Micron Technology, Inc. (MU)

Micron Technology, the Boise, Idaho maker of memory chips, closed fiscal 2026 on 3 September with revenue of $133.19 billion, against $37.38 billion the year before 2. Net income was $84.97 billion 2. Fourth-quarter revenue alone was $54.23 billion, against $11.32 billion a year earlier 2.

The annual report credits prices more than volume: DRAM sales rose 252 percent on average selling prices up about 180 percent, as AI demand in data centers outran what the industry could supply 1. Gross margin, the share of revenue left after the cost of making the chips, rose to 81 percent from 40 percent 1.

Buyers have answered the shortage with multi-year take-or-pay contracts: Micron has signed 26 of them, and customers' commitments under them reached $32 billion, mostly cash deposits 34. For the first quarter of fiscal 2027 the company guided revenue of $61.5 billion, plus or minus $1.5 billion 2.

On 6 October a Munich court ordered Micron to stop offering some of its 3D NAND products in Germany, in a patent case brought by China's YMTC; Micron has appealed 1. In Taiwan, eleven officials of the union at its Taoyuan site held a 24-hour strike on 22 October over profit sharing 14.

Micron, based in Boise and in its 48th year, makes memory chips, a business whose prices swing hard with the balance of supply and demand 37. Its record over the last decade shows that swing, stretch by stretch 76.

Much of its present shape came from two purchases 7. It completed the acquisition of Japan's Elpida Memory, now Micron Memory Japan, in 2013 7. In December 2016 it bought the rest of Inotera, a DRAM maker in Taoyuan City, Taiwan 7.

A boom followed, as sales rose 64 percent in fiscal 2017 and 50 percent in fiscal 2018, when DRAM selling prices rose about 35 percent and volumes about 20 percent 8. The report credited strong cloud, enterprise, mobile and graphics demand and its newer 64-layer 3D NAND 8.

The bust came next: revenue fell 23 percent in fiscal 2019, as DRAM selling prices dropped about 30 percent on oversupply, customers cutting their stocks and a shortage of processors 7.

In 2021 Micron turned toward the data center and stopped developing 3D XPoint, a memory it judged the market had not validated 6. It sold the Lehi, Utah plant built for it to Texas Instruments in 2022 for $893 million, a year when revenue rose 11 percent 6.

The deepest downturn came in fiscal 2023, when revenue fell 49 percent, DRAM prices fell by a high-40s percentage, and Micron wrote inventory down by $1.83 billion 6. It lost $5.83 billion, cut wafer starts and planned to shed about 15 percent of its staff 6.

China added a blow in May 2023, when its Cyberspace Administration barred operators of critical information infrastructure from buying Micron products 6.

Two steps in the recovery shape today's plants: in December 2024 Micron signed agreements with the Commerce Department for up to $6.1 billion of CHIPS Act grants for fabs in Idaho and New York 1. In 2025 it began shipping 1-gamma, its first DRAM generation made with EUV lithography, which packs more bits on each wafer 1.

Recovery came as customers' inventories normalized and prices rose: revenue grew 62 percent in fiscal 2024 and 49 percent in fiscal 2025 65. Gross margin climbed back to 40 percent in 2025, helped by more high-bandwidth memory, the stacked chips built for AI processors 5.

Fiscal 2026 was the shortage year: revenue rose 256 percent to $133.2 billion over 53 weeks, and a customer that took 17 percent of 2025 sales fell below a tenth 12. In December 2025 Micron announced it would leave the Crucial retail business to improve supply for its larger customers 117.

DRAM and high-bandwidth memory

DRAM is the fast working memory in servers, PCs, phones and cars, and it loses its contents when the power goes off 1. It brought in $100.68 billion in fiscal 2026, about three quarters of revenue, up 252 percent 1. Its newest generation, 1-gamma, is its first to use EUV lithography and made most of its DRAM bits in the fourth quarter 1.

