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Micron Soars After AI-Fueled Forecast Shatters Projections · Bloomberg Intelligence

• 0:02
  Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. You're listening to the
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  Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am
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  Speaker 2: Purring Season, let's talk about a Micron Technologies came out
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  Speaker 2: some numbers last night. Stocks up twelve percent year today,
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  Speaker 2: But that's not the good number. The good number is
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  Speaker 2: year to date up three hundred percent, over the trailing
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  Speaker 2: twelve months, up eight hundred percent. So and this is
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  Speaker 2: a one point three trillion dollar market cap company, people,
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  Speaker 2: So there's some real money being made by investors here.
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  Speaker 2: This is not a pink sheet, which my next guest
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  Speaker 2: doesn't know what a pink sheet is, but it's not
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  Speaker 2: a pink sheet stock. Jake Silverman, Semiconductor Analyts or Bloomberg
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  Speaker 2: Intelligence Joints is here what you hear from Micron last.
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  Speaker 3: Night, Jake?
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  Speaker 2: That that's got the market pretty positi here.
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  Speaker 4: Yeah, I mean it's continued upward pricing momentum. All that
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  Speaker 4: is for the most part AI driven, you know. I mean, look,
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  Speaker 4: we've seen healthy PC smartphone demand, but that's not the
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  Speaker 4: real story. Right, We're seeing hyperscale CAPEX continue to grow
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  Speaker 4: at an incredibly high rate, and memory is becoming an
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  Speaker 4: increasingly large portion of that, But it's really on pricing.
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  Speaker 4: Demand is strong because of AI buildouts, Right, We're shifting
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  Speaker 4: from an AI training or environment to AI inferencing, and
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  Speaker 4: that's just increasing the amount of memory that you need
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  Speaker 4: in these data centers. The memory intensity is going higher.
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  Speaker 4: But then we're also seeing longer term contracts being signed
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  Speaker 4: by customers. They talked to Micron talked about sixteen last night,
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  Speaker 4: one hundred billion dollars of revenue contract going all the
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  Speaker 4: way out in some cases to twenty thirty.
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  Speaker 5: Wow. So of course now the bar continually gets raised
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  Speaker 5: for a company like Micron. Was there anything sort of
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  Speaker 5: the minutia of this report that I don't know is
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  Speaker 5: maybe a mini red flag for Micron or for the
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  Speaker 5: greater in industry.
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  Speaker 4: Yeah, So it's the interesting thing is, yeah, you really
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  Speaker 4: is truly minute show because I think Mark the CFO
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  Speaker 4: mentioned ASC six oh six last night, not something you
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  Speaker 4: typically hear on memory calls. But but the interesting thing
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  Speaker 4: about this is they talk about floor pricing and some
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  Speaker 4: of these agreements I think they have twenty five percent
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  Speaker 4: of their revenue or bits contracted out, but they're talking
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  Speaker 4: about getting up to fifty percent or so of that
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  Speaker 4: demand getting contracted. Now, that leaves another fifty percent that
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  Speaker 4: isn't potentially going to get contracted. So when we start
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  Speaker 4: to see a downturn, you know, the floor pricing on
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  Speaker 4: those contract agreements, you know, they're talking about healthier margins
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  Speaker 4: than even the last cyclical peak, which would put it
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  Speaker 4: at you know, north of sixty percent probably, which is pretty.
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  Speaker 5: So still an enviable position.
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  Speaker 4: It's still enviable, but it's also a question mark is
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  Speaker 4: when does the downturn occur and what happens to the
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  Speaker 4: rest of the business that isn't contracted out, and you know,
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  Speaker 4: what are the margins on the floor pricing for some
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  Speaker 4: of those tracks. Anyway, it's all just there's a lot
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  Speaker 4: of question marks and a lot of unknowns, and unfortunately
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  Speaker 4: we're just not going to really know near term what's
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  Speaker 4: going to happen. It's too far out because capacity in
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  Speaker 4: the industry just can't keep pace with demand.
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  Speaker 6: All right.
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  Speaker 2: Mike trailing twelve month stocks up, Micron trailing twelve month
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  Speaker 2: stocks up eight hundred and twenty five percent, sk Heinex
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  Speaker 2: up nine hundred and twenty five percent, Western Digital up
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  Speaker 2: nine hundred and eighty percent, Cegate Technology up six hundred
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  Speaker 2: and forty percent. Is there anyone differentiate between these companies
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  Speaker 2: or do you just shut up and buy them?
