MU·Semiconductors — Memory (DRAM/HBM + NAND)

Micron Technology

ConvictionStrong

Vertically integrated IDM: designs and fabs its own DRAM and NAND in owned fabs (US, Japan, Taiwan, Singapore), sells to OEMs/hyperscalers/distributors. Deeply cyclical commodity historically, now partly de-commoditized via take-or-pay HBM/Strategic Customer Agreements (fact: 16 SCAs, ~$100B minimum contracted revenue through 2030, Q3 FY26 call).

Revenue

$41.46Bfact, Q3 FY26, qtr ended ~May 2026; +346% YoY, +74% QoQ). TTM ~$92B and rising fast (est., sum of Q4FY25 $11.32B + Q1 $13.64B + Q2 $23.86B + Q3 $41.46B).

Rev growth

+346% YoYfact, Q3 FY26). Driven by AI/data-center DRAM + HBM and severe pricing — not a sustainable steady-state growth rate.

Gross marginfact

81.2% non-GAAPfact, Q3 FY26), up from 74% (Q2) and 56.8% (Q1 FY26); Q4 guided ~86% . A historic peak for any memory maker.

Op margin

~81% non-GAAPfact, Q3 FY26 call cited ~81.2% op margin, +12pts QoQ; opex only ~$1.6B vs $41B rev).

Capex intensityfact

~17%in Q3 ($7.1B capex / $41.46B rev, fact); FY26 capex guided ~$27B net of incentives on a much lower full-year revenue base, so FY26 capex/revenue is higher (~25-30%, est.).

Market cap

~$1.32-1.37Tfact, ~Jun 22-25 2026; ~1.13-1.15B shares x ~$1,166 price). Note: a $1T+ memory cap is unprecedented and itself prices a structural-cycle thesis.

Price · 1-year trend

real · weekly

$1214+873% 1yUSD

52-week range

$105 – $1214

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityModerate

AI Compute Value-Chain

Full context

position · longWeak

AI Compute Value-Chain

Full context

opportunityStrong

Memory super-cycle monitor

Full context

opportunityModerate

Memory super-cycle monitor

Full context

opportunityModerate

Memory super-cycle monitor

Full context

position · longStrong

Memory super-cycle monitor

Full context

book · long

Memory super-cycle monitor

Full context

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Micron Technology

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence