Micron Technology (MU)
Market Price (10/12/2026): $1028.65 | Market Cap: $1.2 TrilInvestor Relations Sector: Information Technology | Industry: Semiconductors
Micron Technology (MU)
Market Price (10/12/2026): $1028.65Market Cap: $1.2 TrilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, FCF Yield is 5.1% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 256% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 75% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 67%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%, CFO LTM is 90 Bil, FCF LTM is 59 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include AI Chips, Show more. | Stock price has recently run up significantly6M Rtn6 month market price return is 145%, 12M Rtn12 month market price return is 467% Key risksMU key risks include [1] intense competition from emerging state-owned entities and [2] targeted geopolitical actions, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, FCF Yield is 5.1% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 256% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 75% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 67%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%, CFO LTM is 90 Bil, FCF LTM is 59 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include AI Chips, Show more. |
| Stock price has recently run up significantly6M Rtn6 month market price return is 145%, 12M Rtn12 month market price return is 467% |
| Key risksMU key risks include [1] intense competition from emerging state-owned entities and [2] targeted geopolitical actions, Show more. |
Qualitative Assessment
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Micron Technology (MU) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Significant insider selling by Micron's CEO occurred at the beginning of the period. On June 26, 2026, CEO Sanjay Mehrotra sold 40,000 Micron shares totaling over $46 million across two transactions (one for $32.76 million and another for $13.57 million), which can be interpreted by investors as a bearish signal for the company's near-term prospects.
2. Despite record fiscal Q4 2026 earnings, investor concerns arose from increased capital expenditures and a projected moderation in memory price increases. Micron Technology reported record fiscal Q4 2026 results (which ended September 3, 2026), with revenue of $54.23 billion and adjusted EPS of $33.42, exceeding analyst expectations. However, the company's shares experienced a slip in after-hours trading as investors focused on substantial capital expenditure plans, including $10.77 billion for fiscal Q4 2026 and a projected $11.5 billion for fiscal Q1 2027. Additionally, management noted an expected "meaningful moderation in the rate of price increases" for fiscal Q4 2026, suggesting a slowdown in the strong pricing environment that had boosted previous quarters.
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Micron Technology (MU) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Significant insider selling by Micron's CEO occurred at the beginning of the period. On June 26, 2026, CEO Sanjay Mehrotra sold 40,000 Micron shares totaling over $46 million across two transactions (one for $32.76 million and another for $13.57 million), which can be interpreted by investors as a bearish signal for the company's near-term prospects.
2. Despite record fiscal Q4 2026 earnings, investor concerns arose from increased capital expenditures and a projected moderation in memory price increases. Micron Technology reported record fiscal Q4 2026 results (which ended September 3, 2026), with revenue of $54.23 billion and adjusted EPS of $33.42, exceeding analyst expectations. However, the company's shares experienced a slip in after-hours trading as investors focused on substantial capital expenditure plans, including $10.77 billion for fiscal Q4 2026 and a projected $11.5 billion for fiscal Q1 2027. Additionally, management noted an expected "meaningful moderation in the rate of price increases" for fiscal Q4 2026, suggesting a slowdown in the strong pricing environment that had boosted previous quarters.
3. Broader market skepticism regarding the sustainability of the memory supercycle, despite strong AI-driven demand, contributed to caution. Although AI infrastructure is driving unprecedented demand for memory and storage, leading to strong growth in the semiconductor industry and for Micron, there remains market skepticism about the long-term sustainability of higher earnings for memory chip makers. Analysts have cautioned that coordinated increases in production capacity by major players like Micron, SK Hynix, and Samsung could eventually normalize pricing. This general sentiment, coupled with an overall underperformance of the semiconductor sector in fiscal Q3 2026, created headwinds for Micron's stock despite its strong financial performance.
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Stock Movement Drivers
Fundamental Drivers
The -10.8% change in MU stock from 6/30/2026 to 10/11/2026 was primarily driven by a -46.9% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10112026 | Change |
|---|---|---|---|
| Stock Price ($) | 1154.11 | 1029.00 | -10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90,274 | 133,188 | 47.5% |
| Net Income Margin (%) | 55.9% | 63.8% | 14.1% |
| P/E Multiple | 25.8 | 13.7 | -46.9% |
| Shares Outstanding (Mil) | 1,128 | 1,130 | -0.2% |
| Cumulative Contribution | -10.8% |
Market Drivers
6/30/2026 to 10/11/2026| Return | Correlation | |
|---|---|---|
| MU | -10.8% | |
| Market (SPY) | 4.3% | 41.8% |
| Sector (XLK) | 4.3% | 79.6% |
Fundamental Drivers
The 204.6% change in MU stock from 3/31/2026 to 10/11/2026 was primarily driven by a 129.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10112026 | Change |
|---|---|---|---|
| Stock Price ($) | 337.79 | 1029.00 | 204.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 58,119 | 133,188 | 129.2% |
| Net Income Margin (%) | 41.5% | 63.8% | 53.8% |
| P/E Multiple | 15.8 | 13.7 | -13.3% |
| Shares Outstanding (Mil) | 1,126 | 1,130 | -0.4% |
| Cumulative Contribution | 204.6% |
Market Drivers
3/31/2026 to 10/11/2026| Return | Correlation | |
|---|---|---|
| MU | 204.6% | |
| Market (SPY) | 20.0% | 52.2% |
| Sector (XLK) | 49.7% | 78.3% |
Fundamental Drivers
The 516.0% change in MU stock from 9/30/2025 to 10/11/2026 was primarily driven by a 293.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10112026 | Change |
|---|---|---|---|
| Stock Price ($) | 167.05 | 1029.00 | 516.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,813 | 133,188 | 293.9% |
| Net Income Margin (%) | 18.4% | 63.8% | 246.5% |
| P/E Multiple | 30.0 | 13.7 | -54.4% |
| Shares Outstanding (Mil) | 1,118 | 1,130 | -1.1% |
| Cumulative Contribution | 516.0% |
Market Drivers
9/30/2025 to 10/11/2026| Return | Correlation | |
|---|---|---|
| MU | 516.0% | |
| Market (SPY) | 17.8% | 52.2% |
| Sector (XLK) | 41.6% | 74.1% |
Fundamental Drivers
The 1429.5% change in MU stock from 9/30/2023 to 10/11/2026 was primarily driven by a 632.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10112026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.28 | 1029.00 | 1429.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,173 | 133,188 | 632.9% |
| P/S Multiple | 4.1 | 8.7 | 115.6% |
| Shares Outstanding (Mil) | 1,094 | 1,130 | -3.2% |
| Cumulative Contribution | 1429.5% |
Market Drivers
9/30/2023 to 10/11/2026| Return | Correlation | |
|---|---|---|
| MU | 1429.5% | |
| Market (SPY) | 88.4% | 55.8% |
| Sector (XLK) | 146.8% | 70.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MU Return | 24% | -46% | 72% | -1% | 240% | 263% | 1313% |
| Peers Return | 46% | -48% | 112% | 23% | 100% | 107% | 717% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| MU Win Rate | 42% | 42% | 58% | 50% | 75% | 60% | |
| Peers Win Rate | 53% | 37% | 63% | 53% | 60% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MU Max Drawdown | -30% | -50% | -18% | -45% | -41% | -39% | |
| Peers Max Drawdown | -27% | -56% | -23% | -39% | -36% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WDC, INTC, NVDA, AMD, QCOM. See MU Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)
How Low Can It Go
| Event | MU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.9% | -18.8% |
| % Gain to Breakeven | 61.0% | 23.1% |
| Time to Breakeven | 62 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -36.4% | -7.8% |
| % Gain to Breakeven | 57.1% | 8.5% |
| Time to Breakeven | 399 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.3% | -6.7% |
| % Gain to Breakeven | 11.5% | 7.1% |
| Time to Breakeven | 10 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.8% | -24.5% |
| % Gain to Breakeven | 95.2% | 32.4% |
| Time to Breakeven | 522 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.5% | -33.7% |
| % Gain to Breakeven | 74.0% | 50.9% |
| Time to Breakeven | 245 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.7% | -19.2% |
| % Gain to Breakeven | 55.6% | 23.8% |
| Time to Breakeven | 207 days | 105 days |
In The Past
Micron Technology's stock fell -37.9% during the 2025 US Tariff Shock. Such a loss loss requires a 61.0% gain to breakeven.