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  Speaker 7: Buy them?
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  Speaker 4: Well, so the thing is sk Heinex, they have the capacity,
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  Speaker 4: they have HB, they have a stronger HBM demand base
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  Speaker 4: because of the capacity and because of their historyuth Nvidia
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  Speaker 4: than Micron. Micron has about twenty to twenty five percent
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  Speaker 4: DM market share, a little bit lower on land. Sk
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  Speaker 4: Henix has that capacity base, Samsung has that capacity base.
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  Speaker 4: But also if you look at Samsung, they have tons
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  Speaker 4: of other businesses. It's just that no one needs to
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  Speaker 4: care as much about them right now because memory is
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  Speaker 4: doing so well. But they have foundry business, they have smartphone,
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  Speaker 4: all sorts of TV. I mean they're all and then
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  Speaker 4: you look at it Western Digital and Cgate and they're
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  Speaker 4: they're not even memory their storage, and you know, it's
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  Speaker 4: hard to differentiate. But they have their own duopoly scenario
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  Speaker 4: going where they're the main players in that industry and
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  Speaker 4: they're not increasing capacity either, And so you have several
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  Speaker 4: different dynamics all going around, But how do you really
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  Speaker 4: differentiate between Heinez and Micron and sand Disk. It's really difficult.
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  Speaker 5: Did this report from Micron appease investors' worries about the
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  Speaker 5: AI trade or is this just is this going to
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  Speaker 5: be like a short lived situation? I think it.
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  Speaker 4: What it really did is the reason I mentioned the
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  Speaker 4: floor pricing is because I think that was what investors
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  Speaker 4: wanted to know, is will these contracts get renegotiated and
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  Speaker 4: take step down pricing when the cycle starts to turn.
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  Speaker 4: Assuming you still think these stocks are cyclical, which in
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  Speaker 4: my point of view, I still think that memory is cyclical.
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  Speaker 4: It's just that we might see some structural changes in
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  Speaker 4: the way that those price, the price volatility changes. It
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  Speaker 4: might just be less volatile and maybe even actually elongated.
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  Speaker 4: But it also might mean that instead of having tens
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  Speaker 4: of billions of dollars of cash burn, you might not
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  Speaker 4: see any cash burn at all in the industry. It
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  Speaker 4: could be razor thin in terms of free cash flow.
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  Speaker 4: But yeah, investors, I think are looking at this and
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  Speaker 4: they're trying to figure out is this short lived? Is
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  Speaker 4: this long term? Are we going to actually see a
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  Speaker 4: real cycle play out? What's the length of that cycle.
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  Speaker 4: And I think the floor pricing and the more talk
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  Speaker 4: about contracts how many customers, I think that starts to
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  Speaker 4: impease some of the anxiety.
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  Speaker 1: Stay with us.
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  Speaker 5: More from Bloomberg Intelligence coming up after this.
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  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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  Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
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• 5:58
  Speaker 2: Well, we get some earnings from dartin Red Restaurants here today.
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  Speaker 8: Weak outlook.
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  Speaker 3: Apparently the Olive Garden sales outlook disappoints.
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  Speaker 2: Let's break it down with Michael Halen, senior restaurant and
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  Speaker 2: food services analyst for Bloomberg Intelligence.
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  Speaker 3: Mike, what do you see from Darden with their earnings report?
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  Speaker 7: Yeah, you know, it was a pretty solid report.
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  Speaker 9: You know, cut they were able to drive pretty strong
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  Speaker 9: seam store sales, especially at Longhorn. You know, they had
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  Speaker 9: a social media post go viral about the return of
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  Speaker 9: their Palmsjean crusted lamb chops.
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  Speaker 7: So all in all, it was it was a pretty
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  Speaker 7: good quarter.
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  Speaker 9: The issue would really be, you know, twofold Number one
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  Speaker 9: is their fiscal twenty seven guidance came in light on
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  Speaker 9: the EPs line.
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  Speaker 7: Right.
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  Speaker 9: This company is known to guide pretty conservatively, so that
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  Speaker 9: that could be what's.
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  Speaker 7: Going on there.
