Micron Technology, Inc. is a leader in innovative memory and storage solutions, offering a portfolio of high-performance DRAM, NAND, and NOR memory and storage products through its Micron® and Crucial® brands. The company operates through four main business units, focusing on different market segments, including data centers, mobile devices, automotive, and consumer markets . Micron emphasizes technology leadership and operational excellence to maintain its competitive edge in the semiconductor memory and storage markets .
- Compute and Networking Business Unit (CNBU) - Develops memory products for data centers, PCs, graphics, and networking markets.
- Mobile Business Unit (MBU) - Provides memory solutions for the smartphone and mobile-device markets.
- Embedded Business Unit (EBU) - Targets the automotive, industrial, and consumer embedded markets with specialized memory products.
- Storage Business Unit (SBU) - Offers SSDs and storage solutions for data centers, PCs, and consumer markets.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Sanjay Mehrotra ExecutiveBoard | President, Chief Executive Officer, and Director | Board Member at CDW Corporation | Over 40 years of experience in the semiconductor memory industry; co-founded and led SanDisk Corporation as CEO until its sale in 2016. | View Report → |
April S. Arnzen Executive | Executive Vice President and Chief People Officer | None | Joined Micron in 1996; promoted to EVP in 2023; oversees global human resources strategy; holds a BS in HR Management and Marketing from the University of Idaho. | |
Manish Bhatia Executive | Executive Vice President, Global Operations | None | Joined Micron in 2017; oversees manufacturing, supply chain, and IT; previously EVP at Western Digital and SanDisk. | |
Mark J. Murphy Executive | Executive Vice President and Chief Financial Officer | Board Member at Albany International Corp. | Joined Micron in 2022; previously CFO at Qorvo, Inc. and Delphi Automotive PLC; U.S. Marine Corps veteran with an MBA from Harvard. | |
Michael Ray Executive | Senior Vice President, Chief Legal Officer, and Corporate Secretary | None | Joined Micron in 2024; previously held leadership roles at Western Digital Corporation, including Chief Legal Officer. | |
Michael W. Bokan Executive | Senior Vice President, Worldwide Sales | None | Joined Micron in 1996; named SVP in 2018; leads global sales strategy; holds a BS in Business Administration from Colorado State University. | |
Scott J. DeBoer Executive | Executive Vice President, Technology & Products | None | Joined Micron in 1995; leads technology and product development; holds a PhD in Electrical Engineering and an MS in Physics from Iowa State University. | |
Scott R. Allen Executive | Corporate Vice President and Chief Accounting Officer | None | Joined Micron in 2020; previously held executive roles at NetApp, Inc.; holds a BBA in Accounting from Siena College. | |
Sumit Sadana Executive | Executive Vice President and Chief Business Officer | Lead Independent Director at Silicon Laboratories, Inc. | Over 30 years of technology industry experience; oversees Micron's business units, strategy, and corporate development; has led $40 billion in M&A deals. | |
Linnie M. Haynesworth Board | Director | Board Member at Truist Financial, ADP, and Eastman Chemical; Member of the Defense Business Board | Joined Micron's board in 2021; extensive experience in cybersecurity and technology integration; former executive at Northrop Grumman. | |
Lynn Dugle Board | Lead Independent Director (effective January 2025) | Board Member at EOG Resources, KBR, and TE Connectivity Ltd. | Joined Micron's board in 2020; extensive experience in defense and technology industries; previously CEO of Engility Holdings and executive at Raytheon. | |
Mary Pat McCarthy Board | Director | Board Member at Palo Alto Networks, Inc. | Joined Micron's board in 2018; former Vice Chair of KPMG LLP; brings deep expertise in financial and accounting matters; Chair of Micron's Audit Committee. | |
MaryAnn Wright Board | Director | Board Member at Group 1 Automotive, Brunswick Corporation, and Solid Power | Joined Micron's board in 2019; extensive experience in automotive and energy storage industries; previously held leadership roles at Johnson Controls and Ford Motor Company. | |
Richard M. Beyer Board | Director | None | Joined Micron's board in 2013; extensive expertise in technology, corporate strategy, and financial management; former CEO of Freescale Semiconductor. | |
Robert E. Switz Board | Chair of the Board of Directors (retiring January 2025) | Board Member at Marvell Technology Group Ltd. | Joined Micron's board in 2006; Chair since 2012; instrumental in recruiting CEO Sanjay Mehrotra; retiring after the January 2025 shareholders meeting. | |
Robert Swan Board | Director | Operating Partner at Andreessen Horowitz; Board Member at Nike, Flexport, and GoTo Group | Joined Micron's board in 2024; former CEO of Intel Corporation; extensive experience in finance and leadership roles across multiple industries. | |
Steven J. Gomo Board | Director | Board Member at Nutanix, Inc. and Enphase Energy, Inc. | Joined Micron's board in 2018; former CFO of NetApp; brings expertise in finance, accounting, and technology. |
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With your OpEx increasing by 15% and a higher mix of HBM in your capacity, what is your confidence level in operating margin expansion throughout fiscal '25, and how are you managing the risks associated with higher costs?