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| Event | MU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.9% | -18.8% |
| % Gain to Breakeven | 61.0% | 23.1% |
| Time to Breakeven | 62 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -36.4% | -7.8% |
| % Gain to Breakeven | 57.1% | 8.5% |
| Time to Breakeven | 399 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.8% | -24.5% |
| % Gain to Breakeven | 95.2% | 32.4% |
| Time to Breakeven | 522 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.5% | -33.7% |
| % Gain to Breakeven | 74.0% | 50.9% |
| Time to Breakeven | 245 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.7% | -19.2% |
| % Gain to Breakeven | 55.6% | 23.8% |
| Time to Breakeven | 207 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -43.7% | -12.2% |
| % Gain to Breakeven | 77.7% | 13.9% |
| Time to Breakeven | 210 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -70.3% | -6.8% |
| % Gain to Breakeven | 236.4% | 7.3% |
| Time to Breakeven | 568 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -46.5% | -17.9% |
| % Gain to Breakeven | 86.8% | 21.8% |
| Time to Breakeven | 128 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -33.6% | -15.4% |
| % Gain to Breakeven | 50.7% | 18.2% |
| Time to Breakeven | 189 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -77.5% | -53.4% |
| % Gain to Breakeven | 343.8% | 114.4% |
| Time to Breakeven | 281 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.9% | -8.6% |
| % Gain to Breakeven | 29.6% | 9.5% |
| Time to Breakeven | 2133 days | 47 days |
In The Past
Micron Technology's stock fell -37.9% during the 2025 US Tariff Shock. Such a loss loss requires a 61.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Micron Technology (MU)
Micron Technology, Inc. (MU) is a global leader in the design, manufacture, and sale of advanced memory and storage products. The company provides essential semiconductor devices, primarily focusing on DRAM (Dynamic Random Access Memory) for high-speed data retrieval and NAND (Non-Volatile) products for persistent data storage. It also offers NOR memory, known for its fast read speeds. These critical components are supplied under the company's Micron and Crucial brands, as well as through private labels.
Micron's diverse portfolio of memory and storage solutions serves a wide range of industries and applications. Its DRAM products are vital for cloud servers, enterprise systems, client computing, graphics, and networking markets, as well as powering smartphones and other mobile devices. The company's NAND-based SSDs (Solid State Drives) and other storage solutions cater to enterprise, cloud, client, and consumer storage needs. Beyond these, Micron also develops specialized memory and storage products for the demanding automotive, industrial, and broader consumer markets.
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Here are 1-3 brief analogies for Micron Technology:
- Micron is like Intel for computer memory chips.
- Micron is like Samsung, but solely focused on making memory and storage chips.
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- DRAM (Dynamic Random Access Memory) Products: Semiconductor devices offering low-latency, high-speed data retrieval for various computing applications.
- NAND Products: Non-volatile, re-writable semiconductor storage devices primarily used for data storage.
- NOR Memory Products: Non-volatile, re-writable semiconductor memory devices providing fast read speeds.
- SSDs (Solid State Drives): Storage devices and component-level solutions for enterprise, cloud, client, and consumer markets.
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Based on the company description, Micron Technology primarily designs, manufactures, and sells memory and storage products as components and solutions to other businesses for integration into their final products. Therefore, its major customers are other companies rather than individuals.
Major customers for Micron Technology typically include large-scale manufacturers and cloud service providers across the following sectors:
- Smartphone and Mobile Device Manufacturers: Companies that integrate Micron's memory and storage into smartphones, tablets, and other mobile devices.
- Example: Apple Inc. (AAPL)
- PC, Server, and Enterprise System Manufacturers: Companies that utilize Micron's DRAM, NAND, and SSD solutions for client PCs, enterprise servers, and data center infrastructure.
- Example: Dell Technologies Inc. (DELL)
- Cloud Service Providers and Hyperscalers: Large technology companies that build and operate massive data centers requiring vast amounts of memory and storage for their cloud computing services.
- Example: Microsoft Corp. (MSFT) for its Azure cloud platform.
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- ASML (ASML)
- Applied Materials (AMAT)
- Lam Research (LRCX)
- KLA Corporation (KLAC)
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Sanjay Mehrotra, Chairman, President and CEO
Sanjay Mehrotra is the Chairman, President, and CEO of Micron Technology. He co-founded SanDisk Corporation in 1988 and served as its president and CEO from 2011 until its acquisition by Western Digital in 2016 for $19 billion. Mehrotra has over 40 years of experience in the semiconductor memory industry, including engineering and leadership positions at Integrated Device Technology, SEEQ Technology, and Intel Corp. He holds more than 70 patents.
Mark Murphy, Executive Vice President and Chief Financial Officer
Mark Murphy is the Executive Vice President and Chief Financial Officer at Micron Technology, joining the company in 2022. He is responsible for leading Micron's finance organization and all financial functions, including accounting, tax, treasury, internal audit, and investor relations. Prior to Micron, Murphy served as Executive Vice President and CFO of Qorvo, a semiconductor company. He also held senior leadership positions at Delphi Automotive, MEMC Electronic Materials, and Praxair. Murphy has over 25 years of experience across finance and general management roles in global companies.
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 is responsible for the company's business units, driving revenue and profitability, and corporate strategy and business development. Sadana previously served as Executive Vice President, Chief Strategy Officer, and General Manager of Enterprise Solutions at SanDisk. His career also includes executive roles at IBM and Freescale Semiconductor. Sadana has completed approximately $40 billion in mergers and acquisitions throughout his career.
Manish Bhatia, Executive Vice President, Global Operations
Manish Bhatia is the Executive Vice President, Global Operations at Micron Technology, a position he has held since October 2017. He is responsible for the company's end-to-end operations, including manufacturing, packaging, quality, and supply chain. Before joining Micron, Bhatia held several executive roles at Western Digital Corporation and SanDisk Corporation, including Executive Vice President of Worldwide Operations at SanDisk. He joined SanDisk in 2006 through the acquisition of Matrix Semiconductor. His earlier career included positions at McKinsey & Company and Saint Gobain Corporation.
Scott J. DeBoer, Executive Vice President, Chief Technology and Products Officer
Scott J. DeBoer is the Executive Vice President, Chief Technology and Products Officer at Micron Technology. He oversees the company's research and development, as well as product development and technology roadmap. DeBoer has held various leadership positions in technology and engineering throughout his career at Micron. His extensive experience includes driving innovation in memory and storage solutions.
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The key risks to Micron Technology's business include:
- Cyclicality and Potential Oversupply in the Memory Market: The memory and storage industry is inherently cyclical, characterized by fluctuating demand, pricing, and profitability. While currently experiencing strong demand, particularly for High Bandwidth Memory (HBM) driven by AI, there is a significant risk of future oversupply. Micron and its competitors are undertaking substantial capital expenditures to expand production capacity, which could lead to an imbalance where supply outstrips demand, resulting in declines in average selling prices and compressed profit margins, potentially by late 2026 or 2027.
- Intense Competition in High Bandwidth Memory (HBM): Micron faces fierce competition, especially in the high-growth HBM segment critical for AI applications. Key rivals like SK Hynix and Samsung are aggressively increasing their HBM production capacity and developing next-generation technologies. Reports suggest Micron may be trailing in the HBM4 market, potentially impacting its market share, pricing power, and future profitability in this crucial, high-margin area.
- Geopolitical Risks and Supply Chain Dependency: A substantial portion of Micron's manufacturing and operational footprint is located in Taiwan. This concentration exposes the company to significant geopolitical risks. Any regional conflict or increased tensions could lead to catastrophic disruptions in Micron's supply chain and manufacturing capabilities, severely impacting its global operations and financial performance.