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  Speaker 9: And the other thing is, you know, sales are going
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  Speaker 9: to slow sequentially, So sales are going to slow sequentially
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  Speaker 9: for everyone because the restaurant industry had a very good
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  Speaker 9: summer last year. So now we have to lap those
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  Speaker 9: tough pomps. We have tough base effects, and especially so
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  Speaker 9: for Darden's brand. So Darden's brands had a nice boost
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  Speaker 9: last year from rolling out third party delivery with Uber Eats,
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  Speaker 9: and now that they're going to lap it, especially Olive Garden,
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  Speaker 9: sales are going to slow.
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  Speaker 5: So, Michael, they also own Ruth's Chris Steakhouse. You mentioned Longhorn,
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  Speaker 5: But what is happening at Olive Garden. We know that
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  Speaker 5: they've been trying to get things back on track, and
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  Speaker 5: they even were doing smaller portions. I think they're still
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  Speaker 5: doing that. That doesn't seem to be taken. What what's
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  Speaker 5: going on? Why can't they seem to gain traction with
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  Speaker 5: the consumer?
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  Speaker 9: Yeah, you know, I don't I don't necessarily feel that
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  Speaker 9: that's the case. I mean, they had same sort of
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  Speaker 9: sales that were pretty strong, you know last year, right, Like.
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  Speaker 7: It's basically part of the issue is their own success.
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  Speaker 9: So last year, Olive Garden had a pretty good year,
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  Speaker 9: and now they have to lap those strong results. You know,
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  Speaker 9: we we still think that Darden is gonna outpace most
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  Speaker 9: of their casual dining peers, Olive Garden included. You know,
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  Speaker 9: but we see that this industry as a whole slowing
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  Speaker 9: this summer. You know, low income consumers are still strapped, right,
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  Speaker 9: They've they spent their higher tax refunds, you know, at
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  Speaker 9: the pump. And you know, we expect restaurant you know,
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  Speaker 9: uh sales here to start to to decelerate here over
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  Speaker 9: the next quarter. And you know, Olive Garden and Darden
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  Speaker 9: is not I mute.
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  Speaker 3: So what what do you see, Michael?
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  Speaker 2: Just cross the board, you cover all these restaurants, you
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  Speaker 2: see from the quick service restaurants all the way up
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  Speaker 2: to some of the higher end stuff. Is the K
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  Speaker 2: shaped economy apparent in the restaurant business as well?
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  Speaker 7: For sure?
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  Speaker 9: That's probably We've been writing about it for several years now.
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  Speaker 9: We were probably the first industry to feel it. And yeah,
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  Speaker 9: i'd say, going back two plus years, we saw it.
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  Speaker 9: I think I forget maybe it was Chipotle who was
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  Speaker 9: one of the first to admit it because they didn't
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  Speaker 9: have that many low income consumers, so it wasn't going
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  Speaker 9: to impact them as much as some of their peers.
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  Speaker 9: But you know, yes, this is inflation really impacts the
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  Speaker 9: restaurant industry.
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  Speaker 7: Number one.
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  Speaker 9: It impacts low income and middle income consumer spending.
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  Speaker 10: Right.
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  Speaker 7: People have been spending way.
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  Speaker 9: More at the pump over the last couple of months
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  Speaker 9: than they had been. That takes money, you know, out
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  Speaker 9: of the out of their wallet that could be used
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  Speaker 9: for restaurant visits. Restaurants are very, very sensitive. It really
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  Speaker 9: is a canary for canary and the coalmi for the
• 9:43
  Speaker 9: economy in the United States, and low income consumers remain strapped.
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  Speaker 9: Low and middle income got a boost with these refund
• 9:50
  Speaker 9: shack checks. You know, we expect that to be short
• 9:53
  Speaker 9: lived and now we just have to, you know, face
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  Speaker 9: some tough comps. You know, I think it's it's a
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  Speaker 9: tough time for restaurants. You know, low income consumers not
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  Speaker 9: getting better and it's not going to until we see
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  Speaker 9: inflation get back down to that two percent or below.
• 10:10
  Speaker 5: Yeah, the margins are just so razor thin for so
• 10:12
  Speaker 5: many of these restaurants. But did they say on the
• 10:14
  Speaker 5: earnings call anything about beef prices, These high beef prices
• 10:18
  Speaker 5: and the fact that consumers are still going to steakhouses.
• 10:21
  Speaker 5: It seems like in droves, including.
• 10:23
  Speaker 9: Tonight, steakhouses do pretty well in times of beef inflation.
