Track market-moving stories before they get noisy

SummaryMicron Technology retains a Strong Buy rating, supported by robust guidance and a compelling valuation at 5.6x earnings.MU guides for 22% sequential weekly revenue growth and expects margins to bottom in fiscal 2027 before improving as HBM pricing lifts.A $35.16 billion buyback authorization, unlocking Dec. 9, 2026, is sized off real cash and is well-covered by MU’s balance sheet.Risks from China’s CXMT targeting high-margin DRAM are acknowledged, but current price levels already discount much of the potential downside. JHVEPhoto/iStock Editorial via Getty Images

When I last wrote about Micron Technology, Inc. (MU) on Sept. 18, the stock was at $977.50. In the weeks since, Micron delivered a blowout quarter, with revenue coming in at $54.23

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Some companies don't keep their ambitions secret. They swagger onto the stock market and draw plenty of attention with a splashy IPO and big promises (lookin' at you, Tesla).

But some incredibly successful stocks are sleeper hits: They quietly sit on the market doing nothing until one day, bam! Their shares take off like a rocket, and everybody wonders how they didn't see it coming.

That's what happened to memory chipmaker Micron Technology (MU -6.26%) in late 2025: Its shares had languished for years until a global memory shortage and AI data center boom took the stock stratospheric. Between June 25, 2025, and June 25, 2026, the chipmaker's shares grew more than 850%.

If you were lucky enough to invest $10,000 in Micron on that day in 2025, you'd have had $95,370 a year later. Even today, after shares have dropped 25% from those highs, you'd still have $70,970. Not enough, perhaps, to fund a full retirement, but a nice chunk of change.

So, what about right now? Could buying $10,000 in Micron today set you up for life?

Image source: Micron Technology.

Strong earnings vs. market jitters It's ironic that even though Micron's share price has grown astronomically since June 2025, its price-to-earnings ratio -- how its share price compares to its profits -- has actually gone down. In June 2025, shares were trading at about 22 times earnings. In June 2026, at its peak, it traded at about 27 times earnings. Today, it's trading at about 12 times earnings.

Why would a wildly successful company that's grown its revenue by 256% and its per-share earnings by 879% in 16 months have a cheaper valuation than it did before?

The simple answer is that the market doesn't expect the good times to last, for two reasons.

MU Micron Technology$856.49-$57.18 (-6.26%)

NASDAQ · As of 4:00 PM ET 10/22/26

Why the market looks down on Micron The first reason is that this has happened before to memory chip stocks, and it didn't end well. Prices for dynamic RAM (DRAM) memory spiked in 2020-2021 during the pandemic tech-buying surge. After expanding capacity to meet that demand, memory producers wound up with a supply glut, and prices crashed in 2023.

This time around, Micron has tried to protect itself against such a price crash by signing multiyear supply deals with its customers to lock in price floors, allowing it to safely expand its capacity. That's a smart move, but the market is also concerned about competition.

Until now, three companies have had the global market for DRAM and high bandwidth memory (HBM) to themselves: Micron and South Korean companies Samsung Electronics (SSNLF +0.00%) and SK Hynix (SKHY -8.07%). But all three are planning to expand capacity, while concerns about rapid expansion by Chinese manufacturers abound.

While it's possible that Micron's long-term contracts will allow it to continue to grow revenue and profits, a nervous market is unlikely to give it full credit for its success. It certainly seems doubtful that it will reach a $10 trillion valuation anytime soon (which would turn a $10,000 investment into $100,000).

Even if a $10,000 investment in Micron probably won't set you up for life, the ongoing growth of AI infrastructure deployment should make Micron a solid investment for years to come.

Ellis Investment Partners LLC raised its stake in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 45.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,553 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,724 shares during the quarter. Micron Technology makes up approximately 0.9% of Ellis Investment Partners LLC’s investment portfolio, making the stock its 25th largest position. Ellis Investment Partners LLC’s holdings in Micron Technology were worth $5,915,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Andar Capital Management HK Ltd increased its position in Micron Technology by 856,960.3% during the 2nd quarter. Andar Capital Management HK Ltd now owns 34,282,413 shares of the semiconductor manufacturer’s stock worth $39,571,847,000 after purchasing an additional 34,278,413 shares in the last quarter. Primecap Management Co. CA bought a new position in Micron Technology in the 2nd quarter valued at approximately $22,182,263,000. Bank of America Corp DE lifted its stake in Micron Technology by 26.6% in the 2nd quarter. Bank of America Corp DE now owns 10,174,757 shares of the semiconductor manufacturer’s stock valued at $11,744,621,000 after purchasing an additional 2,136,470 shares during the last quarter. Legal & General Group Plc bought a new position in Micron Technology in the 2nd quarter valued at approximately $8,402,393,000. Finally, Wellington Management Group LLP lifted its stake in Micron Technology by 28.7% in the 2nd quarter. Wellington Management Group LLP now owns 5,045,141 shares of the semiconductor manufacturer’s stock valued at $5,823,556,000 after purchasing an additional 1,125,414 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades A number of analysts have weighed in on the stock. UBS Group restated a “buy” rating and issued a $1,625.00 target price (up from $535.00) on shares of Micron Technology in a research report on Wednesday, September 23rd. William Blair set a $1,300.00 price target on shares of Micron Technology in a report on Thursday, October 1st. Argus lowered their price target on shares of Micron Technology from $1,500.00 to $540.00 and set a “buy” rating for the company in a report on Thursday, June 25th. Raymond James Financial reiterated an “outperform” rating on shares of Micron Technology in a research note on Thursday, October 1st. Finally, Susquehanna reiterated a “positive” rating on shares of Micron Technology in a research note on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,407.88.

