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Nice to see you. You know, first of all, Jim, thank you for coming here. Welcome to Boise, the headquarters of Micron, the center of memory innovation for America, and soon, as you can see in the background, the center of advanced memory manufacturing. Honestly, I can't help but notice this. Surprisingly.
Now, uh, my colleague David Faber mentioned when we were growing up, we heard about this great thing called Bell Labs. That's where all the innovation happened, and who knows what will come next? Maybe even a camera phone. I'm currently talking to the person who runs Micron Research Labs. These are long-term innovations.
Tell me, Sanjay, why are you willing to spend $10 billion on what is just basic research/hope ? And this will be critically important. I am very happy with Micron Research Labs. We are an organizer and leader, bringing together the ecosystem to deliver breakthroughs for the next generation of the AI era.
This is critically important because memory is the strategic infrastructure of artificial intelligence. Memory absolutely demands higher performance. Artificial intelligence needs more memory, faster memory, memory with lower power consumption to make AI smarter. Memory is intelligence. So we're going to bring here, through Micron Research Labs, $10 billion in investment from Micron, bringing together our customers, universities, startups, ecosystem partners, and of course Micron researchers and scientists to drive research in materials, semiconductors, memory, computing, how to bring them together, and drive innovation for the next era.
I think people at home need to be made to think that memory is, well, what is it? Cerebral cortex ? Where is it? No, when we think of memory, we're talking about a specific type of chip that, frankly, was a stepchild to both the CPU and the GPU . The central processor is the former Intel and AMD. Uh, the GPU, of course, is Jensen Huang.
Why is the memory, uh , enhanced now? Why do we care so much about memory, compared to other forms of life that we have always considered superior? You know, memory is no longer a component of the system. Memory is a strategic infrastructure for AI. She is no longer a commodity. This is a high value.
This is a favorable value for our customers. Without memory, you can't make AI smarter. You can't make AI faster. You can't scale AI. You know, AI is evolving. A lot of context is generated . All this context has to be stored, has to be processed through memory. So, AI defines a whole hierarchy of memory requirements: from high-speed memory to DRAM and SSD.
And this is an exciting era for memory and a critical need that all AI systems have. Also, let's say, a period for the United States, because you never gave up. You always thought we could be great. We have to compete with Japan, we have to compete with Korea, and by the way, we know that SK Hynix Samsung are incredible.
Why did n't your company give up on this country? It seemed like everyone else had moved abroad. You know, Micron started here in Boise almost 50 years ago. You know, we are innovators. Today we have over 62,000 patents. And, of course, we believed in the vision of memory. We say that memory, our vision is to accelerate intelligence to enrich the lives of everyone.
You are absolutely right that even during the deep recession of 2023, Micron invested in cutting-edge research . Today you see the benefits. We have the best portfolio of technologies and products in the industry. We have invested $10 billion in our research and development and capital expenditures.
Well, I wouldn't be surprised if it was a $10 billion Micron research lab, unlike anything we've ever had, and it would be located here. The research laboratory will be located here. It will have satellite campuses around the world where Micron also has research and development operations, and certainly next year we will have a breakthrough and the Micron research lab will really be the driving force behind America's leadership in semiconductor and memory technology.
I believe in it. That's why we're here, and Sanjay Mehrotra, thank you very much. Coming back to you, Karl. Get off the low end and we're seeing some results this morning. I think the follow-up to that has been not only that we obviously have a little bit of a clearer path on the next steps that the Fed is going to take, but also on the geopolitical front we are getting some positive headlines, at least this morning.
We'll see if they hold up. President Trump is making comments that he believes the conflict in Iran will end soon. And in fact, about 5 minutes ago, 10 minutes ago, Diana, we actually got a message on the order that China had privately asked Iran to use its influence to help contain the Houthis in Yemen and try to reduce the number of strikes in Saudi Arabia.
This actually pushes oil down. We briefly dropped below $100 a barrel. And I think that's another reason why we're seeing stocks trying to go up and potentially trying to break out of this neck level that we had before Kevin Warsh started talking yesterday. Oh, great analysis, because I saw the price of oil getting cheaper before, but I just noticed now that...
I mean, we're just below 100 for WTI now. So now we are moving forward. This is positive. I'm glad you mentioned some of President Trump's comments. He also made some comments about betting. It seems to be more noise than signal. Um, you know, even when the Fed or when Warsh was asked about the independence of the Fed, he said that part of the independence of the Federal Reserve means that we stay in our lane.
But this is a two-way street. So it looks like they are keeping the Fed as an independent body. Let's talk about technology, about the growth we are seeing is ? I think there were a few different news headlines on the channel this morning, and also the fact that we're seeing a little bit more of a risk factor.
, Nvidia, and really helps the channel. Now let's get down to business. Discussions about AI are changing. For years, the biggest question has been larg receives , AI solutions are is its become so important. Many companies rushed into AI initialo take advantage of AI, but they also want to control their data.
This would be a big belief picture , it needs enterprise data, it needs security, and it needs a system that can connect AI models to a real business process. That is, companies like Salesforce and Oracle are once again attracting attention. ere are several levels to this ecosystem. Models are the only real thing.
But around them are cloud infrastructure, software, data, and cybersecurity applications . Then there is the goal. Meta has something that many AI startups don't have: a huge installed base of users. Millions of users give the company a huge will come to a standstill. ebate around open source AI and open weights.
Therefore, the AI race comes down to o has the users, who has the data, who ha at scale . At the same time, the debate over regulation is becoming increasingly intense. Some AI leaders are pushing for stronger protections for a strategic disadvantage . There are serious questions about the safety of AI.
But from an economic perspective, because they see the potentially huge opportunities ahead. Before we get started, make sure you subscribe for more analytics about AI and the stock market. debate over AI is entering a new phase.
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