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Micron Technology's main products, DRAM, NAND, and NOR memory, operate within substantial addressable markets globally.
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The global Dynamic Random Access Memory (DRAM) market was valued at approximately USD 121.83 billion in 2025 and is projected to grow to USD 223.7 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 7.20% during the forecast period. Another estimate placed the global DRAM market size at USD 135.4 billion in 2024, with a projection to reach USD 359.0 billion by 2033 at a CAGR of 11.4% from 2025-2033.
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The global NAND flash memory market was valued at USD 65.1 billion in 2024 and is estimated to grow at a 5.6% CAGR from 2025 to 2034. Other reports indicate the NAND flash memory market is estimated to be valued at USD 77.81 billion in 2026 and is expected to reach USD 117.00 billion by 2033, exhibiting a CAGR of 6.0% from 2026 to 2033. Furthermore, the NAND Flash Memory market was valued at USD 108.25 billion in 2025 and is projected to reach USD 225.68 billion by 2034, advancing at a CAGR of 8.64%.
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The global NOR Flash Market is projected to expand from USD 3.04 billion in 2025 to USD 4.27 billion by 2031, registering a CAGR of 5.74% between 2026 and 2031. Another analysis forecasts the global NOR Flash Market to reach a valuation of USD 5.27 billion in 2025 and to reach USD 10.73 billion by 2034, recording a CAGR of 8.2% from 2025 to 2034.
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Micron Technology (MU) is poised for significant revenue growth over the next 2-3 years, driven by several key factors:
- Explosive Demand for AI-Driven High Bandwidth Memory (HBM) and Data Center Products: The proliferation of artificial intelligence (AI) and large language models (LLMs) is creating unprecedented demand for high-performance memory. Micron has reported record revenues in data center DRAM and HBM, with HBM shipments ahead of plan. The company has sold out its entire HBM output for calendar year 2025 and has secured agreements for its calendar 2026 HBM supply, including the advanced HBM4. The HBM market is projected to expand significantly, with estimates indicating growth from approximately $35 billion in 2025 to nearly $100 billion by 2028.
- Overall DRAM and NAND Market Recovery and Improved Pricing: Following a period of oversupply, the broader memory market for both DRAM and NAND products is experiencing a robust recovery. Tight supply conditions across the industry are leading to increased pricing power for memory manufacturers like Micron. The company expects these tight market conditions to persist beyond calendar 2026. This environment is contributing to significantly improved gross margins and overall revenue expansion.
- Technological Leadership and New Product Ramps: Micron's continuous investment in advanced technology nodes, such as the 1-gamma DRAM and G9 NAND, is a crucial driver. The 1-gamma DRAM node offers higher bit density and improved power efficiency, while the ramp of HBM4 is expected to command higher average selling prices (ASPs). These technological advancements enhance Micron's competitive edge and enable the delivery of higher-value, higher-margin products.
- Recovery in Traditional End Markets: Beyond the dominant AI segment, Micron is also observing improvements in demand across other key end markets. This includes the recovery of inventories in client (PC) and smartphone markets, as well as strengthening demand in broad distribution, industrial, and parts of the automotive sectors. This broader market stabilization and growth will contribute to overall revenue diversification and stability.
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Share Repurchases
- Micron's annual share buybacks amounted to $425 million in 2023 and $300 million in 2024.
- The company conducted $300 million in share repurchases during the first quarter of fiscal 2026, which ended November 27, 2025.
- Micron completed $300 million in share repurchases under the CHIPS definitive agreement.
Capital Expenditures
- Micron invested $13.8 billion in capital expenditures during fiscal 2025.
- The company anticipates fiscal 2026 capital expenditures to be approximately $20 billion, an increase from fiscal 2025, primarily focused on 1γ DRAM and HBM-related investments, DRAM front-end equipment, and fab construction.
- For the first quarter of fiscal 2026, capital expenditures were $4.5 billion.
Peer Outperformance in Semiconductors
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 67.7% | 176.4% | 383.9% | TTMI 806% · FLEX 787% · SANM 457% |
| Semiconductor Materials & Equipment | 27 | 99.5% | 103.6% | 124.4% | AXTI 750% · KLAC 543% · LRCX 513% |
| Technology Distributors | 9 | 53.5% | 87.4% | 97.0% | CLMB 424% · AVT 208% · SNX 181% |
| Communications Equipment | 36 | 9.2% | 108.3% | 73.9% | AAOI 1524% · LITE 1204% · FEIM 841% |
| Electronic Components | 26 | 43.2% | 72.3% | 73.7% | CLS 3837% · BELFA 1393% · COHR 467% |
| Technology Hardware, Storage & Peripherals | 20 | 26.8% | 115.1% | 38.1% | DELL 1134% · SMCI 1067% · STX 1042% |
| Semiconductors ← | 55 | 26.9% | 47.3% | 34.8% | POET 1611% · MU 1479% · NVDA 1014% |
| Internet Services & Infrastructure | 6 | -1.1% | 43.1% | 28.2% | DOCN 57% · GDDY 53% · VRSN 51% |
| Electronic Equipment & Instruments | 26 | -15.7% | 26.7% | -5.6% | PI 270% · KEYS 137% · VPG 107% |
| IT Consulting & Other Services | 28 | -20.5% | -15.6% | -17.2% | CHRN 489111% · TSSI 782% · APLD 652% |
| Application Software | 125 | -20.9% | -14.3% | -42.9% | VIDA 1469900% · INLX 4550% · PLTR 782% |
| Systems Software | 71 | -12.2% | 26.4% | -52.2% | QNC 567% · PAYS 515% · SANG 403% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 312.65 |
| Mkt Cap | 762.9 |
| Rev LTM | 50,550 |
| Op Inc LTM | 8,373 |
| FCF LTM | 9,410 |
| FCF 3Y Avg | 8,068 |
| CFO LTM | 13,668 |
| CFO 3Y Avg | 12,541 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 37.6% |
| Rev Chg 3Y Avg | 26.9% |
| Rev Chg Q | 47.0% |
| QoQ Delta Rev Chg LTM | 10.0% |
| Op Inc Chg LTM | 140.2% |