High-bandwidth memory, or HBM, stacks DRAM chips in 3D for AI processors that move heavy data at low power 1. Most HBM shipped in 2026 was 12-high HBM3E; volume output of 36GB 12-high HBM4 began, and 16-high HBM4 samples went to key customers 1. Micron says it is working with NVIDIA on a custom HBM4E, which it expects to ramp in calendar 2027 31.

TrendForce ranked Micron third in DRAM in the April to June quarter, with 23.3 percent of industry revenue, behind Samsung at 39.4 percent and SK hynix at 24.9 percent 15. Reuters reports that the two Korean firms lead in HBM and calls Micron a key supplier to Nvidia 4.

NAND flash and data center drives

NAND flash keeps data without power and goes into solid-state drives and phones 1. It brought in $31.79 billion in fiscal 2026, up 274 percent on average selling prices up about 200 percent 1. Most NAND bits came from its G8 and G9 generations 1.

Data center drives brought in nearly $10 billion in the fourth quarter, over two-thirds of NAND revenue, as AI systems use them to hold the working context of models 3. Micron names Kioxia, Sandisk, Samsung, SK hynix and China's YMTC among its rivals in storage 1.

NOR and other chips

Other products, mostly NOR chips that hold the start-up code of machines and devices, brought in $724 million in fiscal 2026 1.

The four business units

Micron reports four business units, and each more than tripled its revenue in fiscal 2026 on higher prices 1. The Cloud Memory unit, which sells to the largest cloud companies and sells HBM to every data center buyer, brought in $43.09 billion 1. The Core Data Center unit, storage plus memory for server makers and newer AI cloud firms, brought in $37.59 billion 1.

The Mobile and Client unit, for phones and PCs, brought in $36.60 billion even though it shipped fewer bits, because its supply was moved to the other units 1. The Automotive and Embedded unit, for cars, factories and devices, brought in $15.89 billion 1. About half of revenue came from the ten largest customers 1.

Plants and people

Micron makes its chips on 300mm wafers in its own plants in Taiwan, Singapore, Japan, the United States, Malaysia, China and India, which run around the clock 1. Most of its DRAM output in 2026 came from its fabs in Taiwan 1. It had about 61,000 employees on 3 September 2026 1.

Sanjay Mehrotra, a co-founder of SanDisk, has been chief executive since May 2017 and chairman since January 2025 1. In August 2026 Manish Bhatia became president and chief operating officer, and Scott DeBoer president and chief technology and products officer 1.

Problems on file

The YMTC patent fight runs in several countries, and more German hearings are set for June and September 2027 1. Micron ended all its patent suits with Netlist on 5 October 2026 through settlement and license agreements 1.

A proposed class action filed in California on 25 June 2026 accuses Micron, Samsung and SK hynix of conspiring to restrict DRAM supply and fix its prices, an allegation not yet tried 1. China's May 2023 bar on purchases by its critical infrastructure operators still weighs on sales there 1. In Clay, New York, local groups have asked a state court to annul permits for the planned fabs 1.

In Taiwan, Micron employs about 12,300 people in Taichung and 3,000 in Taoyuan, and their unions want 15 percent of operating profit shared with staff, Focus Taiwan reported 13. Micron Taiwan's chairman said the Taichung deal adds a quarterly profit-sharing bonus and lifts the pension contribution rate to 10 percent from 8 14.

The umbrella, in words

Micron sells under its own name and through private labels; the Crucial consumer brand of modules and drives was retired after the exit announced in December 2025 1.

The annual report lists only its significant subsidiaries, among them Micron Memory Japan, Micron Memory Taiwan, Micron Semiconductor Asia in Singapore and Micron Semiconductor (Xi'an) in China 9. It also names the companies building the Idaho and New York fabs 9. The list includes S-Squared Insurance Company, an insurer organized in Hawaii 9.