Get Our Latest Report on MU Insider Buying and Selling at Micron Technology In other Micron Technology news, insider Scott Deboer sold 28,545 shares of the company’s stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $900.00, for a total value of $25,690,500.00. Following the completion of the transaction, the insider directly owned 147,430 shares in the company, valued at approximately $132,687,000. This represents a 16.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 40,000 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $968.90, for a total transaction of $38,756,000.00. Following the transaction, the chief executive officer directly owned 264,503 shares of the company’s stock, valued at $256,276,956.70. The trade was a 13.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 123,545 shares of company stock worth $115,750,966. 0.24% of the stock is currently owned by company insiders.

Micron Technology News Roundup Here are the key news stories impacting Micron Technology this week:

Positive Sentiment: At its technology presentation, Micron highlighted progress in DRAM, high-bandwidth memory (HBM), NAND and next-generation 3D DRAM. New products planned for 2027 and growing AI-related demand reinforce the company’s position as a key supplier to data-center and high-performance-computing customers. Micron AI-era technology presentation Positive Sentiment: ASML said semiconductor and memory demand could exceed supply through at least 2028. That outlook supports the bullish case for continued pricing power, elevated margins and strong demand for Micron’s memory products. ASML demand outlook Positive Sentiment: Recent results remain a major catalyst: Micron reported $33.42 in quarterly EPS versus a $31.77 estimate, while revenue rose 379.1% year over year. Management’s next-quarter guidance and analysts’ expectations for continued supply tightness are supporting confidence in further earnings growth. Positive Sentiment: Micron reached a labor-management agreement with one Taiwan union, reducing some immediate disruption risk. The company also invested in U.S. indium and critical-materials processing to strengthen supplies for advanced memory manufacturing. Micron Taiwan union agreement Neutral Sentiment: Institutional buying and approximately $326.9 million in reported ETF inflows point to continued investor demand, although Micron’s more than 200% year-to-date rally has increased profit-taking risk. Micron ETF buying Negative Sentiment: A separate Taiwan union has threatened a strike over bonuses, creating a risk of higher labor costs or production delays. In addition, an insider sold 28,545 shares for about $25.7 million, while investors remain concerned that new capacity, Chinese competitor CXMT and stretched AI valuations could eventually pressure pricing and margins. Micron insider sale Micron Technology Stock Performance Micron Technology stock opened at $913.67 on Thursday. The business has a 50 day moving average of $987.36 and a 200-day moving average of $876.61. Micron Technology, Inc. has a 1 year low of $192.40 and a 1 year high of $1,255.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.31 and a quick ratio of 2.94. The company has a market capitalization of $1.03 trillion, a P/E ratio of 12.31, a P/E/G ratio of 0.16 and a beta of 2.22.

Micron Technology (NASDAQ:MU – Get Free Report) last issued its quarterly earnings data on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $31.77 by $1.65. The business had revenue of $54.23 billion during the quarter, compared to analyst estimates of $51.33 billion. Micron Technology had a net margin of 63.80% and a return on equity of 92.62%. The firm’s quarterly revenue was up 379.1% on a year-over-year basis. During the same quarter last year, the business earned $3.03 EPS. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. On average, equities research analysts predict that Micron Technology, Inc. will post 177.03 earnings per share for the current year.

Micron Technology Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 29th. Shareholders of record on Wednesday, October 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Wednesday, October 14th. Micron Technology’s payout ratio is presently 0.81%.

Micron Technology Company Profile (Free Report)

Micron Technology, Inc is a semiconductor company that develops and manufactures memory and storage products. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, NOR flash memory, solid-state drives, memory modules, and other semiconductor solutions used in data centers, personal computers, smartphones, automotive systems, industrial equipment, and consumer electronics.

The company also provides high-bandwidth memory and other advanced memory technologies designed to support artificial intelligence, high-performance computing, networking, and graphics applications.

Read More Five stocks we like better than Micron Technology GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU – Free Report).

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.

Micron's (MU +1.96%) business has been on an undeniable roll. The company's last quarterly report crushed expectations, with non-GAAP (generally accepted accounting principles) adjusted earnings per share of $33.42 on revenue of $54.23 billion, blowing past the average Wall Street target for adjusted earnings per share of $31.72 on sales of $51.07 billion.