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  Speaker 9: And part of that is, you know, the gap between
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  Speaker 9: what they pay at the grocery store and at the
• 10:35
  Speaker 9: restaurants tends to close. Restaurants can sell different cuts of meat, right,
• 10:39
  Speaker 9: so they can be more particular and take advantage of
• 10:43
  Speaker 9: movements of different cuts of meat, and so the gap actually.
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  Speaker 7: Shrinks when we see beef inflation, and so.
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  Speaker 9: People will opt to get their steaks out at a restaurant.
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  Speaker 9: This year, we're looking for more inflation. It's not going
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  Speaker 9: to be what we saw last year. So Darden was
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  Speaker 9: talking about some low single digit beef inflation. It's going
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  Speaker 9: to be higher in the first quarter, but then it's
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  Speaker 9: going to start to lap some really strong inflation in
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  Speaker 9: the back half of last year. And so for that reason,
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  Speaker 9: the chain's going to see less beef inflation, and the
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  Speaker 9: entire industry is going to see less beef inflation as
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  Speaker 9: the year goes on.
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  Speaker 3: I'm getting my New York strip tonight a Keen steakhouse.
• 11:21
  Speaker 5: I passed keys the other day and I thought, of you,
• 11:23
  Speaker 5: that's your favorite steakhouse in the city.
• 11:24
  Speaker 2: Right now, some boys are coming in from out of town. Nice,
• 11:26
  Speaker 2: that's where they want to go. So we'll do that, Hey, Mike.
• 11:30
  Speaker 2: One of the industries singled out is potentially at risk
• 11:34
  Speaker 2: from tighter immigration was the restaurant industry.
• 11:38
  Speaker 3: Have you seen that as that come to fruition.
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  Speaker 9: Yeah, we have seen it, and you know, we are
• 11:44
  Speaker 9: just you know, we've been writing our mid year outlook,
• 11:48
  Speaker 9: and what we've been talking about is that casual dining
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  Speaker 9: in the first half of the year outperformed quick service
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  Speaker 9: restaurants in terms of their sales, in terms of valuation.
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  Speaker 7: They really have for the last year and a half.
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  Speaker 9: So a big part of that is a better supply
• 12:02
  Speaker 9: and demand balance. So since the pandemic, like right after
• 12:08
  Speaker 9: the pandemic, and for a while, casual dining chains, full
• 12:11
  Speaker 9: service sitdown chains have been shutting stores. In fact, they've
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  Speaker 9: been shutting them for fifteen plus years since the Great Recession,
• 12:18
  Speaker 9: and so but at the same time, quick service and
• 12:21
  Speaker 9: fast casual names. You know, for some reason, this narrative
• 12:25
  Speaker 9: came out that quick service was recession proof, as ridiculous
• 12:29
  Speaker 9: as that is. And you know, people were building quick
• 12:32
  Speaker 9: service and fast casual chains as fast as they could
• 12:34
  Speaker 9: for the last five.
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  Speaker 7: Or six years.
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  Speaker 9: And now that part of the business is overbuilt, whereas
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  Speaker 9: casual dining has a better supply and demand imbalance balance.
• 12:45
  Speaker 9: And so now that you know immigration has declined, you know,
• 12:50
  Speaker 9: these full service chains are just in a much better spot.
• 12:54
  Speaker 1: Stay with us.
• 12:55
  Speaker 5: More from Bloomerick Intelligence coming up after this.
• 13:01
  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
• 13:05
  Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
• 13:08
  Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever
• 13:11
  Speaker 1: you get your podcasts, or watch us live on YouTube.
• 13:15
  Speaker 2: Ford Motor Company took an unusually human approach to fixing
• 13:19
  Speaker 2: its stubborn quality problems. It brought back what it caused
• 13:22
  Speaker 2: gray beard engineers to help train younger staff and to
• 13:26
  Speaker 2: reprogram the artificial intelligence tools that weren't getting the job
• 13:30
  Speaker 2: done Earlier. Bloomberg Television anchor Matt Miller spoke with Ford
• 13:33
  Speaker 2: CEO Jim Farley on bringing back human inspectors.
• 13:37
  Speaker 10: That human motivation to pay attention to everyone everything is amazing. Look,
• 13:42
  Speaker 10: we make eighty five percent of our vehicles in the US. Man.