Its principal plants are wafer fabs in Taiwan, Singapore, the United States and Japan, and assembly and test plants in Malaysia, China and India; headquarters is in Boise 1. In March 2026 it bought a fab in Tongluo, Taiwan, from Powerchip for $1.8 billion in cash 1.

Micron has one class of stock, common stock listed on the Nasdaq Global Select Market as MU 1. The largest holder on file is Vanguard Capital Management, which reported 7.47 percent in a Schedule 13G as of 31 March 2026; Capital World Investors reported 3.7 percent as of the same date 1011.

For the first quarter of fiscal 2027 Micron guided revenue of $61.5 billion, plus or minus $1.5 billion, and a gross margin of about 86 percent 2. Finance chief Mark Murphy said the company expects fiscal 2027 to be another record year, with revenue rising each quarter 3.

Micron expects the industry's DRAM bit shipments to grow by a low-20s percentage in each of calendar 2027 and 2028, with supply short in both years 3. It says it has no line of sight to when supply and demand return to balance 3.

Its 26 strategic customer agreements are take-or-pay, so buyers pay for committed volumes whether or not they take them, and some now run into 2031 31. The company estimates them at over 35 percent of revenue through 2030, and puts the contracted sales not yet delivered near $150 billion 3.

Micron estimates capital spending, net of government incentives, of about $11.5 billion in the first quarter and $25 billion in the first half of fiscal 2027, and more in the second half 1. Most of the increase goes to cleanroom space for late 2028 and beyond 3.

The company expects first wafers from its first Idaho fab in mid-calendar 2027, from the second by late 2028 and from the first New York fab in 2030 1. It expects meaningful shipments from Tongluo from mid-2027, HBM packaging output in Singapore from early 2027 and output from the new Hiroshima cleanroom in late 2028 1.

On 8 October 2026 the board raised the buyback authorization to a total of $35.16 billion, usable from 9 December 2026 under its CHIPS Act grant terms 1. Murphy said the company expects, over time, to return all of its excess cash to shareholders 3.

At a roadmap webinar reported by HotHardware on 22 October, Micron said it would keep refining its current DRAM cell rather than adopt a denser layout called 4F-squared, which its rivals pursue 16. Last year Micron sent out its proxy on 25 November 2025 for an annual meeting on 15 January 2026 12.

How it operates

Micron makes memory chips, in its own factories. Its main product is DRAM, the fast working memory in servers, PCs, phones and cars, which loses its contents when the power goes off; the second is NAND flash, which keeps data without power and goes into solid-state drives and phones; it also makes NOR chips that hold start-up code. Its fastest-growing product is HBM, high-bandwidth memory: DRAM chips stacked in 3D and connected through the silicon, built for the heavy data traffic of AI and high-performance computing. It sells them as components, modules, solid-state drives, managed NAND, multi-chip packages and whole wafers, under the Micron name and through private labels, mostly through its own sales force and also through distributors, retailers and independent representatives. 2728293031323334

It reports four business units. Two serve the data center. The Cloud Memory Business Unit sells to the largest hyperscale cloud companies and sells HBM to every data center customer; it brought in 43.09 billion dollars in fiscal 2026, 32% of revenue. The Core Data Center Business Unit sells storage to all data center customers and memory to server makers, enterprises and NeoCloud customers, the AI-focused cloud providers that are distinct from the traditional hyperscalers; it brought in 37.59 billion dollars, 28%. 3536373839

The other two serve devices. The Mobile and Client Business Unit, for phones and PCs, plus component DRAM and NAND sold to the consumer market, brought in 36.60 billion dollars, 27% of revenue; the Crucial consumer brand of memory modules and drives sold in retail was exited, as announced in December 2025. The Automotive and Embedded Business Unit, for cars, factories and consumer devices, brought in 15.89 billion dollars, 12%. 404142433944