Even better, the company issued guidance for the current quarter that crushed expectations. The memory chip leader said that it expects to post sales of roughly $61.5 billion in the current quarter and adjusted earnings of $38.15 per share. Meanwhile, the average Wall Street estimate had only targeted sales of roughly $57 billion and per-share earnings of $35.40.

Micron is expected to release its next earnings report sometime in December. Here's why the stock could be worth buying ahead of the company's next quarterly release.

Image source: Getty Images.

Micron's recent wins haven't translated into valuation gains yet
Despite strong quarterly reports and very encouraging forward guidance, Micron stock has actually lost ground since its last quarterly report. The company's share price is now down roughly 25.5%, as of this writing.

There are a few big reasons for the company's valuation pullback. For starters, the stock has seen massive gains over the last year even after some recent sell-offs. Investors have also become less confident in the macroeconomic backdrop due to factors including sticky inflation, elevated bond yields, and the likelihood of further interest rate hikes. Adding another complicating factor, the market is concerned about the impact of competition from Chinese memory companies on Micron's pricing power.

MU Micron Technology$913.67+$17.60 (+1.96%)

NASDAQ · As of 4:00 PM ET 10/21/26

While the potential for macroeconomic conditions to worsen and increased competition pose meaningful risks to Micron stock, the company is likely to deliver another stellar report when it releases earnings in a couple of months. Micron has been building an impressive track record of earnings beats, and there's a good chance that its sales and earnings will once again blow past its guidance ranges. Demand for Micron's high bandwidth memory (HBM) chips for artificial intelligence processors is incredibly high, and there's little indication that pricing power will slip in the near future.

Micron's next quarterly report also roughly coincides with an upcoming major shift in the company's capital return policy. Due to the terms connected with the company taking a loan through the CHIPS Act in 2024, Micron has been prevented from buying back its own stock for two years.

That restriction is now on the verge of lapsing, and the company is gearing up to return a massive amount of cash to shareholders. Most of this will take the form of stock buybacks, but it also wouldn't be surprising to see the company announce a huge dividend increase at some point in December.

With Micron's business momentum looking incredibly strong and the company set to buy back $35.16 billion of its own stock and potentially announce a major dividend increase, buying the company's shares amid recent volatility could be a good move.

Micron Technology, Inc. (MU) Discusses Advancements in DRAM, HBM and NAND Driving Technology Leadership in the AI Era October 21, 2026 10:00 AM EDT

Company Participants

Satya Kumar - Corporate VP of Investor Relations & Treasurer
Scott DeBoer - President & Chief Technology and Products Officer

Conference Call Participants

Vivek Arya - BofA Securities, Research Division
Timothy Arcuri - UBS Investment Bank, Research Division
Ben Bajarin
Srinivas Pajjuri - RBC Capital Markets, Research Division
Daniel Newman - Futurum, LLC
Atif Malik - Citigroup Inc., Research Division
Mehdi Hosseini - Susquehanna Financial Group, LLLP, Research Division

Presentation

Operator

Hello, everyone. Thank you for joining us, and welcome to Micron's Technology and Product Leadership Webinar. [Operator Instructions]

I will now hand the conference over to Satya Kumar, Corporate Vice President, Investor Relations and Treasury. Satya, please go ahead.

Satya Kumar
Corporate VP of Investor Relations & Treasurer

Thank you, Christine, and welcome to Micron Technology's webinar on Technology and Products Leadership for the AI era and beyond.

On the call with me today is Dr. Scott DeBoer, President and Chief Technology and Products Officer. AI is driving significant changes in memory and storage requirements. And we're excited to have Scott here with us today to provide investors a deeper look at our technology road map and innovation strategy.

Before we begin, I want to remind everyone that today's discussion includes forward-looking statements, including regarding our technology and product road maps, investments and business opportunities. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a discussion of these risks.

With that, let me turn it over to Scott.

Scott DeBoer
President & Chief Technology and Products Officer

All right. Thanks, Satya, and good morning, everyone. Thanks for joining us today for this pivotal moment in our industry where AI