| Op Inc Chg 3Y Avg | 215.9% |
| Op Mgn LTM | 29.4% |
| Op Mgn 3Y Avg | 21.9% |
| QoQ Delta Op Mgn LTM | 4.2% |
| CFO/Rev LTM | 29.3% |
| CFO/Rev 3Y Avg | 26.7% |
| FCF/Rev LTM | 25.4% |
| FCF/Rev 3Y Avg | 14.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 762.9 |
| P/S | 10.1 |
| P/Op Inc | 29.1 |
| P/EBIT | 14.7 |
| P/E | 17.5 |
| P/CFO | 35.5 |
| Total Yield | 5.2% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 1.7% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.2% |
| 3M Rtn | 0.1% |
| 6M Rtn | 52.7% |
| 12M Rtn | 185.1% |
| 3Y Rtn | 424.6% |
| 1M Excs Rtn | 1.7% |
| 3M Excs Rtn | 1.6% |
| 6M Excs Rtn | 38.2% |
| 12M Excs Rtn | 153.0% |
| 3Y Excs Rtn | 370.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cloud Memory Business Unit (CMBU) | 13,524 | 3,792 | 1,872 | ||
| Mobile and Client Business Unit (MCBU) | 11,859 | 11,667 | 7,394 | ||
| Core Data Center Business Unit (CDBU) | 7,229 | 4,984 | 2,124 | ||
| Automotive and Embedded Business Unit (AEBU) | 4,753 | 4,631 | 4,139 | ||
| All Other | 13 | 37 | 11 | 17 | 40 |
| Unallocated | 0 | 0 | 0 | ||
| Compute and Networking Business Unit (CNBU) | 13,693 | 12,280 | |||
| Embedded Business Unit (EBU) | 5,235 | 4,209 | |||
| Mobile Business Unit (MBU) | 7,260 | 7,203 | |||
| Storage Business Unit (SBU) | 4,553 | 3,973 | |||
| Total | 37,378 | 25,111 | 15,540 | 30,758 | 27,705 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cloud Memory Business Unit (CMBU) | 6,129 | 244 | -768 | ||
| Core Data Center Business Unit (CDBU) | 2,180 | 255 | -563 | ||
| Mobile and Client Business Unit (MCBU) | 1,981 | -1 | -3,189 | ||
| Automotive and Embedded Business Unit (AEBU) | 557 | 432 | 680 | ||
| All Other | -1 | 18 | 8 | 12 | 20 |
| Unallocated | -1,076 | 356 | -1,913 | -579 | -1,384 |
| Compute and Networking Business Unit (CNBU) | 5,844 | 4,295 | |||
| Embedded Business Unit (EBU) | 1,752 | 1,006 | |||
| Mobile Business Unit (MBU) | 2,160 | 2,173 | |||
| Storage Business Unit (SBU) | 513 | 173 | |||
| Total | 9,770 | 1,304 | -5,745 | 9,702 | 6,283 |
| $ Mil | 2001 |
|---|---|
| Semiconductor operations | 7,789 |
| Total | 7,789 |
Price Behavior
| Market Price | $1,029.00 | |
| Market Cap ($ Bil) | 1,160.7 | |
| First Trading Date | 05/16/1989 | |
| Distance from 52W High | -15.2% | |
| 50 Days | 200 Days | |
| DMA Price | $976.19 | $701.57 |
| DMA Trend | up | up |
| Distance from DMA | 5.4% | 46.7% |
| 3M | 1YR | |
| Volatility | 75.1% | 81.1% |
| Downside Capture | 133.67 | 251.10 |
| Upside Capture | 138.32 | 402.54 |
| Correlation (SPY) | 41.7% | 52.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.97 | 2.01 | 3.19 | 3.93 | 3.33 | 2.36 |
| Up Beta | 1.99 | 2.15 | 6.57 | 3.70 | 3.01 | 2.11 |
| Down Beta | 9.39 | 4.54 | 3.01 | 4.43 | 3.21 | 2.47 |
| Up Capture | 197% | 264% | 193% | 1138% | 2823% | 12138% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 14 | 25 | 33 | 70 | 138 | 406 |
| Down Capture | -43% | 32% | 223% | 226% | 164% | 112% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 8 | 17 | 31 | 56 | 114 | 346 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MU | |
|---|---|---|---|---|
| MU | 427.5% | 81.1% | 2.39 | - |
| Sector ETF (XLK) | 37.5% | 26.5% | 1.17 | 74.1% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 52.1% |
| Gold (GLD) | 3.3% | 29.5% | 0.11 | 27.1% |
| Commodities (DBC) | 45.0% | 20.9% | 1.67 | -0.0% |
| Real Estate (VNQ) | 4.8% | 13.8% | 0.09 | -10.3% |
| Bitcoin (BTCUSD) | -33.2% | 44.2% | -0.79 | 24.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MU | |
|---|---|---|---|---|
| MU | 71.6% | 56.8% | 1.17 | - |
| Sector ETF (XLK) | 22.2% | 25.9% | 0.75 | 68.7% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 56.8% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | 15.6% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 10.2% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 21.9% |
| Bitcoin (BTCUSD) | 11.4% | 52.0% | 0.39 | 25.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MU | |
|---|---|---|---|---|
| MU | 50.7% | 51.6% | 1.00 | - |
| Sector ETF (XLK) | 24.9% | 25.0% | 0.90 | 67.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 58.7% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 10.9% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 17.2% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 29.6% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/30/2026 | 3.0% | 2.1% | |
| 6/24/2026 | 15.7% | -1.5% | -12.2% |
| 3/18/2026 | -3.8% | -17.2% | -1.4% |
| 12/17/2025 | 10.2% | 27.1% | 61.9% |
| 9/23/2025 | -2.8% | 0.5% | 19.3% |
| 6/25/2025 | -1.0% | -4.3% | -12.5% |
| 3/20/2025 | -8.0% | -11.5% | -35.1% |
| 12/18/2024 | -16.2% | -13.6% | 5.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 13 |
| # Negative | 13 | 12 | 9 |
| Median Positive | 9.4% | 8.0% | 11.0% |
| Median Negative | -3.8% | -6.5% | -12.2% |
| Max Positive | 15.7% | 27.1% | 61.9% |
| Max Negative | -16.2% | -17.2% | -35.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/30/2026 | 3.0% | 2.1% | |
| 6/24/2026 | 15.7% | -1.5% | -12.2% |
| 3/18/2026 | -3.8% | -17.2% | -1.4% |
| 12/17/2025 | 10.2% | 27.1% | 61.9% |
| 9/23/2025 | -2.8% | 0.5% | 19.3% |
| 6/25/2025 | -1.0% | -4.3% | -12.5% |
| 3/20/2025 | -8.0% | -11.5% | -35.1% |
| 12/18/2024 | -16.2% | -13.6% | 5.3% |
| 9/25/2024 | 14.7% | 4.3% | 11.7% |
| 6/26/2024 | -7.1% | -3.9% | -23.1% |
| 3/20/2024 | 14.1% | 23.9% | 11.0% |
| 12/20/2023 | 8.6% | 9.3% | 11.4% |
| 9/27/2023 | -4.4% | -0.1% | -5.2% |
| 6/28/2023 | -4.1% | -8.7% | 6.4% |
| 3/28/2023 | 7.2% | -3.4% | 4.6% |
| 12/21/2022 | -3.4% | -1.1% | 19.9% |
| 9/29/2022 | 0.2% | 9.2% | 8.3% |
| 6/30/2022 | -2.9% | 7.2% | 13.4% |
| 3/29/2022 | -3.5% | -9.1% | -14.3% |
| 12/20/2021 | 10.5% | 13.3% | 3.8% |
| 6/30/2021 | -5.7% | -9.3% | -8.7% |
| 3/31/2021 | 4.8% | 8.0% | -2.4% |
| 1/7/2021 | -2.1% | 2.8% | 6.2% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 13 |
| # Negative | 13 | 12 | 9 |
| Median Positive | 9.4% | 8.0% | 11.0% |
| Median Negative | -3.8% | -6.5% | -12.2% |
| Max Positive | 15.7% | 27.1% | 61.9% |
| Max Negative | -16.2% | -17.2% | -35.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 08/31/2026 | 10/09/2026 | 10-K |
| 05/31/2026 | 06/25/2026 | 10-Q |
| 02/28/2026 | 03/19/2026 | 10-Q |
