Micron Technology (MU)

Memory maker (DRAM/HBM/NAND) — US HBM supplier for AI accelerators

AI exposure 53% — derived from reported segment revenue, not asserted.

Where it sits

Silicon Layer → Memory & Storage ICs · figures rebased to FQ4 2026 (ended Sep 3), reported 2026-09-30

Micron makes DRAM, HBM and NAND, and all four business units are memory and storage, so Memory & Storage ICs is the whole company. Core Data Center is the largest unit at 33.2% of FQ4 2026 revenue, then Cloud Memory 30.0%, Mobile and Client 24.2% and Automotive and Embedded 12.6%; data centre together is 63.2%.

Reported segments

• Core Data Center (CDBU) — 33.2% of revenue
• Cloud Memory (CMBU) — 30% of revenue
• Mobile & Client (MCBU) — 24.2% of revenue
• Automotive & Embedded (AEBU) — 12.6% of revenue

Micron (FQ4 2026 (ended Sep 3), reported 30 Sep 2026: revenue $54,229M, +379% YoY) reports four business units, all memory and storage, so all sit in B1 Memory & Storage ICs. Core Data Center $18,002M = 33.2% (OEM server memory plus all data-centre SSDs), Cloud Memory $16,283M = 30.0% (HBM for every data-centre customer plus hyperscaler DRAM), Mobile and Client $13,114M = 24.2%, Automotive and Embedded $6,824M = 12.6%. Data centre together is 63.2%. By technology, DRAM $39.8B (73%) and NAND $14.1B (26%), from the call. [2026-10-03: the previous mix, 39/31/17/13, was FQ1 2026 and had not been…

How the 53% is built

• Core Data Center (CDBU) — 33.2% of revenue × 75% AI-driven (estimate). OEM server memory plus all data-centre SSDs — nearly $10B of SSDs in FQ4, increasingly inference KV-cache — with a general-server remainder
• Cloud Memory (CMBU) — 30% of revenue × 85% AI-driven (estimate). HBM for every data-centre customer is entirely AI, and hyperscaler DRAM is predominantly AI-server demand
• Mobile & Client (MCBU) — 24.2% of revenue × 5% AI-driven (estimate). Phones and PCs — on-device AI is content growth, not AI infrastructure
• Automotive & Embedded (AEBU) — 12.6% of revenue × 10% AI-driven (estimate). Automotive and industrial edge, with a small physical-AI slice

Investment read

Moat. One of three DRAM/HBM oligopolists and the only US-based one; HBM4 is in volume production and the vast majority of calendar-2027 HBM supply is contracted. SK Hynix still leads HBM and every generation is re-qualified with the accelerator, so the position is contested rather than owned — which caps this at narrow, even with the new contract book.

Bottleneck / pricing power. Pricing is set by scarcity and now partly by contract: 86.8% GAAP gross margin in FQ4 2026 with ~86.25% guided for FQ1 FY2027, calendar-2027 HBM sold at significantly higher prices, and management expecting supply 'much tighter in calendar 2027 and 2028 compared to 2026' with no visible return to balance.

Role in the AI stack. The AI-memory supplier — HBM is co-critical with the GPU itself.

Connected companies

• Lam Research (LRCX) — MU is supplied by: memory etch tooling
• NVIDIA (NVDA) — MU supplies: HBM3E memory
• Advanced Micro Devices (AMD) — MU supplies: HBM3E memory for MI300/MI350 accelerators
• Rambus (RMBS) — MU is supplied by: memory patent/IP licensing + DDR5 interface / HBM4 controller IP
• SK Hynix (SKHY) — MU competes with: DRAM + HBM rivalry — both ramping HBM3E/HBM4 for AI accelerators
• Samsung Electronics (SSNLF) — MU competes with: DRAM + NAND across the board
• Sandisk (SNDK) — MU competes with: NAND flash — enterprise SSD vs Micron NAND
• Onto Innovation (ONTO) — MU is supplied by: 3D bump metrology + 2D inspection for HBM/memory
• Microsoft (MSFT) — MU supplies: DRAM/HBM/NAND for Azure data centers under multi-year hyperscaler supply agreements
• Amazon (AMZN) — MU supplies: DRAM/HBM/NAND for AWS servers and custom silicon under multi-year supply agreements
• Alphabet (GOOGL) — MU supplies: memory for Google Cloud
• Meta Platforms (META) — MU supplies: HBM/memory for Meta
• Oracle (ORCL) — MU supplies: DRAM/HBM/NAND memory for ORCL AI data centers
• CoreWeave (CRWV) — MU supplies: DRAM/HBM/NAND in the NVIDIA systems and servers CoreWeave deploys (via NVIDIA/ODMs)

Others in Memory & Storage ICs

• SK Hynix (SKHY)
• Samsung Electronics (SSNLF)
• Sandisk (SNDK)
• Rambus (RMBS)

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