About half of revenue came from the ten largest customers in each of the last three years. No customer reached a tenth of revenue in fiscal 2026, after one customer, mostly within the cloud memory unit, took 17% in 2025. By the location of customers' headquarters, the United States accounted for 91,323 million dollars of 2026 revenue, Taiwan 16,950 million, mainland China 8,338 million and Hong Kong 6,289 million; about a third of revenue came from customers headquartered abroad, yet about 70% came from products shipped to locations outside the United States. Some contracts are short-term; others are strategic take-or-pay agreements, meaning the buyer pays for committed volumes whether it takes them or not, over several years, most with prices held between a floor and a ceiling and backed by customers' cash deposits and letters of credit. 454647484950

Its chips are made on 300mm wafers in its own plants in Taiwan, Singapore, Japan, the United States, Malaysia, China and India, which generally run around the clock, and it generally uses all of its existing capacity. A majority of its DRAM output in fiscal 2026 came from its fabs in Taiwan. It relies on outside makers for controllers, analog chips and other components, on outsourced foundries and assembly and test providers for some steps, and on a limited number of suppliers, sometimes a single one, for some materials; China is a predominant producer of the rare earths and metals it uses and has restricted exports of some of them. 515253545556

The specifics

Its edge rests on process technology: each new generation packs more bits on a wafer and lowers the cost of each bit. Its 1-gamma DRAM node, its first to use EUV lithography, began shipping in 2025 and carried most of its DRAM bit production by the fourth quarter of fiscal 2026; most NAND bits came from its G8 and G9 nodes. In HBM, 12-high stacks of HBM3E made up most shipments in 2026, volume production of HBM4 36GB 12-high began, and samples of a 16-high HBM4 went to multiple key customers; it designs and makes the base logic die of its HBM4 in-house, and says it expects to ramp HBM4E in calendar 2027. It has been granted over 62,000 patents, with about 15,500 active US and 8,000 active foreign patents running as late as 2045, and in August 2026 it announced Micron Research Labs in Boise, with a planned investment of about 10 billion dollars over the next decade. 5758596061626364

It names its rivals: Samsung Electronics, SK hynix, Kioxia, Sandisk, and two Chinese makers, ChangXin Memory Technologies (CXMT) and Yangtze Memory Technologies (YMTC), whose backing by the Chinese government and state-linked investors it sees as a threat of oversupply. Since May 2023 China's Cyberspace Administration has barred operators of critical information infrastructure in China from buying Micron products, which cut into its revenue from companies headquartered in mainland China and Hong Kong and its ability to compete in China and elsewhere. In June 2026 a proposed class action filed in California accused Micron, Samsung and SK hynix of conspiring to restrict DRAM supply and fix its prices; the filing reports it as an allegation. 6566676869

It is building new fabs at home with public money: CHIPS Act grants of up to 6.4 billion dollars and a 35% investment tax credit. In Boise, construction of the first fab began in October 2023, with first DRAM wafers projected in mid-calendar 2027; work on a second Idaho fab began in 2026, with first output expected by late calendar 2028. In Clay, New York, where it plans up to four fabs over 20-plus years, it broke ground in January 2026, poured the first concrete in July 2026 and expects first output in calendar 2030; a petition filed in January 2026 challenges the environmental review of that project. 7071727374

Abroad, it bought a fab in Tongluo, Taiwan, from Powerchip for 1.8 billion dollars in March 2026, expects meaningful shipments from it from mid-calendar 2027 and has begun a second cleanroom there; it broke ground in July 2026 on a new cleanroom at its Hiroshima plant in Japan; it is building an HBM packaging plant in Singapore, where it broke ground in January 2025; and its assembly and test plant in Gujarat, India began commercial shipments in 2026. 75767778

What drives growth, line by line

DRAM Products. The largest line: 100.68 billion dollars in fiscal 2026 against 28.58 billion in 2025, up 252%. The filing credits average selling prices up by about 180% and bit shipments up by a mid-20% range, as AI demand in the data center grew faster than Micron or the industry could add supply, which the company says has led to decisions on how to allocate that supply among customers. 79808182

