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Here are 1-2 brief analogies for Micron Technology (MU):

• The Intel of digital memory: Just as Intel is a leading manufacturer of central processing units (CPUs) that act as the "brain" of computers, Micron is a leading manufacturer of dynamic random-access memory (DRAM) and NAND flash memory, which provide the essential "working memory" and storage for virtually all digital devices.
• The Bosch of essential digital components: Similar to how Bosch provides critical, fundamental components that are built into a vast array of automotive, industrial, and consumer products, Micron supplies the underlying memory chips that are indispensable for everything from smartphones and PCs to data centers and AI systems.

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• DRAM (Dynamic Random-Access Memory): High-performance volatile memory essential for computing in PCs, servers, mobile devices, and other applications.
• NAND Flash Memory: Non-volatile memory technology used for data storage in solid-state drives (SSDs), mobile devices, and embedded solutions.
• Solid-State Drives (SSDs): High-speed storage devices that utilize NAND flash memory to provide faster data access and greater durability than traditional hard drives.
• NOR Flash Memory: A type of non-volatile memory often used for storing boot code and firmware in a wide range of embedded and industrial applications.

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Micron Technology (MU) sells primarily to other companies (business-to-business or B2B model), as it manufactures memory and storage components (DRAM and NAND flash) that are integrated into a wide range of electronic devices and data center infrastructure.

Its major customers are typically large original equipment manufacturers (OEMs) and cloud service providers (CSPs) that incorporate Micron's products into their end-user devices, servers, and data center solutions. While Micron does not typically disclose specific customer names in its public filings, industry reports and supply chain analysis frequently identify the following companies as significant customers:

• Amazon (AMZN): A key customer for its Amazon Web Services (AWS) cloud computing division, which requires vast quantities of memory and storage for its data centers.
• Microsoft (MSFT): A major purchaser for its Azure cloud computing division, Xbox consoles, and other hardware products.
• Alphabet (GOOGL): For its Google Cloud Platform and other data center infrastructure, consuming significant amounts of memory.
• Apple (AAPL): A significant customer for memory and storage components used in its iPhones, iPads, Macs, and other devices.
• Dell Technologies (DELL): For memory and storage used in its PCs, servers, and other enterprise solutions.
• HP Inc. (HPQ): For memory and storage components integrated into its personal computers and printers.
• Lenovo Group (0992.HK): A major customer for memory in its PCs, smartphones, and servers.

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• ASML Holding N.V. (ASML)
• Applied Materials, Inc. (AMAT)
• Lam Research Corporation (LRCX)
• KLA Corporation (KLAC)

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Sanjay Mehrotra, Chairman, President and Chief Executive Officer

Sanjay Mehrotra is the President and CEO of Micron Technology, having joined the company in 2017. He co-founded SanDisk Corporation in 1988 and served as its President and CEO from 2011 until its acquisition by Western Digital in 2016. With over 40 years of experience in the semiconductor memory industry, Mehrotra holds more than 70 patents, many of which are foundational to high-capacity flash memory. His career also includes engineering and leadership positions at Integrated Device Technology, SEEQ Technology, and Intel Corporation.

Mark Murphy, Executive Vice President and Chief Financial Officer

Mark Murphy joined Micron Technology as Executive Vice President and Chief Financial Officer in 2022. He brings over 25 years of experience in finance and general management roles within global companies. Prior to Micron, Murphy was the Executive Vice President and CFO of Qorvo, a leader in wireless technologies. His extensive background includes senior leadership financial and operational positions at Delphi Automotive (CFO), MEMC Electronic Materials (CFO), and serving as president of the Electronics Materials division at Praxair. Murphy also served as an Infantry Officer and Logistics and Contracting Officer in the United States Marine Corps.

Sumit Sadana, Executive Vice President and Chief Business Officer

Sumit Sadana is the Executive Vice President and Chief Business Officer at Micron Technology, a role he assumed in 2017. He possesses over 30 years of experience in the technology industry, encompassing roles in chip design, software development, operations management, strategy, CTO, CFO, and GM. Before joining Micron, Sadana held management and executive-level positions at IBM, Freescale Semiconductor, and SanDisk, where he was Executive Vice President and General Manager of enterprise solutions. He has been involved in approximately $40 billion of mergers and acquisitions throughout his career and currently serves on the board of directors of Silicon Labs.

