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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Cathie Wood, founder and chief executive officer of ARK Invest, said memory chip demand is rising but the cycles are "vicious." Speaking to investors in Hong Kong on October 13, she said more competitors, especially from China, would increase volatility. Micron shares have risen 385% over the past year and SanDisk shares nearly 965%. Both have fallen sharply in the past week. Micron's non-GAAP gross margin hit 87.0% in fiscal Q4 2026, up from 45.7% a year earlier. To blunt a downturn, it signed 26 customer agreements backed by $32 billion in commitments. SanDisk's agreements carry $16.5 billion in financial guarantees. State-backed CXMT plans server-grade DDR5 chips before the end of 2026, though large-scale output is unproven.
Micron Technology reported fiscal 2026 revenue of $133.2 billion, up 256% from a year earlier. Earnings per share rose from $7.59 to $74.33, and the company's market value reached about $1.1 trillion. Fourth-quarter revenue was $54.23 billion, up 379% year over year. Gross margin for the year hit 81.1%. Micron guides first-quarter fiscal 2027 revenue of $60 billion to $63 billion. The surge reflects a shortage of memory chips for AI data centres, and mostly higher prices rather than volume. Micron also announced a custom HBM4E product for Nvidia. At about $950 a share, a $2,000 stake could be worth roughly $2,690 by 2029 in a bull case, or $890 if supply catches up and prices fall.
Micron Technology shares fell below $1,000 on October 12 for the first time since September 17, after China's ChangXin Memory Technologies (CXMT) announced a technological advance. The advance is expected to enable memory chips that store more data in less space. Micron fell 3.9% on Monday and by a similar amount on Tuesday, but is still up 230% this year, with a market cap of about $1.1 trillion. The company reported record fourth-quarter fiscal 2026 results on September 30. Revenue rose 379.3% year over year to $54.2 billion, beating estimates of $50.95 billion. Non-GAAP earnings per share were $33.42, against a forecast of $31.82. Micron expects first-quarter fiscal 2027 revenue of $61.5 billion, plus or minus $1.5 billion. Of 42 analysts, 34 rate the stock "Strong Buy"; the average price target is $1,563.22.
ASML reported third-quarter revenue up 55% to €11.66 billion, slightly below the €11.72 billion analysts expected. Earnings per share rose from €5.48 to €12.93, well above the €10.76 consensus. Its shares fell 4% on Wednesday amid a wider tech sell-off. The chip equipment maker raised its full-year revenue guidance to €44 billion-€45 billion from €43 billion-€45 billion. It expects fourth-quarter revenue of €14.2 billion-€15.2 billion. Chief executive officer Christophe Fouquet said some customers want to place orders for 2029 and 2030. ASML expects supply to fall short of demand in 2027 and 2028, and plans to expand capacity beyond the 30% increase already forecast. The news favours Micron, a key ASML customer. Tight supply of ASML's extreme ultraviolet machines could delay memory chip expansion and keep prices high.
Chip stocks extended their slide on Thursday as worries grew over mounting debt and rising financing costs for artificial intelligence (AI) infrastructure. Nvidia fell over 2% and Advanced Micro Devices dropped 4%, while Micron Technology and SanDisk slipped about 4% and 6%. The selloff came even as Taiwan Semiconductor Manufacturing Co. (TSMC) reported third-quarter revenue up 51% to NT$1.49 trillion, beating forecasts. It expects fourth-quarter revenue to rise up to 61% from a year earlier. Saxo Bank's chief investment strategist, Charu Chanana, said there was no clear evidence of a systemic AI credit crisis. She warned, however, that financing strain could hit chip suppliers if operators cut spending. Yields on some CoreWeave bonds have neared 15%, which she said suggests investors are less willing to fund AI growth at any cost.