Parkway Wealth Management Group LLC reduced its position in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 44.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,256 shares of the semiconductor manufacturer’s stock after selling 4,241 shares during the period. Parkway Wealth Management Group LLC’s holdings in Micron Technology were worth $5,599,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. M.E. Allison & CO. Inc. boosted its holdings in shares of Micron Technology by 0.8% in the 2nd quarter. M.E. Allison & CO. Inc. now owns 1,324 shares of the semiconductor manufacturer’s stock worth $1,528,000 after purchasing an additional 11 shares during the period. Purus Wealth Management LLC raised its stake in shares of Micron Technology by 1.4% in the third quarter. Purus Wealth Management LLC now owns 814 shares of the semiconductor manufacturer’s stock valued at $867,000 after acquiring an additional 11 shares during the period. Ables Iannone Moore & Associates Inc. lifted its holdings in shares of Micron Technology by 5.3% in the 3rd quarter. Ables Iannone Moore & Associates Inc. now owns 237 shares of the semiconductor manufacturer’s stock worth $252,000 after acquiring an additional 12 shares during the last quarter. Koesten Hirschmann & Crabtree INC. lifted its stake in Micron Technology by 5.6% in the third quarter. Koesten Hirschmann & Crabtree INC. now owns 228 shares of the semiconductor manufacturer’s stock worth $243,000 after purchasing an additional 12 shares during the last quarter. Finally, Cherrydale Wealth Management LLC raised its holdings in shares of Micron Technology by 1.4% in the second quarter. Cherrydale Wealth Management LLC now owns 972 shares of the semiconductor manufacturer’s stock worth $1,122,000 after buying an additional 13 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Micron Technology Here are the key news stories impacting Micron Technology this week:

Positive Sentiment: Micron announced funding for Indium Corporation’s critical-minerals and high-purity materials processing expansion in New York. The investment, part of Micron’s planned U.S. supply-chain spending of up to $3 billion, is intended to improve access to materials needed for advanced memory production and reduce exposure to overseas supply disruptions. Micron Invests in New York Critical Minerals Processing With Indium Corporation Positive Sentiment: Bullish analysts continue to point to tight memory supply, rising contract prices, strong AI-related demand and a potential share repurchase program. Recent results and guidance also showed substantial revenue and earnings growth, supporting the view that Micron’s memory upcycle could extend through 2027 and beyond. Micron Stock Moves Higher: What’s Going On? Positive Sentiment: Some investors view MU as attractively valued relative to its earnings potential, with Wall Street highlighting its strong September-quarter performance, elevated memory prices and multiyear customer commitments as reasons for further upside. The Best Trillion-Dollar Stock to Buy Right Now, According to Wall Street Neutral Sentiment: Micron is scheduled to host a technology webinar on October 21, which could provide additional details on its AI-memory roadmap, manufacturing plans and demand outlook. Micron to Host Technology Webinar on Oct. 21 Negative Sentiment: A union at Micron’s Taoyuan facility in Taiwan plans to strike on October 22 over a bonus dispute. Because Taiwan is central to Micron’s DRAM production, investors are concerned about potential disruption, costs or shipment delays. Micron Union in Taiwan to Launch Strike Negative Sentiment: Memory stocks remain under pressure after a broader technology selloff revived fears that AI infrastructure spending and related valuations may be unsustainable. Investors are also questioning how long Micron’s unusually high profits can last as new capacity comes online and rivals respond. Micron Stock Falls Amid Three Warning Signals Negative Sentiment: China’s CXMT is progressing toward server-memory production, raising longer-term competitive and pricing concerns for Micron, particularly if Chinese suppliers expand despite export restrictions. Intel Versus Micron: Exposure to CXMT Analyst Upgrades and Downgrades Several analysts have recently weighed in on the company. Wells Fargo & Company decreased their target price on Micron Technology from $1,525.00 to $1,400.00 and set an “overweight” rating for the company in a research report on Wednesday, September 23rd. BMO Capital Markets restated an “outperform” rating on shares of Micron Technology in a report on Thursday, October 1st. JPMorgan Chase & Co. increased their price target on Micron Technology from $550.00 to $1,540.00 and gave the stock an “overweight” rating in a research report on Thursday, June 25th. The Goldman Sachs Group set a $1,250.00 price objective on shares of Micron Technology in a research note on Thursday, October 1st. Finally, Daiwa Securities Group boosted their price objective on shares of Micron Technology from $1,600.00 to $1,700.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, forty-one have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,407.88. Check Out Our Latest Stock Analysis on MU

Micron Technology Price Performance NASDAQ MU opened at $896.07 on Wednesday. The company has a market cap of $1.01 trillion, a price-to-earnings ratio of 12.07, a PEG ratio of 0.16 and a beta of 2.22. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.31 and a quick ratio of 2.94. The stock’s fifty day moving average price is $987.31 and its 200 day moving average price is $872.76. Micron Technology, Inc. has a 1 year low of $192.40 and a 1 year high of $1,255.00.

Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings data on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $31.77 by $1.65. Micron Technology had a return on equity of 92.62% and a net margin of 63.80%. The firm had revenue of $54.23 billion during the quarter, compared to analysts’ expectations of $51.33 billion. During the same period last year, the business posted $3.03 earnings per share. The company’s revenue for the quarter was up 379.1% compared to the same quarter last year. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. As a group, equities research analysts forecast that Micron Technology, Inc. will post 177.03 earnings per share for the current year.

Micron Technology Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Wednesday, October 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.1%. The ex-dividend date is Wednesday, October 14th. Micron Technology’s dividend payout ratio (DPR) is currently 0.81%.