NAND Products. 31.79 billion dollars in fiscal 2026 against 8.50 billion in 2025, up 274%, on average selling prices up by about 200% and bit shipments up by a mid-20% range. 798384

Other Product Sales. The smallest line, mostly NOR: 724 million dollars in fiscal 2026, against 297 million in 2025. 7985

By business unit, every one grew on higher prices. Cloud memory rose 219% and automotive and embedded 234%, both on higher prices and more bits shipped; core data center rose fastest, 420%; mobile and client rose 209% even though it shipped fewer bits, because its supply was redirected to the other units. Each unit's operating income rose mainly on higher average selling prices. 8687888990

Together the lines lifted revenue 256% to 133.2 billion dollars in fiscal 2026, a year of 53 weeks against 52 the year before. Gross margin rose to 81% from 40%, mainly on higher average selling prices, helped by a richer mix and lower manufacturing costs; operating income reached 99.3 billion dollars and net income 85.0 billion. 91929394

What comes next, in the company's own words: it entered strategic customer agreements in the third and fourth quarters of fiscal 2026 and expects to keep doing so, and it expects those with price bands to yield gross margins, even at floor prices, meaningfully above its peak quarterly margins in any past cycle. It received 12.75 billion dollars of customer deposits under them in 2026, nearly all scheduled to be repaid between 2029 and 2031, and holds 7 billion dollars of letters of credit. It estimates capital spending of about 11.5 billion dollars in the first quarter of fiscal 2027, about 25 billion in the first six months, and more in the second half. 9596979899

The read's section on the people who run it is on the People tab.

What the desk infers Inferred

1. Inferred

   The customer that took 17% of fiscal 2025 revenue fell below a tenth in 2026 mainly because the rest of the business grew faster, not necessarily because it bought less: the shortage lifted prices for every unit, and the fastest growth came from data center storage and the newer AI cloud buyers.

   Because

   • One customer took 17% of revenue in fiscal 2025, mostly within the cloud memory unit; no customer reached 10% in 2026. 46
   • Total revenue rose 256% in fiscal 2026, so a customer buying as much as it did in 2025 would have fallen well under a tenth of the larger total. 92
   • The cloud memory unit's share of revenue fell from 36% to 32% while the core data center unit's rose from 19% to 28%. 39
   • The core data center unit, which serves NeoCloud customers, enterprises and all data center storage, grew 420%. 3787
   Confidence 55 of 100Wrong if A filing, or the customer's own disclosure, showing that its purchases from Micron fell in fiscal 2026 from the year before.
2. Inferred

   Micron's profits are set far more by the price of memory than by how much it ships, and the multi-year take-or-pay agreements with price floors are its answer to that swing.

   Because

   • In fiscal 2026 DRAM sales rose 252% on average selling prices up by about 180%, with bit shipments up only a mid-20% range; NAND told the same story. 8184
   • The mobile and client unit's revenue rose 209% even though it shipped fewer bits. 88
   • Operating income swung from a loss of 5.7 billion dollars in fiscal 2023 to a profit of 99.3 billion in fiscal 2026. 91
   • The strategic agreements bind customers to volumes over several years, most with prices between a floor and a ceiling, and the company expects their margins even at the floor to beat any past peak. 4996
   Confidence 85 of 100Wrong if A year in which Micron's revenue rises sharply mainly on higher bit shipments while average selling prices hold flat, or strategic agreements that prove to carry no binding volumes or price floors.
3. Inferred

   Micron's DRAM making leans on Taiwan, and its recent spending has deepened that lean rather than eased it while its new American fabs are still being built.

   Because

   • A majority of its DRAM output in fiscal 2026 came from its fabs in Taiwan. 52
   • Its property, plant and equipment and leased assets in Taiwan grew to 27,613 million dollars from 18,965 million, about twice its US total of 14,463 million. 100
   • It bought a further fab in Taiwan in March 2026 and has begun a second cleanroom at that site. 75
   • Its first Boise fab is projected to give first DRAM wafers only in mid-calendar 2027, and the first New York fab in calendar 2030. 7273
   Confidence 75 of 100Wrong if A filing showing that most of Micron's DRAM output came from outside Taiwan, or that its long-lived assets in the United States overtook those in Taiwan.