| 11/30/2025 | 12/18/2025 | 10-Q |
| 08/31/2025 | 10/03/2025 | 10-K |
| 05/31/2025 | 06/26/2025 | 10-Q |
| 02/28/2025 | 03/21/2025 | 10-Q |
| 11/30/2024 | 12/19/2024 | 10-Q |
| 08/31/2024 | 10/04/2024 | 10-K |
| 05/31/2024 | 06/27/2024 | 10-Q |
| 02/29/2024 | 03/21/2024 | 10-Q |
| 11/30/2023 | 12/21/2023 | 10-Q |
| 08/31/2023 | 10/06/2023 | 10-K |
| 05/31/2023 | 06/29/2023 | 10-Q |
| 02/28/2023 | 03/29/2023 | 10-Q |
| 11/30/2022 | 12/22/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 08/31/2026 | 10/09/2026 | 10-K |
| 05/31/2026 | 06/25/2026 | 10-Q |
| 02/28/2026 | 03/19/2026 | 10-Q |
| 11/30/2025 | 12/18/2025 | 10-Q |
| 08/31/2025 | 10/03/2025 | 10-K |
| 05/31/2025 | 06/26/2025 | 10-Q |
| 02/28/2025 | 03/21/2025 | 10-Q |
| 11/30/2024 | 12/19/2024 | 10-Q |
| 08/31/2024 | 10/04/2024 | 10-K |
| 05/31/2024 | 06/27/2024 | 10-Q |
| 02/29/2024 | 03/21/2024 | 10-Q |
| 11/30/2023 | 12/21/2023 | 10-Q |
| 08/31/2023 | 10/06/2023 | 10-K |
| 05/31/2023 | 06/29/2023 | 10-Q |
| 02/28/2023 | 03/29/2023 | 10-Q |
| 11/30/2022 | 12/22/2022 | 10-Q |
| 08/31/2022 | 10/07/2022 | 10-K |
| 05/31/2022 | 07/01/2022 | 10-Q |
| 02/28/2022 | 03/30/2022 | 10-Q |
| 11/30/2021 | 01/06/2022 | 10-Q |
| 08/31/2021 | 10/08/2021 | 10-K |
| 05/31/2021 | 07/01/2021 | 10-Q |
| 02/28/2021 | 04/01/2021 | 10-Q |
| 11/30/2020 | 01/08/2021 | 10-Q |
| 08/31/2020 | 10/19/2020 | 10-K |
| 05/31/2020 | 06/30/2020 | 10-Q |
| 02/29/2020 | 03/26/2020 | 10-Q |
| 11/30/2019 | 12/20/2019 | 10-Q |
Recent Forward Guidance
Updated 10/1/2026Latest: Q4 2026 Earnings Reported 9/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | Reported | 60.00 Bil | 61.50 Bil | 63.00 Bil | 23.0% | Higher New | Guidance: 50.00 Bil for Q4 2026 | |
| Q1 2027 GAAP Gross Margin | Reported | 85.95% | -0.0% | Lower New | Guidance: 86.0% for Q4 2026 | |||
| Q1 2027 Non-GAAP Gross Margin | Reported | 86.25% | ||||||
| Q1 2027 GAAP Operating Expenses | Reported | 2.31 Bil | 24.2% | Higher New | Guidance: 1.86 Bil for Q4 2026 | |||
| Q1 2027 Non-GAAP Operating Expenses | Reported | 2.06 Bil | 24.8% | Higher New | Guidance: 1.65 Bil for Q4 2026 | |||
| Q1 2027 GAAP Diluted Earnings Per Share | Reported | 36.84 | 37.84 | 38.84 | 23.1% | Higher New | Guidance: 30.73 for Q4 2026 | |
| Q1 2027 Non-GAAP Diluted Earnings Per Share | Reported | 37.15 | 38.15 | 39.15 | 23.1% | Higher New | Guidance: 31 for Q4 2026 | |
| Q1 2027 Diluted Shares Outstanding | Reported | 1.15 Bil | ||||||
Prior: Q3 2026 Earnings Reported 6/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 49.00 Bil | 50.00 Bil | 51.00 Bil | 49.3% | Higher New | Guidance: 33.50 Bil for Q3 2026 | |
| Q4 2026 Gross Profit | Calculated | 42.14 Bil | 43.00 Bil | 43.86 Bil | Rev x Gross Margin | |||
| Q4 2026 Gross margin | Reported | 86.0% | 5.0% | Higher New | Guidance: 81.0% for Q3 2026 | |||
| Q4 2026 Operating expenses (GAAP) | Reported | 1.86 Bil | 16.2% | Higher New | Guidance: 1.60 Bil for Q3 2026 | |||
| Q4 2026 Operating expenses (Non-GAAP) | Reported | 1.65 Bil | ||||||
| Q4 2026 Operating Income | Calculated | 40.49 Bil | 41.35 Bil | 42.21 Bil | Rev x Gross Margin - Opex | |||
| Q4 2026 Operating Margin | Calculated | 82.63% | 82.7% | 82.76% | Implied by guided Rev/GM/Opex | |||
| Q4 2026 Diluted earnings per share (GAAP) | Reported | 29.73 | 30.73 | 31.73 | 62.6% | Higher New | Guidance: 18.9 for Q3 2026 | |
| Q4 2026 Diluted earnings per share (Non-GAAP) | Reported | 30 | 31 | 32 | ||||
Q2 2026 Earnings Reported 3/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 32.75 Bil | 33.50 Bil | 34.25 Bil | 79.1% | Higher New | Guidance: 18.70 Bil for Q2 2026 | |
| Q3 2026 Gross Profit | Calculated | 26.53 Bil | 27.14 Bil | 27.74 Bil | Rev x Gross Margin | |||
| Q3 2026 Gross margin | Reported | 81.0% | 14.0% | Higher New | Guidance: 67.0% for Q2 2026 | |||
| Q3 2026 Operating expenses | Reported | 1.60 Bil | 2.6% | Higher New | Guidance: 1.56 Bil for Q2 2026 | |||
| Q3 2026 Operating Income | Calculated | 24.93 Bil | 25.54 Bil | 26.14 Bil | Rev x Gross Margin - Opex | |||
| Q3 2026 Operating Margin | Calculated | 76.11% | 76.22% | 76.33% | Implied by guided Rev/GM/Opex | |||
| Q3 2026 Diluted earnings per share | Reported | 18.5 | 18.9 | 19.3 | 130.8% | Higher New | Guidance: 8.19 for Q2 2026 | |
Q1 2026 Earnings Reported 12/17/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 18.30 Bil | 18.70 Bil | 19.10 Bil | 49.6% | Higher New | Guidance: 12.50 Bil for Q1 2026 | |
| Q2 2026 Gross Profit | Calculated | 12.08 Bil | 12.53 Bil | 12.99 Bil | Rev x Gross Margin | |||
| Q2 2026 Gross Margin | Reported | 66.0% | 67.0% | 68.0% | 16.5% | Higher New | Guidance: 50.5% for Q1 2026 | |
| Q2 2026 Operating Expenses | Reported | 1.54 Bil | 1.56 Bil | 1.58 Bil | 4.7% | Higher New | Guidance: 1.49 Bil for Q1 2026 | |
| Q2 2026 Operating Income | Calculated | 10.50 Bil | 10.97 Bil | 11.45 Bil | Rev x Gross Margin - Opex | |||
| Q2 2026 Operating Margin | Calculated | 57.37% | 58.66% | 59.94% | Implied by guided Rev/GM/Opex | |||
| Q2 2026 Diluted Earnings Per Share | Reported | 7.99 | 8.19 | 8.39 | 130.1% | Higher New | Guidance: 3.56 for Q1 2026 | |
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bjorlin, Alexis | Trust | Sell | 8282026 | 1132.33 | 25 | 28,308 | 266,098 | Form | |
| 2 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 8252026 | 968.90 | 40,000 | 38,756,162 | 256,278,029 | Form |
| 3 | Sadana, Sumit | EVP and Chief Business Officer | Direct | Sell | 8202026 | 934.29 | 15,000 | 14,014,350 | 178,469,010 | Form |
| 4 | Allen, Scott R | CVP, Chief Accounting Officer | Direct | Sell | 7272026 | 1000.00 | 879 | 879,000 | 34,958,000 | Form |
| 5 | Arnzen, April S | EVP and Chief People Officer | Direct | Sell | 7062026 | 1083.94 | 40,000 | 43,357,473 | 92,933,492 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bjorlin, Alexis | Trust | Sell | 8282026 | 1132.33 | 25 | 28,308 | 266,098 | Form | |
| 2 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 8252026 | 968.90 | 40,000 | 38,756,162 | 256,278,029 | Form |
| 3 | Sadana, Sumit | EVP and Chief Business Officer | Direct | Sell | 8202026 | 934.29 | 15,000 | 14,014,350 | 178,469,010 | Form |