• 13:45
  Speaker 10: That means these are US factory workers versus even our
• 13:49
  Speaker 10: domestic competitors. They're some of the biggest importers in the US.
• 13:53
  Speaker 10: We're not building these vehicles in South Korea or Japan.
• 13:56
  Speaker 10: These are American workers beating Toyota and Hyundai, and are
• 14:01
  Speaker 10: domestics who import their vehicles.
• 14:04
  Speaker 3: We beat them all, all right. That was Ford CEO
• 14:07
  Speaker 3: Jim of Farley.
• 14:08
  Speaker 2: Looking at Ford stocks up two point eight percent today
• 14:10
  Speaker 2: of about eight point four percent year to date. Matt
• 14:13
  Speaker 2: Miller joins, this year, Matt, you had that interview with
• 14:16
  Speaker 2: mister Frawley. I was not expecting that story, what.
• 14:20
  Speaker 8: That they were going to do?
• 14:21
  Speaker 5: Great, Beard, Ederis I like it?
• 14:23
  Speaker 8: Yeah, No, I think my demo, but I think.
• 14:25
  Speaker 6: I mean, that's the most interesting part of this story, actually,
• 14:28
  Speaker 6: the comeback. I told him, you're like Tiger Woods winning
• 14:31
  Speaker 6: the Masters in twenty nineteen.
• 14:32
  Speaker 8: You're like, you're like Jordan winning.
• 14:34
  Speaker 6: A championship, you know, in twenty twenty six, because they
• 14:37
  Speaker 6: were so far down they were fifteenth ranked fifteenth in
• 14:41
  Speaker 6: JD Power's survey in twenty twenty three, and they're number
• 14:45
  Speaker 6: one today among the major automakers. And this isn't somebody said, hey,
• 14:49
  Speaker 6: don't you just buy those rankings. No, it's based on
• 14:53
  Speaker 6: how many problems customers report per hundred vehicles, So you
• 14:57
  Speaker 6: can't influence them other than doing a better job building cars.
• 15:02
  Speaker 8: Or a worse job obviously if you want to go down.
• 15:04
  Speaker 6: So it's not only an amazing comeback, but it's going
• 15:08
  Speaker 6: to be a huge contribution also to the bottom line
• 15:11
  Speaker 6: because what happens when you build crapp equality cars, They
• 15:15
  Speaker 6: keep coming back for warranty work, you keep getting safety recalls,
• 15:19
  Speaker 6: and you have to spend a lot of money. And
• 15:21
  Speaker 6: that was really a significant hit to Ford's bottom line
• 15:23
  Speaker 6: over the last couple of years. They were losing a
• 15:25
  Speaker 6: lot of money. Farley now says they're going to save
• 15:27
  Speaker 6: hundreds of millions of dollars, and they're forecasting between eight
• 15:31
  Speaker 6: and a half and ten and a half billion dollars
• 15:33
  Speaker 6: in pre tax earnings this year. I could imagine that
• 15:37
  Speaker 6: forecast getting upgraded at their next earning is because of
• 15:41
  Speaker 6: this improvement in quality.
• 15:43
  Speaker 5: Are they doing it with more AI or less AI?
• 15:46
  Speaker 5: Guess when I hear about the human touch, I'm thinking, Oh,
• 15:48
  Speaker 5: I don't Maybe they're doing this with like actual humans
• 15:51
  Speaker 5: and not so much the technology.
• 15:52
  Speaker 8: Yeah, I think.
• 15:53
  Speaker 6: I mean, I asked him, is it technology factory processes?
• 15:58
  Speaker 6: Are you more close monitoring your suppliers are using AI?
• 16:02
  Speaker 6: And he said, we're using AI, but this is really
• 16:04
  Speaker 6: a human labor solution to the problem. We've We've brought
• 16:08
  Speaker 6: back people who have real experience. They're teaching our younger workers.
• 16:12
  Speaker 6: They're also better able to train the AI, because you know,
• 16:16
  Speaker 6: you've got to tell the AI what to do, and
• 16:18
  Speaker 6: if you don't know to start with, that's a real problem.
• 16:21
  Speaker 6: So I think at this point, when we're worried about
• 16:25
  Speaker 6: AI taking human jobs is refreshing. It's a really refreshing
• 16:28
  Speaker 6: thing to hear. And it's really interesting as well that
• 16:32
  Speaker 6: they need some of those skilled workers back on the
• 16:34
  Speaker 6: factory floor at the Rouge and other plants around around
• 16:37
  Speaker 6: the country.