Past

Revenue grew from $20 billion in fiscal 2017 to $133 billion in fiscal 2026, up 23.2% a year; it rose in 6 of 9 years; the deepest fall was 49% from fiscal 2022 to fiscal 2023; net income was positive in 9 of 10 of those years. Net worth has moved about 25% a year up since fiscal 2017. Over the 3 fiscal years to 2026-09-03, the diluted share count grew about 1.5% a year, and dividends and buybacks returned about 2% of operating cash flow over 3 years. Dividends declared per share rose from $0.1 in fiscal 2021 to $0.53 in fiscal 2026. The filings since 2017 show no warning events: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice. 123

Present

For the fiscal year ended 2026-09-03, Micron reported revenue of $133 billion and a profit of $85 billion. Nine of 9 metrics read as filed. Return on equity was about 61 cents of profit for every dollar of shareholders' money; gross profitability was about 55 cents per dollar of everything the company owns; leverage was about 29 cents per dollar of assets; share count grew 1.6% over the year. Revenue of $133 billion in fiscal 2026 ranks in the top 2% by size among 97 graded names in its industry family; a net margin of 63.8% ranks in the top 3%; revenue growth of 104.2% a year over the last 3 filed years ranks in the top 8%. 41

Chief executive Sanjay Mehrotra has filed under that title since 2017-05-10, 9.4 years; the 19 officers and directors filing in the last fifteen months have been on the record a median of 6.2 years; 7 officer or director changes were reported on Form 8-K since 2023-10-21, against the 19 people in charge now. Mehrotra has led Micron since May 2017 and has chaired the board since January 2025; he co-founded SanDisk as a start-up in 1988 and was its chief executive from January 2011 until its sale in May 2016. 15

Future

A quarterly report (Form 10-Q) for the quarter ending 2026-12-31 is due by 2027-02-09. An annual report (Form 10-K) for the fiscal year ending 2027-09-02 is due by 2027-11-01. The company expects to keep entering strategic customer agreements with price bands expected to yield gross margins, even at floor prices, meaningfully above its peak quarterly margins in any past cycle; it received 12.75 billion dollars of customer deposits under them in 2026, nearly all scheduled to be repaid between 2029 and 2031. The company estimates capital spending of about 11.5 billion dollars in the first quarter of fiscal 2027, about 25 billion in the first six months, and more in the second half. 65

Revenue grew 104.2% a year over the last three filed years against 23.2% over all 10, speeding up; the newest year grew 249.4%; research spending grew 21.9% a year; capital spending grew 58.5% a year. Revenue of $133 billion in fiscal 2026 came in 129.4% above the $58 billion its prior three years' pace pointed to; net income of $85 billion against a prior three-year average of $1.2 billion; a net margin of 63.8% against -3.9% before. 1

How the company operates From the company read

Micron makes memory chips, in its own factories. Its main product is DRAM, the fast working memory in servers, PCs, phones and cars, which loses its contents when the power goes off; the second is NAND flash, which keeps data without power and goes into solid-state drives and phones; it also makes NOR chips that hold start-up code. Its fastest-growing product is HBM, high-bandwidth memory: DRAM chips stacked in 3D and connected through the silicon, built for the heavy data traffic of AI and high-performance computing. It sells them as components, modules, solid-state drives, managed NAND, multi-chip packages and whole wafers, under the Micron name and through private labels, mostly through its own sales force and also through distributors, retailers and independent representatives. 910111213141516