| 4 | Allen, Scott R | CVP, Chief Accounting Officer | Direct | Sell | 7272026 | 1000.00 | 879 | 879,000 | 34,958,000 | Form |
| 5 | Arnzen, April S | EVP and Chief People Officer | Direct | Sell | 7062026 | 1083.94 | 40,000 | 43,357,473 | 92,933,492 | Form |
| 6 | Dugle, Lynn A | Direct | Sell | 7022026 | 1150.43 | 1,300 | 1,495,559 | 20,394,823 | Form | |
| 7 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 6302026 | 1180.96 | 11,494 | 13,573,977 | 406,844,944 | Form |
| 8 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 6302026 | 1149.28 | 28,506 | 32,761,315 | 409,139,479 | Form |
| 9 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 6022026 | 975.63 | 2,561 | 2,498,589 | 375,132,698 | Form |
| 10 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 6022026 | 960.38 | 37,439 | 35,955,527 | 371,727,080 | Form |
| 11 | Gomo, Steven J | Direct | Sell | 5132026 | 787.03 | 2,000 | 1,574,070 | 13,488,993 | Form | |
| 12 | Ray, Michael Charles | SVP, Chief Legal Officer | Direct | Sell | 5052026 | 534.30 | 7,601 | 4,061,207 | 35,919,321 | Form |
| 13 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 5052026 | 536.26 | 40,000 | 21,450,555 | 227,645,622 | Form |
| 14 | Cordano, Michael D | EVP, Worldwide Sales | Direct | Sell | 4162026 | 435.00 | 3,407 | 1,482,045 | 19,165,665 | Form |
| 15 | Cordano, Michael D | EVP, Worldwide Sales | Direct | Sell | 4132026 | 420.81 | 3,407 | 1,433,700 | 19,974,167 | Form |
| 16 | Arnzen, April S | EVP and Chief People Officer | Direct | Sell | 4032026 | 347.39 | 40,000 | 13,895,762 | 43,680,285 | Form |
| 17 | Sadana, Sumit | EVP and Chief Business Officer | Direct | Sell | 2042026 | 429.89 | 25,000 | 10,747,266 | 106,621,911 | Form |
| 18 | Ray, Michael Charles | SVP, Chief Legal Officer | Direct | Sell | 1292026 | 409.68 | 12,268 | 5,025,987 | 30,593,056 | Form |
| 19 | Bhatia, Manish H | EVP, Global Operations | Direct | Sell | 1262026 | 391.04 | 26,623 | 10,410,771 | 126,497,342 | Form |
| 20 | Liu, Teyin M | Direct | Buy | 1152026 | 337.22 | 11,600 | 3,911,711 | 8,737,280 | Form | |
| 21 | Liu, Teyin M | Direct | Buy | 1152026 | 337.07 | 11,600 | 3,910,012 | 4,823,472 | Form | |
| 22 | Arnzen, April S | EVP and Chief People Officer | Direct | Sell | 12232025 | 277.09 | 15,000 | 4,156,350 | 45,891,092 | Form |
| 23 | Gomo, Steven J | Direct | Sell | 12232025 | 263.63 | 5,000 | 1,318,150 | 5,045,615 | Form | |
| 24 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 11102025 | 233.39 | 3,743 | 873,567 | 92,556,142 | Form |
| 25 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 11102025 | 241.34 | 8,757 | 2,113,441 | 96,614,699 | Form |
| 26 | Murphy, Mark J | EVP & Chief Financial Officer | Direct | Sell | 11032025 | 225.31 | 126,000 | 28,389,111 | 49,499,119 | Form |
| 27 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 10312025 | 225.23 | 10,602 | 2,387,880 | 92,136,303 | Form |
| 28 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 10312025 | 230.53 | 11,898 | 2,742,851 | 96,749,014 | Form |
| 29 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 10292025 | 220.72 | 22,500 | 4,966,229 | 98,569,265 | Form |
| 30 | Deboer, Scott J | EVP, CTO and Products Officer | Direct | Sell | 10292025 | 222.81 | 82,000 | 18,270,420 | 34,345,047 | Form |
| 31 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 10222025 | 203.12 | 19,761 | 4,013,785 | 95,277,467 | Form |
| 32 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 10222025 | 211.19 | 2,739 | 578,443 | 103,236,800 | Form |
| 33 | Allen, Scott R | CVP, Chief Accounting Officer | Direct | Sell | 10212025 | 210.02 | 8,800 | 1,848,176 | 8,450,575 | Form |
| 34 | Ray, Michael Charles | SVP, Chief Legal Officer | Direct | Sell | 10202025 | 201.63 | 3,682 | 742,384 | 20,581,914 | Form |
| 35 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 10072025 | 188.47 | 21,563 | 4,064,029 | 51,386,600 | Form |
| 36 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 10072025 | 194.44 | 10,800 | 2,099,964 | 57,206,722 | Form |
| 37 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 10072025 | 190.51 | 5,137 | 978,628 | 58,106,358 | Form |
| 38 | Mehrotra, Sanjay | President and CEO | Direct | Sell | 10032025 | 180.86 | 15,000 | 2,712,866 | 56,092,658 | Form |
| 39 | Arnzen, April S | EVP and Chief People Officer | Direct | Sell | 10022025 | 164.04 | 15,000 | 2,460,600 | 21,584,383 | Form |
Investor Activity (13F)
Updated Oct 12, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| DCF Advisers, LLC | $50.7 Mil | 19.1% | 72 | TRIM -10.3% | 13F |
| Trivest Advisors Ltd | $264.9 Mil | 19.1% | 29 | ADD +28.1% | 13F |
| WS Management LLLP | $121.6 Mil | 15.9% | 35 | TRIM -41.9% | 13F |
| Tensor Edge Capital, LLC | $78.8 Mil | 13.5% | 17 | ADD +16.6% | 13F |
| Oak Grove Capital LLC | $75.2 Mil | 12.9% | 82 | Hold | 13F |
| Prime Capital Management Co Ltd | $85.3 Mil | 9.6% | 7 | New | 13F |
| Horiko Capital Management LLC | $41.5 Mil | 9.6% | 20 | Hold | 13F |
| Tairen Capital Ltd | $88.3 Mil | 9.6% | 44 | New | 13F |
| Appaloosa LP | $562.5 Mil | 9.5% | 31 | ADD +11.0% | 13F |
| KCM Capital Inc | $50.7 Mil | 9.5% | 31 | ADD +66.7% | 13F |
| Anther Capital Ltd | $340.4 Mil | 8.9% | 31 | New | 13F |
| California First Leasing Corp | $27.7 Mil | 8.9% | 39 | Hold | 13F |
| Spectrum Financial Alliance Ltd LLC | $42.1 Mil | 8.1% | 32 | TRIM -51.3% | 13F |
| CTC LLC | $99.4 Mil | 8.0% | 25 | TRIM -16.0% | 13F |
| Headwater Capital Co Ltd | $36.1 Mil | 5.8% | 15 | ADD +37.2% | 13F |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $15.2 Mil | 5.8% | 28 | Hold | 13F |
| WT Asset Management Ltd | $264.8 Mil | 5.5% | 32 | TRIM -13.1% | 13F |
| Crosslink Capital Inc | $56.6 Mil | 5.5% | 21 | Hold | 13F |
| PARUS FINANCE (UK) Ltd | $16.6 Mil | 5.0% | 37 | ADD +13.8% | 13F |
| Halter Ferguson Financial Inc. | $21.9 Mil | 4.8% | 36 | ADD +56.3% | 13F |
| Ravenswood Partners LP | $12.0 Mil | 4.4% | 35 | TRIM -39.9% | 13F |
| E20 Capital Ltd | $44.6 Mil | 4.2% | 22 | New | 13F |
| FFG Partners, LLC | $9.7 Mil | 3.9% | 35 | New | 13F |
| Element Capital Management LLC | $9.8 Mil | 3.8% | 34 | New | 13F |
| Valueworks LLC | $13.0 Mil | 3.6% | 35 | TRIM -60.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Anther Capital Ltd | $340.4 Mil | 8.9% | 31 | New | 13F |
