Micron Technology, Inc. (NASDAQ: MU) is one of the world's three dominant manufacturers of DRAM and NAND flash memory, alongside Samsung and SK Hynix. Founded in 1978 and headquartered in Boise, Idaho, Micron supplies the memory and storage semiconductors that sit inside everything from data center servers and AI accelerators to smartphones, PCs, and automotive systems. The business is inherently cyclical — memory is a commodity market driven by supply/demand dynamics, and Micron's revenues and margins swing dramatically across the cycle — but the secular tailwind from AI infrastructure buildout has structurally elevated demand for high-bandwidth memory (HBM), where Micron is an increasingly competitive supplier to hyperscalers and GPU manufacturers including NVIDIA. With fiscal year revenues typically in the $25–35 billion range depending on cycle position, a capital-intensive fab network across the US, Japan, Singapore, and Taiwan, and a growing presence in advanced packaging and HBM3E, Micron is best understood as a leveraged play on the AI infrastructure cycle and the long-term growth of data generation and storage demand globally.

Earnings Reports

Q2 FY8/26 - 18 March 2026

Micron delivered a rock solid set of numbers. The stock price reaction was muted, in the context of the ongoing war in Iran and the Fed decision to hold rates. The earnings report is here.