Manish Bhatia, Executive Vice President, Global Operations

Manish Bhatia has served as the Executive Vice President of Global Operations at Micron Technology since October 2017. With over 25 years of engineering and operations experience, primarily in the semiconductor industry, he is responsible for Micron's end-to-end operations. Before Micron, Bhatia held several executive roles at Western Digital Corporation, including Executive Vice President of Silicon Operations. He also held executive positions at SanDisk Corporation, joining the company in 2006 through the acquisition of Matrix Semiconductor. His earlier career includes roles at McKinsey & Company and Saint Gobain Corporation.

April Arnzen, Executive Vice President and Chief People Officer

April Arnzen is the Executive Vice President and Chief People Officer at Micron Technology, where she began her career in 1996. She has progressed through various human resources leadership roles, leading the transformation of Micron's people programs and focusing on cultivating a high-performance, inclusive culture. Arnzen is responsible for the company's global people strategy and also serves as President of the Micron Foundation. She is actively involved in non-profit education boards and frequently speaks at women's leadership forums.

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1. Market Volatility and Cyclicality of Semiconductor Memory Prices: The dynamic random-access memory (DRAM) and NAND flash memory markets are highly cyclical, leading to substantial fluctuations in average selling prices, demand, and inventory levels. This volatility can significantly impact Micron's revenue, gross margins, and profitability. Historically, annual percentage changes in DRAM average selling prices have ranged from positive low 40% to negative high 40%, and NAND average selling prices have ranged from positive low 30% to negative low 50%. The company's performance is highly sensitive to these market cycles, and any misalignment between forecasted and actual demand can lead to elevated inventory, underutilized capacity, and pressure on gross margins.
2. Intense Competition and the Need for Continuous Technological Leadership: Micron operates in an intensely competitive environment with major rivals such as Samsung Electronics and SK Hynix, as well as emerging players, including state-owned entities like CXMT and YMTC. This competition necessitates continuous, substantial investment in research and development, advanced process technology, and manufacturing efficiency to maintain technological leadership and competitive pricing. Failure to anticipate technology inflections, respond to changes in customer requirements, or successfully transition to new technologies could adversely affect Micron's business and financial condition. The capital-intensive nature of advanced fabrication creates high barriers to entry but also requires consistent investment.
3. Supply Chain Disruptions and Geopolitical Risks: Micron's global operations and complex supply chain are vulnerable to various disruptions, including natural disasters, political instability, and trade restrictions. Recent events, such as the earthquake in Taiwan in April 2024, have demonstrated the potential for disruptions to DRAM supply, temporarily impacting production capacity. Geopolitical tensions and government actions, including trade restrictions and tariffs (e.g., in China), can also adversely affect Micron's ability to compete and operate effectively in key markets. The inability to source critical materials, supplies, or capital equipment can hinder production and the ability to meet customer demand, potentially leading to increased costs or loss of revenue.

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Micron Technology's main products, Dynamic Random-Access Memory (DRAM) and NAND Flash memory (including Solid-State Drives or SSDs), operate within significant global addressable markets across various applications.

DRAM (Dynamic Random-Access Memory)

• The global DRAM market was valued at approximately USD 115.89 billion in 2024 and is projected to reach USD 193.97 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 6.9%. Other estimates place the global DRAM market size at USD 103.17 billion in 2024, growing to nearly USD 230.49 billion by 2032 with a CAGR of 10.57%.
• Regional Market Size: The Asia Pacific region held the largest share of the global DRAM market in 2024, accounting for 45.4%. North America also represented a substantial portion, with over 35% of the global market in 2023.
• DRAM for Data Centers: The global DRAM for Data Centers market was valued at USD 5.66 billion in 2024 and is projected to grow to USD 10.42 billion by 2031, at a CAGR of 7.9%.
• Automotive Memory (includes DRAM): The global automotive memory market, which includes DRAM, was valued at USD 6.8 billion in 2024 and is expected to reach USD 18.3 billion by 2033, growing at a CAGR of 11.11%. Another source estimated the global automotive memory chip sales market at approximately USD 11.45 billion in 2023, projected to reach around USD 27.80 billion by 2032.

NAND Flash Memory (including SSDs)

• The global NAND flash market size was valued at approximately USD 65.1 billion in 2024 and is estimated to grow at a 5.6% CAGR from 2025 to 2034. Other projections indicate the global NAND flash memory market size at USD 55.73 billion in 2025, forecast to reach USD 72.60 billion by 2030 with a 5.43% CAGR. It is also estimated to reach USD 117.10 billion by 2030.
• Regional Market Size: The Asia Pacific NAND flash market is anticipated to reach USD 35.2 billion by 2034. In 2024, East Asia is expected to hold a 30.7% share, and North America is likely to account for 27.8% of the worldwide market.
• 3D NAND Flash Memory: The global 3D NAND Flash Memory Market size was valued at USD 21.70 billion in 2024 and is expected to reach approximately USD 92.71 billion by 2032, growing at a CAGR of 19.9%.
• Automotive NAND: The global Automotive NAND market size in 2025 is USD 2,898.38 million, projected to reach USD 5,156.67 million by 2034, expanding at a 6.61% CAGR.

