Micron Technology designs and manufactures memory and storage chips, mainly DRAM and NAND flash, used in data centers, PCs, phones, cars and industrial equipment. It is one of only three companies that make HBM, the stacked high-bandwidth memory placed beside processors in AI servers, and it is the largest memory chipmaker based in the United States. Unlike chip designers that outsource production, Micron runs its own fabs and assembly sites in the United States and across Asia. It earns money by selling chips, memory modules and solid-state drives to cloud providers, device makers and distributors. Micron was founded in 1978 and is headquartered in Boise, Idaho.
Company Size
10,001+
Company Stage
IPO
Headquarters
Boise, Idaho
Founded
1978
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Micron Technology has become the 11th largest company in the world, with a market cap of $1.12 trillion, driven by demand for memory chips in AI data centres, smartphones, and PCs. One analyst argues two rivals could overtake it within five years. Advanced Micro Devices (AMD), valued at $970 billion, saw second-quarter revenue rise 50% year over year to $11.5 billion. Data centre revenue jumped 107% to $6.7 billion, and AMD's share of the server processor market rose to 34.5% from 27.3%. SK Hynix, valued at $780 billion, holds 50% of the high-bandwidth memory market against Micron's 18%. It trades at 11 times earnings against Micron's 25, and analysts expect long-term earnings-per-share growth of 82%, versus 65% for Micron.
Wall Street opened the week mixed. The Dow Jones edged higher, while the S&P 500 and Nasdaq slipped on rising oil prices and technology pullbacks. With geopolitical tensions fuelling uncertainty, Zacks recommends low-leverage stocks for risk-averse investors. These companies carry little debt, which helps them weather interest rate shifts and economic downturns. Its screen of debt-to-equity ratios, earnings growth, and Zacks Rank produced 19 stocks. Five picks stand out: Micron Technology, Casey's General Stores, Ganesco, Plains Group, and Vince Holding. Micron's quarterly revenue rose 266.3% year over year to $41.46 billion. Plains Group agreed to buy Silver Creek for $585 million in cash.
Micron Technology is set to gain from rising demand for high-bandwidth memory (HBM) as AI companies build more powerful data centres. Fourth-quarter fiscal 2026 revenue jumped 379.3% year over year to $54.23 billion, while non-GAAP gross margin reached 87%, up from 45.7%. Full-year revenue rose 256.3% to $133.19 billion. Micron has agreed terms covering most of its 2027 HBM supply at significantly higher prices. Its 12-high HBM4 ramp-up is advancing twice as fast as HBM3E did, and it has shipped more than $1 billion in HBM4 revenue. The company expects a first-quarter fiscal 2027 non-GAAP gross margin of about 86.25%, though sustaining it depends on execution and continued AI spending. Micron shares have risen 246.5% this year.
Micron Technology shares have gained about 19% on average in the fourth quarter from 2016 through 2025, almost twice the 10% of the next-best quarter. The stock rose in seven of those 10 years. This year's quarter has started weakly. Shares are near $983, down about 8% from the September 30 close and about 19% below the record close of $1,213.56 on June 25. The three down years followed weak outlooks from the company. This year looks different: fiscal fourth-quarter revenue hit a record $54.2 billion, up 379% from a year earlier, and Micron expects about $61.5 billion next quarter. Memory prices are still rising, though more slowly. At $983, the stock trades at about 13 times fiscal 2026 earnings of $74.33 a share, and about six times analysts' fiscal 2027 estimates.
Elon Musk said China can often scale a product it has mastered beyond the rest of the world combined, but advanced memory "will be harder to solve." He cited lithium batteries and solar, and called SpaceX a rare exception. His comments on X came as memory stocks slid. The selloff erased a combined $108 billion from the market values of Micron, SK Hynix, and SanDisk after ChangXin Memory Technologies (CXMT) reported chip-design advances. Musk said low-power memory for phones and laptops follows a common standard that China "seems to be solving fast." High-bandwidth memory and stacked designs are tougher. TrendForce data put CXMT's share of global DRAM revenue at 9.5% in the second quarter, up from 7.6% in the first. Micron fell 3.88% to $989.04 on Monday and lost another 1.40% after hours.