MICRON TECHNOLOGY INC (MU)

Micron describes itself as a global leader in semiconductor memory and storage, supplying high-performance DRAM, NAND, and NOR products for AI and compute-intensive applications from the cloud to the edge. It invests in proprietary product and process technology to raise bit density per wafer and lower per-bit manufacturing cost. Its products are sold as components, modules, SSDs, managed NAND, multi-chip packages, and wafers, under the Micron brand and through private labels.

The business is organized into four units. The Cloud Memory Business Unit (CMBU) serves large hyperscale cloud customers with DDR, LPDDR, and GDDR memory, and supplies high-bandwidth memory (HBM) to all data center customers. It reported revenue of $43.09 billion in 2026. The Core Data Center Business Unit (CDBU) sells data center SSDs, NAND components, and memory for OEM data center, enterprise, and NeoCloud customers, with revenue of $37.59 billion. The Mobile and Client Business Unit (MCBU) covers LPDDR for smartphones, DRAM modules and SSDs for PCs, and component DRAM and NAND, with revenue of $36.60 billion. The Automotive and Embedded Business Unit (AEBU) serves automotive, industrial, and consumer embedded markets, with revenue of $15.89 billion. By product, DRAM revenue was $100.68 billion and NAND revenue was $31.79 billion in 2026. The company announced in December 2025 that it was exiting its Crucial-branded consumer business.

Customers include hyperscale cloud providers, NeoCloud AI-focused cloud providers, OEMs, smartphone makers, PC makers, automotive and industrial manufacturers, channel partners, and electronics manufacturing services companies. Micron sells through its direct sales force, distributors, retailers, and independent sales representatives. Some contracts are short-term, while strategic customer agreements are multi-year take-or-pay arrangements, backed by customer cash deposits and letters of credit. Roughly half of total revenue in each of the last three years came from its top ten customers.

Micron manufactures in its own facilities in Taiwan, Singapore, Japan, the United States, Malaysia, China, and India, and uses subcontractors for certain processes. It makes its products on 300mm wafers in facilities that generally run around the clock. It assembles many products in-house, outsources some assembly, and tests with its proprietary AMBYX line of test and burn-in systems. It has begun expanding production capacity in the United States and other regions. Its main competitors are Samsung Electronics, SK hynix, Kioxia, Sandisk, ChangXin Memory Technologies, and Yangtze Memory Technologies. Competition from Chinese state-supported entrants, industry capacity additions, and a 2023 Chinese regulatory decision restricting certain customers from buying Micron products are cited as competitive pressures.