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As you transition to 12-high HBM stacks and anticipate a higher trade ratio, how do you plan to address the potential increase in production costs and maintain competitiveness in the market?
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Given the increased supply from China in lower-end DRAM and NAND products, how does this impact your strategy to focus on higher-profit segments, and what measures are you taking to mitigate any potential disruptions?
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Can you provide more transparency on the percentage of your DRAM bit shipments that are still DDR4, and how quickly do you expect to reduce your exposure to lagging-edge products amid concerns about excess supply?
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With your reliance on yield improvements for the aggressive ramp of HBM products, what contingencies are in place if yields do not improve as expected, and how might this affect your ability to meet growing AI customer demand?
Research analysts who have asked questions during MICRON TECHNOLOGY earnings calls.
Timothy Arcuri
UBS
6 questions for MU
Vijay Rakesh
Mizuho
5 questions for MU
Aaron Rakers
Wells Fargo
3 questions for MU
Brian Chin
Stifel Financial Corp.
3 questions for MU
CJ Muse
Cantor Fitzgerald
3 questions for MU
Harlan Sur
JPMorgan Chase & Co.
3 questions for MU
Joseph Moore
Morgan Stanley
3 questions for MU
Karl Ackerman
BNP Paribas
3 questions for MU
Krish Sankar
TD Cowen
3 questions for MU
Vivek Arya
Bank of America Corporation
3 questions for MU
Chris Caso
Wolfe Research LLC
2 questions for MU
Chris Daintley
Citigroup Inc.
2 questions for MU
Christopher Muse
Cantor Fitzgerald
2 questions for MU
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
2 questions for MU
Thomas O’Malley
Barclays Capital
2 questions for MU
Chris Danely
Citi
1 question for MU
Christopher Caso
Wolfe Research
1 question for MU
Christopher Danely
Citigroup Inc.
1 question for MU
Mehdi Hosseini
Susquehanna Financial Group
1 question for MU
Srinivas Pajjuri
Raymond James & Associates, Inc.
1 question for MU
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Kioxia Holdings Corporation | We face intense competition in the semiconductor memory and storage markets from a number of companies, including this company. Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. |
Samsung Electronics Co., Ltd. | We face intense competition in the semiconductor memory and storage markets from a number of companies, including this company. Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. |
SK hynix Inc. | We face intense competition in the semiconductor memory and storage markets from a number of companies, including this company. Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. |
We face intense competition in the semiconductor memory and storage markets from a number of companies, including this company. Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. | |
Yangtze Memory Technologies Co., Ltd. (YMTC) | We face the threat of increasing competition as a result of significant investment in the semiconductor industry by the Chinese government and various state-owned or affiliated entities, in companies such as this company. |
ChangXin Memory Technologies, Inc. (CXMT) | We face the threat of increasing competition as a result of significant investment in the semiconductor industry by the Chinese government and various state-owned or affiliated entities, in companies such as this company. |
Recent press releases and 8-K filings for MU.
- CLSA initiates Micron with an Outperform rating and $155 price target, citing its role in the AI memory wave
- Micron’s high-bandwidth memory products are positioned as critical for AI compute due to their efficient, low-power performance
- The stock trades at 9.5× forward P/E after 200% earnings growth last year
- Shares are up ~40% YTD, reflecting volatility with swings from just over $60 to $118, and potential to exceed $150 with proper position sizing
- Micron updated its fiscal Q4 guidance, raising revenue midpoint to $11.2 billion (from $10.7 billion), gross margin to 44.5%, and non-GAAP EPS to $2.85.
- Upside driven by pricing strength across AI/data center, PC, and mobile end markets, while shipment volumes remained in line with prior guidance.
- Robust AI/data center demand supported by > $400 billion in 2025 hyperscaler CapEx and a supply squeeze from a 3:1 HBM-to-DDR5 wafer ratio, sustaining higher pricing.
- Advanced HBM roadmap: HBM3E 12-high volume now exceeds 8-high, HBM4 samples delivered (on mature 1β node), and confidence in sell-out of CY26 supply; HBM4E customization promises premium pricing and higher ROI, underpinned by $200 billion U.S. R&D and manufacturing commitment.
- Three new Micron G9 NAND SSDs announced: the world’s first PCIe Gen6 9650 SSD, high-density 6600 ION SSD and low-latency Gen5 7600 SSD, targeting AI training and inference workloads.
