Micron is like Intel for memory chips.

Micron is like Qualcomm for the memory and storage inside your electronics.

Micron Technology (MU) primarily offers the following major products:

• DRAM (Dynamic Random Access Memory): Volatile memory used for main system memory in computers, servers, and mobile devices, providing high-speed data access.
• NAND Flash Storage: Non-volatile memory used for mass storage in SSDs, smartphones, and other embedded systems, retaining data even without power.
• NOR Flash Memory: Non-volatile memory primarily used for storing boot code and firmware in a wide range of embedded and consumer electronics due to its fast random read access.
• Solid-State Drives (SSDs): High-performance storage devices that utilize NAND Flash memory to provide faster data access and greater durability than traditional hard disk drives.
• High Bandwidth Memory (HBM): A high-performance DRAM interface used for demanding applications like AI accelerators and graphics cards, offering significantly higher bandwidth than traditional DRAM.

Micron Technology (symbol: MU) primarily sells its memory and storage products to other companies (B2B). While the company's annual report (10-K filing) explicitly states that no single customer accounted for 10% or more of its total revenue for fiscal years 2023, 2022, or 2021, its major customers can be identified by the industries and types of companies that integrate Micron's components into their products. These include leading Original Equipment Manufacturers (OEMs) and cloud service providers across various market segments.

The following categories represent Micron's major customer segments, with examples of public companies typically found within each:

• Data Center and Cloud Service Providers: These companies build and operate large-scale data centers that require massive amounts of memory and storage. Micron sells to the manufacturers of servers and storage systems for these providers, and often directly to the hyperscalers themselves.

  • Examples: Amazon (AMZN - for AWS), Microsoft (MSFT - for Azure), Alphabet (GOOGL - for Google Cloud).

• PC and Server Original Equipment Manufacturers (OEMs): Manufacturers that integrate Micron's DRAM and NAND flash products into their desktops, laptops, and enterprise servers.

  • Examples: Dell Technologies (DELL), HP Inc. (HPQ), Lenovo Group (HKEX: 0992).

• Mobile Device Manufacturers: Companies producing smartphones, tablets, and other mobile electronics that rely on Micron's low-power memory and storage solutions.

  • Examples: Apple Inc. (AAPL), Samsung Electronics (KRX: 005930), Xiaomi Corp. (HKEX: 1810).

• Automotive and Industrial System Manufacturers: For applications in advanced driver-assistance systems (ADAS), in-vehicle infotainment, and industrial IoT devices, often through Tier 1 suppliers or directly to major automotive companies.

  • Examples: Intel Corporation (INTC - which supplies components for automotive/industrial segments), Qualcomm Incorporated (QCOM - which supplies chips used in these systems).

• Graphics, Gaming, and Networking OEMs: Manufacturers of graphics cards, gaming consoles, and networking equipment that utilize high-performance memory.

  • Examples: NVIDIA Corporation (NVDA), Advanced Micro Devices (AMD).

• ASML Holding (ASML)
• Applied Materials (AMAT)
• Lam Research (LRCX)
• KLA Corporation (KLAC)
• Tokyo Electron (TYO: 8035)
• Shin-Etsu Chemical (TYO: 4063)
• SUMCO (TYO: 3436)
• Linde plc (LIN)

Sanjay Mehrotra, Chairman, President and Chief Executive Officer

Sanjay Mehrotra became the President and CEO of Micron Technology in May 2017. He co-founded SanDisk Corporation in 1988 and served as its President and CEO from 2011 until its acquisition by Western Digital in 2016 for $19 billion. With over 40 years of experience in the semiconductor memory industry, Mehrotra has held engineering and leadership positions at Integrated Device Technology, SEEQ Technology, and Intel Corp. He holds more than 70 patents, many of which are foundational to high-capacity flash memory. He currently serves on the board of directors for CDW Corporation and the Semiconductor Industry Association.

Mark Murphy, Executive Vice President and Chief Financial Officer

Mark Murphy joined Micron Technology in 2022. He has over 25 years of experience in finance and general management across global companies. Prior to Micron, he served as Executive Vice President and CFO of Qorvo, a leader in wireless technologies, from 2016. His previous leadership roles include CFO at Delphi Automotive and MEMC Electronic Materials, and president of the Electronics Materials division at Praxair. Earlier in his career, he was EVP/CFO for four years and COO for eight years at Tycom Corporation, which was sold to Kyocera in 2001. He also served as CEO of Pro-Dex, Inc., a publicly traded medical device firm, for six years. Murphy serves on the board of directors of Albany International.

Sumit Sadana, Executive Vice President and Chief Business Officer

Sumit Sadana joined Micron Technology in 2017. He possesses over 30 years of experience in the technology industry, having held diverse roles including chip design, software development, operations management, strategy development, IP licensing, and executive positions such as CTO, CFO, and GM. His previous experience includes various leadership roles at SanDisk Corporation, including Executive Vice President, Chief Strategy Officer, and General Manager, Enterprise Solutions. Sadana also held leadership positions at Freescale Semiconductor and IBM. He is a member of the board of directors of Silicon Labs.