Insider Activity In other news, CEO Sanjay Mehrotra sold 40,000 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $968.90, for a total transaction of $38,756,000.00. Following the transaction, the chief executive officer owned 264,503 shares in the company, valued at $256,276,956.70. This trade represents a 13.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Sumit Sadana sold 15,000 shares of Micron Technology stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $934.29, for a total transaction of $14,014,350.00. Following the completion of the sale, the executive vice president owned 191,021 shares in the company, valued at approximately $178,469,010.09. This trade represents a 7.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 124,424 shares of company stock worth $116,629,966. 0.24% of the stock is currently owned by insiders.

Micron Technology Company Profile (Free Report)

Micron Technology, Inc is a semiconductor company that develops and manufactures memory and storage products. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, NOR flash memory, solid-state drives, memory modules, and other semiconductor solutions used in data centers, personal computers, smartphones, automotive systems, industrial equipment, and consumer electronics.

The company also provides high-bandwidth memory and other advanced memory technologies designed to support artificial intelligence, high-performance computing, networking, and graphics applications.

Read More Five stocks we like better than Micron Technology Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU – Free Report).

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.

Focused Alpha LLC reduced its holdings in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 42.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 785 shares of the semiconductor manufacturer’s stock after selling 577 shares during the quarter. Focused Alpha LLC’s holdings in Micron Technology were worth $836,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. M.E. Allison & CO. Inc. boosted its holdings in Micron Technology by 0.8% during the second quarter. M.E. Allison & CO. Inc. now owns 1,324 shares of the semiconductor manufacturer’s stock worth $1,528,000 after buying an additional 11 shares in the last quarter. Purus Wealth Management LLC grew its position in Micron Technology by 1.4% in the third quarter. Purus Wealth Management LLC now owns 814 shares of the semiconductor manufacturer’s stock worth $867,000 after buying an additional 11 shares during the last quarter. Ables Iannone Moore & Associates Inc. grew its position in Micron Technology by 5.3% in the third quarter. Ables Iannone Moore & Associates Inc. now owns 237 shares of the semiconductor manufacturer’s stock worth $252,000 after buying an additional 12 shares during the last quarter. Koesten Hirschmann & Crabtree INC. increased its holdings in shares of Micron Technology by 5.6% in the third quarter. Koesten Hirschmann & Crabtree INC. now owns 228 shares of the semiconductor manufacturer’s stock valued at $243,000 after buying an additional 12 shares in the last quarter. Finally, Cherrydale Wealth Management LLC increased its holdings in shares of Micron Technology by 1.4% in the second quarter. Cherrydale Wealth Management LLC now owns 972 shares of the semiconductor manufacturer’s stock valued at $1,122,000 after buying an additional 13 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insider Activity In other Micron Technology news, CAO Scott R. Allen sold 879 shares of the business’s stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $1,000.00, for a total transaction of $879,000.00. Following the sale, the chief accounting officer directly owned 34,958 shares of the company’s stock, valued at $34,958,000. The trade was a 2.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sumit Sadana sold 15,000 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $934.29, for a total value of $14,014,350.00. Following the completion of the sale, the executive vice president owned 191,021 shares of the company’s stock, valued at $178,469,010.09. The trade was a 7.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 124,424 shares of company stock worth $116,629,966. Company insiders own 0.24% of the company’s stock.

Micron Technology Stock Performance Shares of MU opened at $896.07 on Wednesday. The company has a 50-day moving average of $987.31 and a two-hundred day moving average of $872.76. The stock has a market cap of $1.01 trillion, a price-to-earnings ratio of 12.07, a PEG ratio of 0.16 and a beta of 2.22. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.31 and a quick ratio of 2.94. Micron Technology, Inc. has a one year low of $192.40 and a one year high of $1,255.00. Micron Technology (NASDAQ:MU – Get Free Report) last released its earnings results on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 earnings per share for the quarter, topping the consensus estimate of $31.77 by $1.65. Micron Technology had a net margin of 63.80% and a return on equity of 92.62%. The business had revenue of $54.23 billion for the quarter, compared to the consensus estimate of $51.33 billion. During the same period last year, the firm posted $3.03 earnings per share. The firm’s quarterly revenue was up 379.1% compared to the same quarter last year. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. On average, equities research analysts expect that Micron Technology, Inc. will post 177.03 earnings per share for the current year.

Micron Technology Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Wednesday, October 14th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. Micron Technology’s dividend payout ratio (DPR) is currently 0.81%.

Wall Street Analyst Weigh In A number of brokerages have recently commented on MU. JPMorgan Chase & Co. increased their price objective on Micron Technology from $550.00 to $1,540.00 and gave the company an “overweight” rating in a research report on Thursday, June 25th. Needham & Company LLC restated a “buy” rating and issued a $1,650.00 target price on shares of Micron Technology in a report on Thursday, October 1st. Mizuho lifted their target price on Micron Technology from $1,300.00 to $1,400.00 and gave the stock an “outperform” rating in a report on Thursday, October 1st. UBS Group reaffirmed a “buy” rating and set a $1,625.00 target price (up from $535.00) on shares of Micron Technology in a research report on Wednesday, September 23rd. Finally, Itau BBA Securities boosted their target price on Micron Technology from $1,243.78 to $1,697.09 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $1,407.88.