| Tairen Capital Ltd | $88.3 Mil | 9.6% | 44 | New | 13F |
| Prime Capital Management Co Ltd | $85.3 Mil | 9.6% | 7 | New | 13F |
| Crake Asset Management LLP | $64.9 Mil | 2.3% | 20 | New | 13F |
| E20 Capital Ltd | $44.6 Mil | 4.2% | 22 | New | 13F |
| Element Capital Management LLC | $9.8 Mil | 3.8% | 34 | New | 13F |
| FFG Partners, LLC | $9.7 Mil | 3.9% | 35 | New | 13F |
| KCM Capital Inc | $50.7 Mil | 9.5% | 31 | ADD +66.7% | 13F |
| Halter Ferguson Financial Inc. | $21.9 Mil | 4.8% | 36 | ADD +56.3% | 13F |
| Headwater Capital Co Ltd | $36.1 Mil | 5.8% | 15 | ADD +37.2% | 13F |
| Trivest Advisors Ltd | $264.9 Mil | 19.1% | 29 | ADD +28.1% | 13F |
| Tensor Edge Capital, LLC | $78.8 Mil | 13.5% | 17 | ADD +16.6% | 13F |
| PARUS FINANCE (UK) Ltd | $16.6 Mil | 5.0% | 37 | ADD +13.8% | 13F |
| Appaloosa LP | $562.5 Mil | 9.5% | 31 | ADD +11.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Value Aligned Research Advisors, LLC | $62.4 Mil | 1.3% | 47 | Exited | Dec 31, 2025 | 13F |
| Shapiro Capital Management LLC | $36.0 Mil | 1.9% | 48 | Exited | Dec 31, 2025 | 13F |
| Talos Eurisko Asset Management LP | $22.8 Mil | 4.0% | 24 | Exited | Dec 31, 2025 | 13F |
| Alta Park Capital, LP | $15.5 Mil | 1.9% | 34 | Exited | Dec 31, 2025 | 13F |
| Fund 1 Investments, LLC | $12.6 Mil | 1.8% | 49 | Exited | Dec 31, 2025 | 13F |
| Overbrook Management Corp | $12.1 Mil | 2.1% | 46 | Exited | Dec 31, 2025 | 13F |
| Melqart Asset Management (UK) Ltd | $11.4 Mil | 1.1% | 44 | Exited | Dec 31, 2025 | 13F |
| MIG Capital, LLC | $10.6 Mil | 1.8% | 43 | Exited | Dec 31, 2025 | 13F |
| Nishkama Capital, LLC | $9.3 Mil | 1.3% | 49 | Exited | Dec 31, 2025 | 13F |
| Shannon River Fund Management LLC | $5.8 Mil | 0.9% | 26 | Exited | Dec 31, 2025 | 13F |
| Generali Powszechne Towarzystwo Emerytalne | $16.9 Mil | 3.0% | 28 | TRIM -66.7% | Mar 31, 2026 | 13F |
| Evergreen Quality Fund GP, Ltd. | $146.0 Mil | 3.3% | 40 | TRIM -61.1% | Mar 31, 2026 | 13F |
| Valueworks LLC | $13.0 Mil | 3.6% | 35 | TRIM -60.1% | Mar 31, 2026 | 13F |
| Analog Century Management LP | $48.7 Mil | 2.3% | 25 | TRIM -60.0% | Mar 31, 2026 | 13F |
| Spectrum Financial Alliance Ltd LLC | $42.1 Mil | 8.1% | 32 | TRIM -51.3% | Mar 31, 2026 | 13F |
| Summit Street Capital Management, LLC | $18.1 Mil | 2.6% | 31 | TRIM -42.0% | Mar 31, 2026 | 13F |
| WS Management LLLP | $121.6 Mil | 15.9% | 35 | TRIM -41.9% | Mar 31, 2026 | 13F |
| Ravenswood Partners LP | $12.0 Mil | 4.4% | 35 | TRIM -39.9% | Mar 31, 2026 | 13F |
| Thames Capital Management LLC | $17.0 Mil | 3.0% | 43 | TRIM -31.1% | Mar 31, 2026 | 13F |
| CTC LLC | $99.4 Mil | 8.0% | 25 | TRIM -16.0% | Mar 31, 2026 | 13F |
| WT Asset Management Ltd | $264.8 Mil | 5.5% | 32 | TRIM -13.1% | Mar 31, 2026 | 13F |
| DCF Advisers, LLC | $50.7 Mil | 19.1% | 72 | TRIM -10.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Appaloosa LP | $562.5 Mil | 9.5% | 31 | ADD +11.0% | 13F |
| Anther Capital Ltd | $340.4 Mil | 8.9% | 31 | New | 13F |
| Trivest Advisors Ltd | $264.9 Mil | 19.1% | 29 | ADD +28.1% | 13F |
| WT Asset Management Ltd | $264.8 Mil | 5.5% | 32 | TRIM -13.1% | 13F |
| Evergreen Quality Fund GP, Ltd. | $146.0 Mil | 3.3% | 40 | TRIM -61.1% | 13F |
| WS Management LLLP | $121.6 Mil | 15.9% | 35 | TRIM -41.9% | 13F |
| CTC LLC | $99.4 Mil | 8.0% | 25 | TRIM -16.0% | 13F |
| Tairen Capital Ltd | $88.3 Mil | 9.6% | 44 | New | 13F |
| Prime Capital Management Co Ltd | $85.3 Mil | 9.6% | 7 | New | 13F |
| Tensor Edge Capital, LLC | $78.8 Mil | 13.5% | 17 | ADD +16.6% | 13F |
| Oak Grove Capital LLC | $75.2 Mil | 12.9% | 82 | Hold | 13F |
| Crake Asset Management LLP | $64.9 Mil | 2.3% | 20 | New | 13F |
| Crosslink Capital Inc | $56.6 Mil | 5.5% | 21 | Hold | 13F |
| DCF Advisers, LLC | $50.7 Mil | 19.1% | 72 | TRIM -10.3% | 13F |
| KCM Capital Inc | $50.7 Mil | 9.5% | 31 | ADD +66.7% | 13F |
| Analog Century Management LP | $48.7 Mil | 2.3% | 25 | TRIM -60.0% | 13F |
| E20 Capital Ltd | $44.6 Mil | 4.2% | 22 | New | 13F |
| Spectrum Financial Alliance Ltd LLC | $42.1 Mil | 8.1% | 32 | TRIM -51.3% | 13F |
| Horiko Capital Management LLC | $41.5 Mil | 9.6% | 20 | Hold | 13F |
| Headwater Capital Co Ltd | $36.1 Mil | 5.8% | 15 | ADD +37.2% | 13F |
| California First Leasing Corp | $27.7 Mil | 8.9% | 39 | Hold | 13F |
| Halter Ferguson Financial Inc. | $21.9 Mil | 4.8% | 36 | ADD +56.3% | 13F |
| Summit Street Capital Management, LLC | $18.1 Mil | 2.6% | 31 | TRIM -42.0% | 13F |
| Thames Capital Management LLC | $17.0 Mil | 3.0% | 43 | TRIM -31.1% | 13F |
| Generali Powszechne Towarzystwo Emerytalne | $16.9 Mil | 3.0% | 28 | TRIM -66.7% | 13F |
MU Trade Sentinel
High Conviction
CONVICTION RATIONALE
Micron is capitalizing on a multi-year, AI-driven memory shortage to fundamentally change its business model. The company has secured approximately $100 billion in minimum revenue through binding, take-or-pay customer agreements. These contracts lock in floor prices that ensure profitability well above any prior cycle peak, providing unprecedented visibility and insulating the business from historical volatility.
STOCK ARCHETYPE
Cyclical Manufacturer with emerging long-term contractual visibility(Bit Shipments) x (Average Selling Price per Bit) Mix shift towards high-value, high-margin products like HBM and data center SSDs, combined with strong pricing power in a supply-constrained market.
INVESTMENT THESIS
Evidence suggests a structural business model shift is underway, converting a historic demand cycle into durable, high-margin contractual revenue.
- Signed 14 SCAs with ~$100 billion in cumulative minimum revenue.
- SCA floor prices yield gross margins 'well above our peak quarterly margins'.
- Management expects supply to remain tight beyond calendar 2027.
- The High-Bandwidth Memory market is forecast to grow at a ~40% CAGR through 2028.
- The company's entire calendar 2026 HBM supply is under contract.
PRIMARY RISK
Massive industry-wide investment in new capacity, driven by today's record prices, could create a future supply glut that overwhelms demand and breaks the new contract structures.
- A majority of DRAM production in 2026 was from facilities in Taiwan.
- Competitors are also planning to construct new fabrication facilities.