- The 9650 SSD delivers up to 28 GB/s sequential reads, 14 GB/s writes, 5.5 MIOPS random reads and 900 KIOPS random writes, with up to 67% better energy efficiency vs. Gen5 drives.
- The 6600 ION SSD offers a 122 TB E3.S form factor (sample ship in Q3 2025) with up to 67% higher density vs. competitors and a planned 245 TB version in H1 2026.
- The 7600 SSD (PCIe Gen5) delivers 12 GB/s sequential reads, 7 GB/s writes, sub-1 ms latency on RocksDB and improved QoS for mixed AI workloads.
- Samples of the 9650 and 7600 SSDs are shipping now; 6600 ION ships later in Q3 2025.
- S&P 500, Dow, and Nasdaq each rose by nearly 1%, with the S&P and Nasdaq closing just shy of all-time highs.
- US dollar weakened and Treasury yields edged lower, benefiting exporters and industrials.
- Micron shares fell 1% despite forecasting better-than-expected Q4 revenue.
- Miners Freeport McMoRan and Southern Copper jumped 7% and 8% respectively on three-month high copper prices.
- Nike gained 5% in extended trading after reporting a smaller-than-expected revenue drop and beating profit estimates.
- $9.3 billion in fiscal Q3 revenue, up 15% sequentially, with data center revenue doubling YoY and HBM up 50% sequentially, supporting guidance of $10.7 billion for fiscal Q4 midpoint
- Annualized HBM run rate exceeding $6 billion, with HBM supply sold out for calendar 2025 and customers planning 2026 deployment
- AI-driven demand from data centers to edge is boosting DRAM content, with upcoming smartphones moving to 12 GB vs. 8 GB last year, driving mid-teens bit growth
- AI-enabled PC adoption has been slower but is expected to accelerate with the Windows 11 upgrade cycle and smartphone refresh in 2026
- $200 billion U.S. expansion: Investing $150 billion in domestic memory manufacturing and $50 billion in R&D to create 90,000 direct and indirect jobs in partnership with the U.S. government.
- Manufacturing footprint: Plans include two leading-edge DRAM fabs in Idaho (first fab production slated for 2027, with the second expected online before the first New York fab), up to four fabs in New York, and modernization of the Virginia fab, plus on-shore HBM packaging capabilities.
- CHIPS Act support: Secured $6.44 billion in grants—including $6.1 billion for fab construction, $275 million for Virginia expansion, and $65 million for workforce development.
- Improved pricing trends and strong demand for DRAM, NAND, and HBM products were highlighted, reflecting better-than-expected execution in the May quarter ( , ).
- The company detailed its U.S. expansion efforts, including ongoing construction in Boise, Idaho, and additional projects in New York and Virginia, positioning Micron for future growth ( ).
- Ongoing discussions on future ramps for HBM3E, HBM4, Gen 9 NAND, and 1-gamma DRAM technology underscore positive customer feedback and accelerated product development ( , ).
- A business reorganization into market segments was announced to enhance transparency across high-end computing, core data center, client, and automotive/embedded units ( ).
- Micron Technology, Inc. announced on April 29, 2025 the issuance of $500 million 5.65% Senior Notes due 2032 and $1.25 billion 6.05% Senior Notes due 2035 under a Form S-3 registration statement.
- The new notes feature semi-annual interest payments starting November 1, 2025, with maturities on November 1, 2032 and November 1, 2035, respectively.
- Proceeds from the offerings are targeted to redeem outstanding 2027 Notes and for general corporate purposes, with the transaction supported by a supplemental indenture and legal opinion.
- Micron highlighted a TAM increase for HBM driven by robust shipments and an accelerated shift to 12-high products, which are expected to command higher average selling prices.
- The management emphasized market share gains in HBM and its technology leadership, setting the stage for potentially higher revenues in 2026 compared to 2025.
- The company discussed supply dynamics, noting that while overall DRAM demand is high, Micron’s constrained non-HBM capacity will require disciplined investment and capacity management.
- Micron announced plans to add a second HBM manufacturing facility, scheduled to become operational in 2027, signaling significant long-term capacity investments.
- Q2 revenue reached $8.1B, with DRAM contributing $6.1B (76%) and NAND $1.9B (23%), reflecting a 38% year-over-year increase despite a sequential decline.
- The company achieved a new record in data center DRAM revenue and surpassed over $1B in quarterly HBM revenue, driven by strong shipment performance and increased HBM market share.
- For fiscal Q3, Micron provided guidance of approximately $8.8B in revenue with stable EPS expectations, while maintaining a disciplined $14B capex plan to support strategic investments.
- Key manufacturing milestones include progress on the new DRAM fab in Idaho and the HBM advanced packaging facility in Singapore, underpinning future growth initiatives.