Get Our Latest Research Report on MU

Trending Headlines about Micron Technology Here are the key news stories impacting Micron Technology this week:

Positive Sentiment: Micron announced funding for Indium Corporation’s critical-minerals and high-purity materials processing expansion in New York. The investment, part of Micron’s planned U.S. supply-chain spending of up to $3 billion, is intended to improve access to materials needed for advanced memory production and reduce exposure to overseas supply disruptions. Micron Invests in New York Critical Minerals Processing With Indium Corporation Positive Sentiment: Bullish analysts continue to point to tight memory supply, rising contract prices, strong AI-related demand and a potential share repurchase program. Recent results and guidance also showed substantial revenue and earnings growth, supporting the view that Micron’s memory upcycle could extend through 2027 and beyond. Micron Stock Moves Higher: What’s Going On? Positive Sentiment: Some investors view MU as attractively valued relative to its earnings potential, with Wall Street highlighting its strong September-quarter performance, elevated memory prices and multiyear customer commitments as reasons for further upside. The Best Trillion-Dollar Stock to Buy Right Now, According to Wall Street Neutral Sentiment: Micron is scheduled to host a technology webinar on October 21, which could provide additional details on its AI-memory roadmap, manufacturing plans and demand outlook. Micron to Host Technology Webinar on Oct. 21 Negative Sentiment: A union at Micron’s Taoyuan facility in Taiwan plans to strike on October 22 over a bonus dispute. Because Taiwan is central to Micron’s DRAM production, investors are concerned about potential disruption, costs or shipment delays. Micron Union in Taiwan to Launch Strike Negative Sentiment: Memory stocks remain under pressure after a broader technology selloff revived fears that AI infrastructure spending and related valuations may be unsustainable. Investors are also questioning how long Micron’s unusually high profits can last as new capacity comes online and rivals respond. Micron Stock Falls Amid Three Warning Signals Negative Sentiment: China’s CXMT is progressing toward server-memory production, raising longer-term competitive and pricing concerns for Micron, particularly if Chinese suppliers expand despite export restrictions. Intel Versus Micron: Exposure to CXMT Micron Technology Profile (Free Report)

Micron Technology, Inc is a semiconductor company that develops and manufactures memory and storage products. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, NOR flash memory, solid-state drives, memory modules, and other semiconductor solutions used in data centers, personal computers, smartphones, automotive systems, industrial equipment, and consumer electronics.

The company also provides high-bandwidth memory and other advanced memory technologies designed to support artificial intelligence, high-performance computing, networking, and graphics applications.

See Also Five stocks we like better than Micron Technology Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU – Free Report).

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Micron and the Taichung union withdrew from mediation after reaching an agreement. Summary

Micron shares rose more than 2% in premarket trading.

Memory-chip manufacturer Micron Technology Inc. (MU, Financials) is lowering some of its Taiwan labor risk after a deal with workers at its Taichung facility.

The accord caused both sides to pull out of proposed mediation on Oct. 22.

Terms were not given, but Micron and the union said they will give specifics to impacted workers in the coming days.

The deal is significant as Micron has one of its main production hubs in Taiwan, including Taichung, where it produces memory chips for AI servers and other devices.

But the labor question is not yet settled.

A different union representing workers in Taoyuan is still planning a one-day warning strike over bonuses and profit sharing.

The two unions have campaigned for a permanent arrangement to set aside 15% of Micron's operational profit for quarterly incentives.

For investors, the Taichung resolution reduces the possibility of a wider production interruption, but the Taoyuan disagreement still has to be followed attentively.

The next trigger is whether Micron can strike a similar deal with Taoyuan workers before the conflict turns worse.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Just as it was reaching the 30-day low closing price of $878.84 on October 16, Micron (NASDAQ: MU) stock recorded its largest insider sale since August.

Receive Signals on SEC-verified Insider Stock Trades

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This signal is triggered upon the reporting of the trade to the Securities and Exchange Commission (SEC).

Indeed, an October 20 filing with the Securities and Exchange Commission (SEC) revealed that President and Chief Technology and Products Officer, Scott DeBoer, traded 28,545 MU shares at an average price of $900, raising a total of $25.7 million.

The sale represents both DeBoer’s first such Micron equity move in 2026, one of the largest the company has seen since the year started, and an insider sale executed at the lowest average price since May.

Additionally, the President is only the second senior person at the firm to have dumped MU shares since August, with the other being Senior Vice President and Chief Legal Officer (CLO) Michael Ray, who raised a significantly smaller $5.9 million on October 14.

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This signal is triggered upon the reporting of the trade to the Securities and Exchange Commission (SEC).