• 16:38
  Speaker 2: What's the company saying these days? What's mister Farley saying
• 16:42
  Speaker 2: about electric vehicles? Because this is an industry here in
• 16:45
  Speaker 2: the US that kind of went aggressively at some point
• 16:49
  Speaker 2: time when it seemed like that's really where the world
• 16:51
  Speaker 2: was going. They cost a lot of money, they've lost
• 16:53
  Speaker 2: a lot of money. Now they've kind of pulled back
• 16:54
  Speaker 2: a little bit.
• 16:55
  Speaker 7: Well, yeah, where's Ford.
• 16:56
  Speaker 6: I mean, they lost almost five billion dollars last year
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  Speaker 6: on ev and they're fixing to lose another four billion
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  Speaker 6: this year.
• 17:04
  Speaker 8: About they've really pulled back from evs.
• 17:07
  Speaker 6: And as an example, they built a battery factory in Marshall,
• 17:12
  Speaker 6: Michigan with c at L with a Chinese battery manufacturer,
• 17:17
  Speaker 6: and they're they're going to produce about twenty gigawatts of
• 17:21
  Speaker 6: power a year there, but not aiming it as much
• 17:24
  Speaker 6: at car batteries anymore as they are at giant data
• 17:27
  Speaker 6: storage batteries. So these are gonna be like the size
• 17:29
  Speaker 6: of a shipping container. And if you're putting up like
• 17:34
  Speaker 6: a gigawat data center, you're gonna need to buy like
• 17:37
  Speaker 6: forty or fifty of these things to hold power in
• 17:41
  Speaker 6: case your original power source has a glitch or needs
• 17:44
  Speaker 6: to get change changed over or whatever. They've already got
• 17:47
  Speaker 6: a big deal with EDF of the US and I
• 17:51
  Speaker 6: asked him, you know, are you making deals with hyperscalers
• 17:53
  Speaker 6: like Meta, like Google, like Amazon? And he said that's
• 17:56
  Speaker 6: you know, the direction that they're headed, and they're really
• 17:58
  Speaker 6: excited about it. That's an unexpected tailwind for this company
• 18:01
  Speaker 6: and one of the reasons that their stock has outperformed
• 18:04
  Speaker 6: every single competitor in terms of the major company all
• 18:07
  Speaker 6: the way around.
• 18:08
  Speaker 5: An incredible comeback story. Is the F one fifty still
• 18:10
  Speaker 5: the best selling truck in the US?
• 18:12
  Speaker 8: Well, the F series.
• 18:13
  Speaker 6: It's important to say the F series because that encompasses
• 18:16
  Speaker 6: the F one, fifty two, fifty three, fifty four, fifty six,
• 18:19
  Speaker 6: fifty seven to fifty all.
• 18:21
  Speaker 3: All over it.
• 18:21
  Speaker 5: They have an ev as well, don't they, The Lightning?
• 18:24
  Speaker 9: Yeah, the Lightning.
• 18:25
  Speaker 8: Paul and I both have driven it. Paul, do you
• 18:27
  Speaker 8: think that, which is crazy.
• 18:28
  Speaker 5: Can also be a backup generator for your home?
• 18:31
  Speaker 3: Can do anything?
• 18:31
  Speaker 8: Exam thing it can?
• 18:32
  Speaker 6: In fact, you can switch it over your home over
• 18:36
  Speaker 6: the average home I think can run fully for like
• 18:38
  Speaker 6: three days on that. But that's another project from which
• 18:41
  Speaker 6: they really pulled back substantially. I mean, it was a
• 18:43
  Speaker 6: it was a fun car to drive, but it was
• 18:45
  Speaker 6: a It was a money loser for them, and the
• 18:48
  Speaker 6: depreciation hit is horrible for anyone who.
• 18:50
  Speaker 8: Actually bought one for full price.
• 18:53
  Speaker 6: The point is they are the biggest seller of American
• 18:56
  Speaker 6: trucks in terms of the F series nameplate. It sells
• 18:59
  Speaker 6: more than Sierra. It sells more than Silverado, although if
• 19:04
  Speaker 6: you were to combine GM and Silverado, Chevy Silverado and
• 19:08
  Speaker 6: GMC Sierra, then they actually outsell the app series.
• 19:13
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