April Arnzen, Executive Vice President and Chief People Officer

April Arnzen began her career at Micron Technology in 1996 and has since advanced through various leadership positions within human resources. In her current role, she is responsible for leading Micron's global people strategy and cultivating a culture that prioritizes performance, growth, and inclusion. Arnzen also holds the position of President of the Micron Foundation. She is actively involved with non-profit education boards and is a frequent speaker at women's leadership forums.

Michael Ray, Senior Vice President, Chief Legal Officer and Corporate Secretary

Michael Ray was appointed as Senior Vice President, Chief Legal Officer and Corporate Secretary at Micron Technology in 2024. He brings nearly 30 years of legal experience, including a significant tenure at Western Digital, where he led the legal department for over 13 years as general counsel and chief legal officer. Prior to Western Digital, he served as corporate counsel for Wynn's International, Inc. and practiced labor and employment law at O'Melveny & Myers, LLP. Ray also served as a judicial clerk for the U.S. District Court, Central District of California. He currently serves on the board of trustees of South Coast Repertory Theater and Boston College High School.

The emergence and rapid technological advancements of state-backed memory manufacturers, particularly in China (e.g., Yangtze Memory Technologies Corp. for NAND and ChangXin Memory Technologies for DRAM), pose a clear emerging threat. These companies, driven by national strategic imperatives, are investing heavily in R&D and production capacity, aiming to achieve self-sufficiency and gain significant global market share. This could lead to increased competition, potential oversupply, and sustained pricing pressure across DRAM and NAND markets, directly impacting Micron's revenues and profitability, similar to how new entrants or models have disrupted established industries in the past.

Micron Technology (symbol: MU) operates primarily in the Dynamic Random Access Memory (DRAM) and NAND flash memory markets. These are the main products and services for which addressable market sizes can be identified.

Here are the addressable market sizes for Micron's main products:

• DRAM (Dynamic Random Access Memory): The global DRAM market was valued at approximately USD 115.89 billion in 2024 and is projected to grow to about USD 193.97 billion by 2032. Other estimates place the global DRAM market value at USD 131.1 billion in 2024, with a projection to reach USD 401.6 billion by 2035.
• High Bandwidth Memory (HBM): A specialized type of advanced DRAM, the total addressable market (TAM) for HBM is estimated to be over USD 35 billion globally for calendar year 2025. Micron's management further estimates that the global HBM TAM will reach USD 100 billion by the end of the decade (2030).
• NAND Flash Memory: The global NAND flash market was valued at USD 65.1 billion in 2024 and is estimated to grow to USD 113.3 billion by 2034. Another report indicates the global NAND flash memory market size was USD 80.68 billion in 2024 and is expected to reach USD 140.89 billion by 2033. For North America, the NAND flash market is forecasted to reach USD 43.7 billion by 2034. Specifically for the U.S., the NAND flash market is predicted to reach USD 30.6 billion by 2034.

Micron Technology (MU) is poised for significant revenue growth over the next two to three years, driven by several key factors:

1. Accelerated Demand for High-Bandwidth Memory (HBM) driven by Artificial Intelligence (AI): Micron anticipates substantial growth from its High-Bandwidth Memory (HBM) products, which are crucial for AI applications. The HBM market is projected to expand significantly, from approximately $4 billion in calendar 2023 to over $25 billion in calendar 2025, with expectations to exceed $100 billion by 2030. Micron expects to achieve HBM market share commensurate with its overall DRAM market share by calendar 2025 and has already secured customer commitments for nearly all of its fiscal year 2026 HBM supply.
2. Robust Growth in Data Center Solutions: Beyond HBM, demand for Micron's broader data center portfolio, including high-capacity DDR5 (D5) and LPDDR5 (LP5) solutions and data center Solid-State Drives (SSDs), is a strong revenue driver. Data center revenue reached record levels in fiscal 2024 and is expected to grow significantly in fiscal 2025, with these product categories each anticipated to generate multiple billions of dollars in revenue.
3. Broad-based DRAM and NAND Market Recovery and Improved Pricing: The overall DRAM and NAND markets are experiencing a multi-year growth inflection, with industry bit demand growth projected to be in the mid-teens compound annual growth rate (CAGR) for both segments. This demand is outpacing supply, leading to rising average selling prices (ASPs) for both DRAM and NAND, which is a significant factor in Micron's revenue and profitability improvements.
4. Leadership in Advanced Technology Nodes and New Product Introductions: Micron's investments in cutting-edge process technologies, such as 1-beta DRAM and G8/G9 NAND, along with the continuous introduction of high-performance products, are strengthening its competitive position. These technological advancements and new offerings are crucial for meeting evolving customer needs and capturing market share across various end markets, including PCs, smartphones, and automotive.