Micron stock price performance in October
Meanwhile, Micron stock itself experienced something of a rebound on the same day as DeBoer sold, rallying 1.96% to its latest closing price of $896.07, and diminishing the 30-day loss to 14.17%.

Micron stock price one-month chart highlighting performance since the latest MU insider sale. Source: Google
The Wednesday, October 21, pre-market session likewise brought good news to MU shareholders as the equity is up another 3.26% to its press-time price of $925.30.

This upside could, however, prove unstable as Micron appears to have achieved only partial success in negotiations with its Taiwanese workers and a one-day strike is anticipated later this week.

Furthermore, the company could be facing more trouble in the long run. 

Is Micron stock in trouble?
Recent weeks delivered multiple warning signals about the state of the artificial intelligence (AI) ‘boom’ – or bubble – various data center construction and initial public offering (IPO) setbacks, allegations of rampant and unsustainable spending at some of the sector’s largest companies, and an overall strain on the available cash and credit.

For Micron in particular, the news that Amazon (NASDAQ: AMZN) overbought chips relative to its capacity to run them – news that came only weeks after similar allegations emerged regarding Microsoft’s (NASDAQ: MSFT) purchases – could prove especially consequential.

Indeed, these particular developments highlighted that the supply constraints that drove personal computer (PC) and video game console prices through the roof were, in no small part, artificial.

Considering Micron played a significant role in the disruption by deliberately abandoning the consumer market late in 2025, it could find itself short on customer goodwill if its corporate clients end up wanting for cash.

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Shares of Micron Technology (MU -0.98%) have climbed about 10-fold from their 2024 closing price of about $84. The memory maker's stock jumped 239% in 2025, and as I write it's more than tripled again this year, to roughly $903.

If the stock ends 2026 over about $571, it'll be just the second time Micron has put up back-to-back triple-digit years. The first was 1993 and 1994, when shares rose 146% and 137%. (These and the other annual numbers here are calendar-year price returns from year-end closes, without dividends.)

Micron's own history doesn't rule out more gains. But after looking at what followed its past booms, I think investors should expect far less from here.

Image source: Micron.

The stock tends to fall before the profits doAfter its 1993-94 run, Micron stock climbed another 80% in 1995. The shares peaked on Sept. 11, 1995, though, and ended the year around 58% off that high before sliding another 26% in 1996.

But the business hadn't peaked when the stock did. Micron made $328.5 million in its first fiscal quarter of 1996 (roughly September to November 1995), more than in any earlier quarter.

Then its memory chip prices slid faster than the company could lower its costs, and net income shrank to $188 million, then $58 million, then $19 million in the next three quarters.

The next two booms followed a similar pattern. Micron stock climbed 300% in 2009 and lost 24% in 2010. Yet fiscal 2010 (which ended in early September 2010) saw net income of $1.85 billion, a swing from a $1.9 billion loss a year earlier. The stock was looking ahead. In fiscal 2011, Micron's average DRAM selling prices slid 39%, and earnings sank around 91% to $167 million.

After a 243% gain in 2013, the shares climbed another 61% in 2014 and then fell 60% in 2015. Again, full-year profits still looked strong. Fiscal 2015 net income of $2.9 billion was just a bit under fiscal 2014's $3.0 billion.

By fiscal 2016, with DRAM prices off 35%, Micron had a $276 million loss.

In short, Micron's stock has tended to fall while its full-year profits still looked strong -- and before those profits dropped.

Has the turn already started?The stock might already be repeating this pattern. Micron's shares hit a closing high of $1,213.56 in late June and now sit about 26% below it.

Yet Micron's earnings have kept climbing since then. In fiscal 2026, which ended Sept. 3, revenue grew to $133.2 billion, over 3.5 times the prior year's total. The company made $74.33 a share under generally accepted accounting principles, up almost tenfold from $7.59 in fiscal 2025.

But the rate of this growth is slowing. On a non-GAAP (adjusted) basis, Micron's per-share profit jumped 106% from fiscal Q2 to fiscal Q3, then rose 33% to $33.42 in fiscal Q4. Management's guidance of around $38.15 for fiscal Q1 2027 implies growth of about 14%. Pricing shows the same slowdown. Micron's DRAM prices rose by a percentage in the low 60s from the prior quarter in fiscal Q3, but only by a high-teens percentage in fiscal Q4.

Still, there's a key difference from past cycles. In every earlier bust, memory prices dropped. Now they're still rising, just slower.

"[W]e do not have line of sight to when supply and demand will return to balance," CEO Sanjay Mehrotra said in prepared remarks for the company's fiscal Q4 earnings call.

Of course, slowing price gains are arguably how a turn starts.

MU Micron Technology$896.07-$8.83 (-0.98%)

NASDAQ · As of 4:00 PM ET 10/20/26

Investors are already paying for a downturnAt roughly $903, Micron's price-to-earnings ratio is about 12 on fiscal 2026 results. Against analysts' fiscal 2027 adjusted profit estimates, the shares trade at only about 5 times earnings.

