日本科技：半导体资本设备：美光科技技术网络研讨会解读——利好TEL/Disco/Ebara/Kokusai

Late on October 21 (JST), Micron Technology held a technology and product webinar updating its DRAM and NAND roadmaps. In DRAM, Micron has entered mass production of the 1-gamma node using EUV and plans further scaling via hybrid bonding and high-NA EUV, while developing 3D-DRAM in parallel; it will no longer pursue 4F2 DRAM given process complexity and cost, and will scale 6F2 in the interim. For HBM, developments include custom HBM, Vertical HBM and VEIM alongside the standard architecture, all requiring sophisticated advanced packaging such as hybrid bonding and temperature control. In NAND, Micron moves from G9 (276 layers, in mass production) to G11 with more than 400 layers using hybrid bonding for wafer connection, targeting 2H CY27 mass production, plus SLC-based solutions and TSV architectures with a logic base die. We view expanding hybrid bonding applications and higher NAND layer counts as positive for Tokyo Electron (Buy), Disco (Buy), Ebara (Buy) and Kokusai Electric (Neu