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Myself and Nik will be around next week but I'll be away for a few days before Xmas to recharge the batteries before the madness starts Just wanted to say we at Cobens wish you all a very happy holidays. Here's to a productive 2026.

Hi JQ74, Ive discussed how markets move when uncertainty flares up and how quality rebounds. I would say that there hasn't been a noticeable dip and YTD overall we are doing very well. Nearly all other external portfolios im looking at are red and most of ours are positive. On communication, unless we have a specific need to contact you we generally don't, rather, relying on any Direct Clients to use the forum, the dashboard and contact us if they need assistance, guidance etc. No one can say what the market will do day to day however over decades when wars start, volatility increases for a period. As mentioned we have, so far been relatively unscathed. This is due in part to the USD which is seen as secure in uncertain times. I can also say with confidence that the businesses we invest in are largely unaffected notwithstanding longer term impacts from inflation and energy costs if the situation persists but even so that would be very small. It would be a concern if we held hospitality or infrastructure assets in the Gulf-we dont have any exposure. If you want to discuss anything I'm happy to set up a call, alternatively you can email us: support@cobensdirect.co.uk Regards Adam

A line by line analysis of update commentary. All super positive. HBM as a Major DriverHBM remains a key driver for innovation, industry growth, and product differentiation. Micron previously set a goal to reach similar HBM bit share levels to its overall DRAM bit share (achieved in 3Q25). As Samsung gains incremental share in CY26, Micron is expected to maintain or grow its position into CY27. Next-generation HBM products will incorporate custom logic base dies, with initial adoption in HBM4E and broader uptake in HBM5. Hybrid bonding is planned (not expected before HBM5 in 2028-2029). Customisation and complexity in HBM are expected to drive higher profitability industry-wide. Micron highlighted HBM as representing a high-teens percentage of wafers, with strong expectations for continued growth to meet future demand. Dare One Say the Cycle Is Different This Time?Management views the current cycle as structurally different due to:AI and data centre demand making memory a more strategic asset. Greater customer collaboration on roadmaps. Significant innovation (LPDDR5/6, SOCAMM, High Capacity DIMMs, GDDR6, HBM4/4E). Multi-year lead times for supply additions (3+ years from shovels to equipment). No quick fix to meeting unmet demand Worsening trade ratios for HBM and potential imbalances (moving to 4-to-1 and higher in the HBM4/5 transition) further support a tight environment. This is a positive and refers to allocating HBM over other DRAM the trade ratio is the trade-off which means other types of memory experiencing more supply constraint vs demand as a shift to HBM continues (Wafers being the common real estate). And remember, Wafers or WFE are limited, so allocation to various types of memory matters, causing potential imbalance elsewhere. More WFE starts = more equipment-ASML/KLAC, more raw materials, copper, interconnects, foundries and so on. Strategic Customer Agreements (SCA)Micron recently initiated Strategic Customer Agreements (SCA), offering 5-year terms with “durable/sustainable” commitments and a critical focus on appropriate ROI for Capex. Investors are awaiting more details, but management sees these as potentially providing greater durability to the business.Gross Margins and Path Forward-Micron guided May quarter gross margins of 81%. The firm does not view 45% as a “normalised” level (despite current market pricing implying it). Management remains positive on gross margins beyond May and highlighted a market shift toward pricing on a bandwidth basis (beneficial for customers and the pricing environment). Capex Outlook-Micron announced a substantial increase in Net Capex for FY26 to $25B (from prior ~$20B). Further meaningful step-up expected in FY27 (construction-related Capex +$10B+ YoY; WFE spend also rising). Expected FY27 Capex: $37B+. Focus on expeditiously building clean room space, then equipping as needed, with a disciplined approach. All manufacturing remains focused on becoming EUV-capable to support advanced HBM and leading-edge DRAM (layer counts moving from 1-2 to 3-5). This is stacking layers. Today Micron is only able to meet customer orders at between 50-63% customer variable/mix. The demand supply imbalance is getting worse-the vibe is the imbalance will last into 2030 maybe beyond. Management feel that high gross margins are the new norm. My takeaway is $20-$25 quarterly EPS is the new base line.

Try this [image: 1773073791510-screenshot-2026-03-09-at-16.29.26.png]

A shame you can’t ’back-date’ your ISA contributions, but at least a reminder to fill them now & moving forwards

@n5tew Good morning, to answer your questions, yes there are a handful of lenders that still offer offset mortgages, though they’re relatively niche now. With these, you only pay interest on your mortgage minus what’s in a linked savings account, which can significantly reduce your interest costs if you hold a large savings balance. There are indeed fixed rate products although they will tend to be notably higher than your conventional fixed rate products. If you would like to discuss this in further detail, please let me know, my email is michael.searle@cobens.co.uk, or we can arrange a meeting to dive into specifics.

Apologies Mike, the Quai/IM processing on this has been poor. I'll chase it up with them today