Assignment task:
The book value of ITC's inventory is $10,000 million. Two main product lines for ITC are DRAM products (dynamic random-access memory) products, and NAND products (non-volatile, re-writeable storage devices). About 70% of their sales have been DRAM products and about 30% have been NAND products. Both products are used in automobile computers, industrial products, networking products, printers, smartphones, cybersecurity, graphics-intensive animation, etc.. Their customers cover a broad range from original equipment manufacturers, distributors, and end-users. During 2023, ITC's credit sales have slowed to a crawl, at least within several segments of their customer base, such as appliances and automobiles. Inventory levels at ITC's historic customers in these sectors are already very high, which stymies demand from these customers. ITC management emphasizes that some of its key sectors are growing fast and hold considerable promise of future growth, especially the aerospace industry and artificial intelligence industry. Equity analysts are generally bullish about ITC once inventory "normalizes" and the consensus is its stock price will increase in 2024 at a rate that outpaces the broader equities market. A key reason for this bullish assessment is that ITC is arguably the only firm in the USA that is well-positioned as a DRAM and NAND