- The company faces intense competition from large, state-supported rivals.
- Expanding manufacturing in the U.S. may introduce new execution challenges.
| KPI | Status | Rationale |
|---|---|---|
| Revenue Growth | 379.3% year-over-year growth in the latest reported quarter ended 9/30/2026 - Accelerating | The company is experiencing hyper-acceleration in its top-line growth. The consistent and significant increase in the year-over-year growth rate points to a powerful, sustained demand cycle rather than a short-term spike. |
| Growth Composition (Bit Shipments vs. Average Selling Prices) | Not applicable; this is a qualitative analysis of growth drivers. | Not applicable |
| DRAM Bit Shipments Growth (Sequential) | low-single-digit percentage range increase (Q3 FY2026) | Indicates the volume growth of DRAM products, a key component of revenue alongside price. In a supply-constrained environment, this reflects the company's ability to maximize output. |
| NAND Bit Shipments Growth (Sequential) | mid-single-digit percentage range increase (Q3 FY2026) | Indicates the volume growth of NAND products. Strong growth signals robust demand and successful ramp of new technology nodes. |
| DRAM Average Selling Price (ASP) Growth (Sequential) | mid-80% range increase (Q3 FY2026) | Measures the change in price per bit for DRAM. Strong positive growth indicates significant pricing power and a tight market, directly boosting revenue and margins. |
Contractual Fortitude vs. Cyclical Gravity
BULL VIEW
The new take-or-pay SCAs, backed by $22 billion in customer deposits, create a durable revenue floor that will cushion the next downturn.
CORE TENSION
Can the new ~$100B contractual backlog offset the historical cyclicality that saw a significant operating loss in fiscal 2023?
PREVAILING SENTIMENT
The binding, take-or-pay structure and significant customer financial commitments suggest the contracts are more resilient than past agreements, favoring the bull view.
BEAR VIEW
In a severe industry downturn, customers will default on or aggressively renegotiate these agreements, proving the business is still fundamentally cyclical.
| Timeline | Event & Metric To Watch |
|---|---|
11/17/2026 | Peer Demand Signal Watch: NVDA's data center revenue growth and forward guidance for any signs of slowing AI infrastructure spending. |
12/15/2026 | Margin Trajectory Confirmation Watch: Q2 2027 gross margin guidance and management commentary on pricing, mix, and start-up costs for new capacity. |
12/15/2026 | Next Earnings Report Watch: The company is scheduled to report its next quarterly earnings for Q1 fiscal 2027. |
No set date | Patent Litigation Appeal Watch: A ruling from the Federal Circuit on the validity of the patents, which would directly impact the enforceability of the verdict. |
No set date | New Trade Restrictions Watch: Announcements of new tariffs, export controls, or other trade actions by the U.S. or foreign governments impacting semiconductors. |
| Date | Event | Stock Impact |
|---|---|---|
2026-09-30 | Reports Record Q4 and FY26 Details: | +3.0% $1065.08 -> $1097.39 |
2026-08-24 | Opens Boise Training Center Details: Micron opened a new 60,000-square-foot training center in Boise to strengthen the skilled talent pipeline and support advanced semiconductor manufacturing. | -3.5% $966.78 -> $932.97 |
2026-07-30 | Analyst Upgrades Amid Stock Decline Details: Following a stock decline of approximately 26%, an analyst note upgraded the rating, citing robust fundamentals including approximately $100B in strategic customer agreements. | +11.4% $739.00 -> $823.03 |
2026-06-24 | Reports Record Q3 Results Details: The company reported fiscal Q3 revenue of $41.46 billion, up from $9.30 billion for the same period last year. The stock had a two-day reaction of +15.0%. | +15.4% $1051.61 -> $1213.37 |
2026-05-22 | Virginia Fab Manufacturing Expansion Details: The company started manufacturing of 1α (1-alpha) DRAM, described as the most advanced memory ever produced in the United States, at its Manassas, Virginia, fab. | +17.6% $761.98 -> $895.74 |
2026-04-10 | Analyst Upgrades Rating to Buy Details: An analyst note upgraded the stock to 'Buy' due to strong operational momentum and execution, noting a 196% YoY revenue increase and record gross margins. | +1.2% $421.45 -> $426.49 |
Position Sizing
1% - 2%
MINIMAL POSITION
Sizing is volatility-based: MU trades at roughly 75% annualized realized (three-month) volatility versus about 11% for the S&P 500 (6.8x the market). A 1% - 2% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
NVDA - NVIDIA
AI Ecosystem LeaderOffers fabless, higher-margin exposure to the AI data center theme, designing the core processors that drive demand for Micron's memory.
WDC - Western Digital
Value Storage PlayProvides exposure to the storage market with a different product focus.
A strategically vital arms dealer in the AI revolution, whose supply-constrained, high-performance memory has become a non-negotiable asset for data center build-outs.
Micron has transitioned from a cyclical commodity producer to a strategic enabler of the AI era. Its technology leadership in high-performance memory like HBM is critical for AI accelerators, creating a structural demand-supply imbalance. This leverage has allowed Micron to fundamentally transform its business model by signing multi-year, take-or-pay Strategic Customer Agreements (SCAs) that provide unprecedented revenue visibility and a high floor on profitability, insulating it from historical boom-bust cycles.
Announcements of additional large, multi-year SCAs; continued commentary on supply tightness extending further into the future; successful, high-volume ramps of next-generation technology nodes like 1-delta.
A significant slowdown in AI data center capital expenditures; evidence of competitors rapidly closing the HBM technology gap; or customers successfully pushing back on or exiting SCA commitments.
Short-term fluctuations in PC and smartphone unit sales, as the core investment thesis is overwhelmingly tied to the structural AI-driven data center demand.
Repricing Catalyst
The ongoing signing and financial recognition of Strategic Customer Agreements (SCAs), which are fundamentally altering the company's risk profile by providing multi-year revenue and margin visibility.
Cloud Memory Business Unit (CMBU)
$31.3B TTM (35% of Total) · 67% MarginWhat It Is
Sells memory solutions, including High-Bandwidth Memory (HBM), DDR, LPDDR, and GDDR, to large hyperscale cloud customers and all data center customers for HBM.
Who Pays & How
Large hyperscale cloud providers pay for memory to build out servers supporting generative AI and cloud workloads. They require increasing quantities of high-performance DRAM like HBM to turn data into insight, a task that is becoming increasingly memory-centric.
Competition
Core Data Center Business Unit (CDBU)
$21.2B TTM (23% of Total) · 69% MarginWhat It Is
Sells storage solutions (data center SSDs, NAND components) to all data center customers, and memory solutions (DDR5, DDR4) to OEM data center, enterprise, and NeoCloud (AI-focused cloud service providers) customers.
Who Pays & How
Data center OEMs, enterprises, and AI-focused cloud providers pay for high-performance, high-capacity storage to handle the proliferation of AI, cloud computing, and big data. Products like PCIe Gen6 SSDs accelerate AI training and inference workloads.
Competition
Mobile and Client Business Unit (MCBU)
$27.2B TTM (30% of Total) · 69% MarginWhat It Is
Sells memory and storage solutions (LPDDR, managed NAND, SSDs) for the mobile (smartphones) and client (PCs, workstations) segments, as well as component DRAM and NAND to channel partners.
Who Pays & How
Smartphone and PC OEMs pay for higher-capacity, higher-bandwidth, and lower-power memory to enable on-device AI in their products. AI-ready devices require more DRAM and storage to process data and models locally.
Competition
Automotive and Embedded Business Unit (AEBU)
$10.5B TTM (12% of Total) · 58% MarginWhat It Is
Sells memory and storage solutions (DRAM, NAND, NOR, SSDs) for the automotive, industrial, and consumer embedded segments sold into the intelligent edge.
Who Pays & How
Automotive manufacturers and industrial clients pay for high-reliability memory to support autonomous driving, in-vehicle infotainment, robotics, and IoT devices. These applications require high-performance, high-reliability memory for real-time perception, inference, and control.
Competition
Micron Technology — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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