Micron Technology, Inc
Micron Technology designs and manufactures memory and storage semiconductors, selling DRAM, NAND and NOR products under the Micron and Crucial brands. Its chips sit inside data centers, AI systems, PCs, mobile devices, automotive electronics and industrial/embedded equipment, making the company a core supplier to compute-intensive digital infrastructure.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueDynamic random-access memory used in servers, PCs, mobile devices and other compute platforms.
Flash memory and storage products used in data center, client, mobile and embedded applications.
Non-volatile memory used mainly in embedded and industrial applications.
Retail-oriented memory and storage products sold primarily under the Crucial brand.
Products
Reported · share of revenue- DRAM Products75.6 %
- NAND Products23.9 %
- Other Product Sales0.5 %
Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Micron sells to hyperscale cloud operators, data center customers, OEMs, mobile device makers, automotive suppliers and industrial/embedded customers. The company also serves consumer buyers through Crucial, but its revenue is increasingly tied to data center demand and AI-related memory content. Customer concentration is high, with over half of revenue coming from the top ten customers and about half from the data center end market.
Buys HBM, high-capacity DRAM and data center storage to support AI and cloud workloads.
Buys DRAM and NAND for servers, storage arrays and enterprise infrastructure.
Buys DRAM and NAND for smartphones, notebooks and other client devices.
Buys memory for long-life, reliability-sensitive applications in vehicles and equipment.
Buys Crucial-branded memory and storage upgrades for personal computers and DIY users.
Strategy
Micron is shifting supply toward higher-growth memory products and end markets, especially AI-driven data center demand. The company is prioritizing HBM, high-capacity server DRAM and disciplined NAND supply management while continuing to invest in process technology, manufacturing efficiency and capacity expansion. It also seeks government incentives and funding support for major fab investments to lower the cost burden of long-cycle capital projects.
These end markets are growing faster and support better pricing and margins.
Memory is highly cyclical, so cost per bit and process leadership are critical to competitiveness.
NAND pricing and margins depend on balancing supply growth with demand.
Large fab projects require substantial capital and can pressure free cash flow.
Geography
2025Micron operates a global manufacturing and supply network, with wholly owned facilities and subcontracted processes across multiple regions. The company specifically highlights manufacturing centers of excellence in Singapore and Taiwan, and it also has major exposure to China through sales, operations and regulatory risk. Geography matters because the business depends on cross-border supply chains, local manufacturing scale and access to end markets that can be disrupted by trade or government actions.
Share of the revenue the company reports by geography.
Risks
Micron is exposed to the extreme cyclicality of memory pricing, where supply-demand imbalances can quickly compress margins and cash flow. The company also faces concentrated customer and end-market exposure, plus geopolitical and regulatory risk, especially in China where government restrictions have already affected sales. Because the business is capital intensive and global, execution risk around manufacturing, supply chain continuity and large fab investments is also material.
- China regulatory restrictionsImpact: HighLikelihood: High
The CAC decision limiting purchases by critical infrastructure operators has already hurt competitiveness in China.
Exposure: Sales to mainland China and Hong Kong customers
- DRAM and NAND pricing volatilityImpact: HighLikelihood: Medium
Revenue and gross margin depend heavily on selling prices and industry supply-demand balance.
Exposure: All memory products
- Customer concentrationImpact: HighLikelihood: Medium
Over half of revenue comes from the top ten customers, so a loss or inventory correction can materially affect sales.
Exposure: Top customers and data center end market
- Manufacturing and supply chain disruptionImpact: MediumLikelihood: Medium
The company relies on global fabs, subcontractors and cross-border logistics to meet demand.
Exposure - Capital intensity and funding riskImpact: MediumLikelihood: Medium
Fab expansions require large upfront spending and may depend on external financing or government incentives.
Exposure: Idaho and New York expansion projects
Accounting
Judgemental itemsRevenue is recorded when control transfers, making quarter-end shipment timing important.
Impact: Can create volatility in quarterly revenue and margins
Micron estimates variable consideration based on historical pricing trends and returns.
Impact: Can cause revenue adjustments when market prices move quickly
Memory pricing cycles can affect the realizable value of inventory and gross margin.
Impact: May require write-downs or reserve changes in down cycles
Large manufacturing investments create significant depreciation expense over time.
Impact: Affects cost of goods sold and operating leverage
Fab projects may depend on grants, tax credits and direct funding with conditions.
Impact: Can influence cash flow, capital spending and project economics
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Last updated: 24/09/2026