned that does not include smartphones. So we've got to assess kind of -- we're still in the process of assessing where all this falls out. Again, it's evolving. There's a lot of uncertainty. It is challenging, but we’re of course working best we can to clarify it, to mitigate it. And we'll provide more detail at the earnings call in June.
Unidentified Analyst
Yes. I guess in the short-term, it's a disruption to maybe to the whole industry. So help us understand how this dynamic going to play out. So if you say -- if you lose that bunch of revenue, but how are other guys going to pick up from Taiwan [indiscernible] from Hynix to [indiscernible] some domestic Chinese player going to fit in that space?
Mark Murphy
Well, I think in the near -- in the near-term, and it will have a negative effect on our revenues versus our prior expectations. I mean, in the near-term, I think we can say that at this point. However, as you point out, the bits will move around. And we'll have some certainly hope and are working towards recovering that lost volume elsewhere. And if it were a tight market, and bits were scarce, then this would be an easier issue to deal with. The market is -- the markets loose. And so it's going to be -- take more time to deal with it. But we've got very advanced technology. We're on the leading node in both NAND and DRAM. We've got deep technical relationships with customers. We've been a -- we're amongst the highest quality customers that are delivering the highest quality products of any suppliers for most customers.
I think that two-thirds or 80% of our customers rank as number one or two on quality. We've been reliable. And so I think, yes, to the extent there's a way to work with us, I think customers will work with us, of course, within the confines of the rules and regulations of local jurisdictions. But again, we'll continue to evaluate this and provide more as certainly on the earnings call.
Toshiya Hari
Hey, Mark, in the last couple of minutes that we have, I wanted to hit on two topics. One is EUV. And one is how you're thinking about your global manufacturing footprint. On the EUV side of things, I think you've performed really well in DRAM in terms of your roadmap. You will be inserting EUV at the 1-gamma node. I guess the concern that investors have is, you're late to EUV, are you going to experience similar hiccups to what your peers experienced over the past couple of years? That's number one. The number two on -- in terms of the global manufacturing footprint, you recently announced projects, I believe in Boise and Upstate, New York. And I think Sanjay was in Japan recently talking about expansion there. So in the current geopolitical environment, with government incentives from various governments, how do you think about the balance across countries, both in terms of DRAM and NAND?
Mark Murphy
Yes. So …
Toshiya Hari
In 2 minutes.
Mark Murphy
Yes, so on -- sorry. So on -- that’s okay. So on, EUV, we feel very good about the decisions we've made around EUV. I think, with what we know, now is very much right decision to delay it. I mean, fundamentally, we didn't need it to advance the technology. I mean, others needed EUV to hit nodes that we've already completed, and are being ramped. And so our multi patterning technology is best in the world and that's allowed us to advance the technology without the huge cost of EUV.
Now there's been this question of when we do need it, which we've said we need it, we believe in 1-gamma. What is the -- are we going to be able to deploy yield? And I think we've demonstrated already we actually deploy it. We have it in Boise in our R&D setting, and then we have it actually in a production setting in Taiwan. We've actually inserted in a pile line EUV and a layer in 1-alpha and it's yielding well already. So we already know that it works. And then by the time we deploy it in 1-gamma, the supply chain will be much more mature than it is. So I think it's low risk. We've already demonstrated we're in good shape.
As it relates to the footprint, and there are government programs and incentives and so forth, I think it's important to keep in mind that these incentives determine or help determine geography, they don't determine capacity. We add capacity in line with the industry growth rates, and then we -- we'll choose the geography based on competitiveness. We're in a globally competitive marketplace. Expect to -- if we proceed with assuming we get the support we need for investment in the U.S., we would build out Boise and construction is starting and will end '23 construction, New York would be '24. Both of those would be sort of primarily end of decade demand, or end of decade supply -- for demand end of decade.
Toshiya Hari
Okay, great. With that we're out of time. Thank you so much for coming, Mark. I really appreciate it.
Mark Murphy
Thank you, Toshiya.
Toshiya Hari
Thank you.
Q -
A -
[No formal Q&A for this event.]
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Micron Technology, Inc. (MU) Presents at Goldman Sachs Global Semiconductor Conference (Transcript)