It reports four business units. Two serve the data center. The Cloud Memory Business Unit sells to the largest hyperscale cloud companies and sells HBM to every data center customer; it brought in 43.09 billion dollars in fiscal 2026, 32% of revenue. The Core Data Center Business Unit sells storage to all data center customers and memory to server makers, enterprises and NeoCloud customers, the AI-focused cloud providers that are distinct from the traditional hyperscalers; it brought in 37.59 billion dollars, 28%. 1718192021

The other two serve devices. The Mobile and Client Business Unit, for phones and PCs, plus component DRAM and NAND sold to the consumer market, brought in 36.60 billion dollars, 27% of revenue; the Crucial consumer brand of memory modules and drives sold in retail was exited, as announced in December 2025. The Automotive and Embedded Business Unit, for cars, factories and consumer devices, brought in 15.89 billion dollars, 12%. 222324252126

About half of revenue came from the ten largest customers in each of the last three years. No customer reached a tenth of revenue in fiscal 2026, after one customer, mostly within the cloud memory unit, took 17% in 2025. By the location of customers' headquarters, the United States accounted for 91,323 million dollars of 2026 revenue, Taiwan 16,950 million, mainland China 8,338 million and Hong Kong 6,289 million; about a third of revenue came from customers headquartered abroad, yet about 70% came from products shipped to locations outside the United States. Some contracts are short-term; others are strategic take-or-pay agreements, meaning the buyer pays for committed volumes whether it takes them or not, over several years, most with prices held between a floor and a ceiling and backed by customers' cash deposits and letters of credit. 272829303132

Its chips are made on 300mm wafers in its own plants in Taiwan, Singapore, Japan, the United States, Malaysia, China and India, which generally run around the clock, and it generally uses all of its existing capacity. A majority of its DRAM output in fiscal 2026 came from its fabs in Taiwan. It relies on outside makers for controllers, analog chips and other components, on outsourced foundries and assembly and test providers for some steps, and on a limited number of suppliers, sometimes a single one, for some materials; China is a predominant producer of the rare earths and metals it uses and has restricted exports of some of them. 333435363738

New moves

2026-10-09: Form 10-K, Annual report for the period ended 2026-09-03, with the year's full account. 2026-09-30: Form 8-K, Current report (Results released, item 2.02), the results release on the overview and the calendar. 2026-08-26: Form 8-K, Current report (Officer or director change, item 5.02) for the period ended 2026-08-24, counted in the leadership change measure. 2026-01-21: Form 8-K, Current report (Charter, bylaw or fiscal-year change, item 5.03; Shareholder vote, item 5.07) for the period ended 2026-01-15, reporting that the charter or bylaws changed and the vote results. 6

Net income of $37.70 billion on $54.23 billion of revenue in the fiscal fourth quarter tops the $37.38 billion Micron sold in all of fiscal 2025; by its own account prices did more of the quarter's rise than volume, customers have put $12.7 billion of deposits behind 26 take-or-pay supply agreements, and the company says it cannot see when the supply of working memory will catch up with demand. 2026-10-21, MarketWatch: "Time for a Micron mindset shift? Here's how to navigate the new AI landscape. " 2026-10-15, CNBC: "Memory stocks are getting hammered. China and a 2029 oversupply are the big worries. " " 78

What the desk infers Inferred

1. Inferred

   Micron's DRAM making leans on Taiwan, and its recent spending has deepened that lean rather than eased it while its new American fabs are still being built.

   Because

   • A majority of its DRAM output in fiscal 2026 came from its fabs in Taiwan. 5
   • Its property, plant and equipment and leased assets in Taiwan grew to 27,613 million dollars from 18,965 million, about twice its US total of 14,463 million. 5
   • It bought a further fab in Taiwan in March 2026 and has begun a second cleanroom at that site. 5
   • Its first Boise fab is projected to give first DRAM wafers only in mid-calendar 2027, and the first New York fab in calendar 2030. 5
   Confidence 75 of 100Wrong if A filing showing that most of Micron's DRAM output came from outside Taiwan, or that its long-lived assets in the United States overtook those in Taiwan.