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Micron Technology (MU) is anticipated to experience significant revenue growth over the next 2-3 years, driven by several key factors:

1. Surging Demand for AI Memory (High Bandwidth Memory - HBM): The most prominent driver for Micron is the explosive demand for High Bandwidth Memory (HBM), particularly its HBM3E chips, which are crucial for artificial intelligence (AI) accelerators and data center infrastructure. Micron has secured pricing deals for most of its HBM output through the next year and expects its HBM market share to grow significantly, potentially reaching 20-25% by 2026. The HBM market is projected for substantial expansion, with estimates suggesting growth from $4 billion in 2023 to over $25 billion by 2025, and potentially exceeding $100 billion by 2030.

2. DRAM Market Recovery and Favorable Pricing: Beyond specialized HBM, the broader DRAM market is experiencing a strong recovery characterized by tightening supply and an improved pricing outlook. Micron's management anticipates DRAM prices to remain buoyant into fiscal 2026, supported by disciplined industry supply and robust demand across various end markets.

3. Accelerated Adoption of DDR5 and High-Capacity DIMMs: The industry-wide transition to DDR5 memory is a significant growth catalyst, particularly for data centers and high-performance computing applications. Micron's DDR5 products, including high-capacity RDIMMs and low-power server DRAM, are seeing robust demand, with management highlighting multiple billions of dollars in revenue generated from these products in fiscal 2025.

4. Technological Leadership and Advanced Node Migration: Micron's continuous innovation in process technology, such as the 1-gamma (1γ) DRAM node and G9 NAND, enhances performance, energy efficiency, and bit density. The company is leveraging its 1-gamma DRAM across its entire DRAM portfolio and is the first in the industry to ship this advanced technology, which positions it competitively and contributes to supply growth.

5. Broad Data Center Growth: While AI is a primary component, the overall data center segment is a significant and growing market for Micron. The data center business unit has achieved record revenues and now accounts for a substantial portion of the company's total revenue, reaching 56% in fiscal 2025. Micron's strategic focus on tailored solutions for this segment, including data center SSDs, further solidifies its position.

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1. Share Repurchases
   • Micron had a $10 billion share repurchase authorization that was announced in May 2018.
   • The share repurchase program was temporarily suspended on December 21, 2022, due to an industry downturn.
   • Micron resumed its stock repurchase program on August 7, 2024, to manage dilution from employee stock purchase plans and reflecting improved market conditions. Annual share buybacks were $1.05 billion in 2021, $2.432 billion in 2022, $425 million in 2023, and $300 million in 2024.
2. Share Issuance
   • Micron Technology's shares outstanding increased by 0.63% to 1.125 billion in 2025 from 1.118 billion in 2024.
   • Shares outstanding increased by 2.29% to 1.118 billion in 2024 from 1.093 billion in 2023.
   • The resumption of share repurchases in 2024 aims to help offset dilution from employee stock purchase programs.
3. Inbound Investments
   • In the past 12 months (as of November 2025), 1,544 institutional buyers injected $17.50 billion of inflows into Micron, outpacing $11.17 billion in outflows.
   • Vanguard and BlackRock are among the largest institutional owners of Micron's stock, collectively holding over 196 million shares.
   • Capital World Investors, the third-largest holder, increased its position by over 30% to 70.81 million shares over the past 12 months.
4. Capital Expenditures
   • Micron's capital expenditures were $10.03 billion in fiscal year 2021, $12.067 billion in 2022, $7.676 billion in 2023, and $8.386 billion in 2024.
   • The company projects capital expenditures for fiscal year 2025 to be approximately $14 billion or $15.857 billion, with expectations for fiscal year 2026 to be higher than fiscal 2025 levels, potentially reaching around $18 billion.
   • The primary focus of these investments includes High Bandwidth Memory (HBM) assembly and test equipment, the construction of new fabs in Idaho and New York, back-end facilities, and technology transition investments to support growth in AI and data center markets. Micron has a broader U.S. expansion vision of approximately $200 billion in manufacturing and R&D over 20-plus years.