Japan Technology: Semiconductor Capital Equipment: Micron technology webinar read-across: Benefits for TEL/Disco/Ebara/Kokusai

Late at night on October 21 (JST), memory major Micron Technology held a technology and product webinar, providing updates on its technology roadmaps for both DRAM and NAND. The updates relate to technology roadmaps, so the actual timing of mass production will still depend largely on future demand trends; nevertheless, we view the expanding application of hybrid bonding and the move toward higher layer counts in NAND as having overall positive implications for Tokyo Electron (Buy), Disco (Buy), Ebara (Buy), and Kokusai Electric (Neutral). On DRAM, Micron has entered mass production for its 1-gamma node using EUV lithography and plans further scaling via hybrid bonding and high-NA EUV, while developing 3D-DRAM;