A price-to-earnings ratio this low for a tech business growing this fast suggests the market doesn't expect those profits to last. (I've written before about how quickly memory makers' peak margins fell in past cycles.)

Still, I wouldn't bet on a repeat of 2025 or 2026. In the two years after its 2009 and 2013 booms, the stock lost about 40% and 35%. And even after 1994, investors had to ride out a 58% fall in late 1995.

Can Micron stock keep climbing from here? It can, especially if memory prices keep rising into 2027, and I think the shares are worth a look for long-term investors at this price. I'd just size a position with the next downturn in mind, because Micron's stock has usually started falling well before its profits do.

Insatiable demand for artificial intelligence (AI) infrastructure has been a generational catalyst for memory specialist Micron Technology (MU +0.51%). After an extraordinary rally earlier this year, investors may be wondering where the stock is headed next.

Between 2020 and 2025, Micron stock generated an average gain of 28% during the calendar fourth quarter. So far this year, the story has looked different. After closing September at $1,065, Micron stock has fallen roughly 17% through Oct. 16.

Nevertheless, I see two upcoming catalysts that could help reverse sentiment and send Micron shares soaring before 2027 arrives.

Image source: Micron Technology.

Earnings season could ignite enthusiasm for memory stocks
Over the next several weeks, investors will hear from some of the world's largest AI companies. Space Exploration Technologies reports third-quarter earnings on Oct. 20, followed by Tesla and Meta Platforms on Oct. 21. Microsoft, Alphabet, Amazon, Apple, and Nvidia are also scheduled to report earnings throughout the remainder of October and November.

These earnings reports could be especially important for Micron because each of these companies is spending hundreds of billions of dollars building AI data centers, and they are increasingly discussing the same bottleneck: memory supply.

During SpaceX's second-quarter earnings call, Elon Musk said memory was the limiting factor for AI development. He implied that memory production was growing 20% annually while demand was increasing much faster, around 200%. His outlook was straightforward: "Economics 101 would suggest that the price increases."

Musk has also publicly praised Micron for being reasonable about memory prices, suggesting that the company's approach will strengthen customer relationships.

Meanwhile, Apple's former CEO Tim Cook touched on memory costs during the company's July earnings call. Cook characterized the situation as a "hundred-year flood," explaining why Apple decided to raise prices on certain products.

These comments are important because they illustrate how memory shortages aren't limited to data centers. Demand for high bandwidth memory (HBM) and advanced DRAM also affects consumer electronics, autonomous systems, and other end-markets.

As big tech companies continue discussing their capital expenditure (capex) plans, investors will likely receive additional evidence that memory supply remains tight. For Micron, that could reinforce expectations for higher average selling prices and stronger profitability heading into next year.

Micron's $35 billion stock buyback is another catalyst
On Oct. 8, Micron's board increased the company's share repurchase authorization to $35.16 billion. The timing of this announcement was particularly interesting. During Micron's most recent earnings call, CFO Mark Murphy explained that the company will increase capital returns beginning Dec. 9, subject to restrictions associated with CHIPS Act funding agreements.

When a company repurchases stock, it reduces the number of outstanding shares. That means future earnings are divided among fewer shares, potentially increasing earnings per share (EPS) even without additional profit growth.

Considering Micron is already witnessing record earnings momentum, stock buybacks should provide another tailwind. If the company begins repurchasing shares while its valuation remains depressed, the new authorization could prove especially lucrative for long-term investors.

MU Micron Technology$909.54+$4.64 (+0.51%)

NASDAQ · As of 1:48 PM ET 10/20/26

Should you buy Micron stock before 2027?
The most compelling part of Micron's investment thesis revolves around valuation. Wall Street's fiscal 2027 earnings estimates currently sit around $176 per share. With Micron trading around $911, that implies a forward price-to-earnings (P/E) ratio of roughly 5.2. That's a reasonable multiple for a company benefiting from one of the AI industry's biggest investment cycles.

Of course, there are reasons for investors to be cautious. Memory is notoriously cyclical. If manufacturers expand production too aggressively, prices could eventually decline. Moreover, rising competition from China's ChangXin Memory Technologies (CXMT) also presents a longer-term risk.

Nevertheless, Micron's near-term fundamentals are compelling. The company has secured numerous long-term strategic customer agreements that cover a substantial portion of its expected fiscal 2027 production, which provides greater visibility into future demand.

When combined with favorable industry conditions and Micron's expanded buyback authorization, the bull case becomes clear. Investors could see rising earnings, a shrinking share count, and potentially an expanding valuation multiple if confidence in the memory industry's outlook improves.

In turn, Micron stock could witness substantial stock-price appreciation sooner than most investors anticipate. In my view, Micron's recent sell-off presents an attractive entry point ahead of 2027. With shares trading at a reasonable valuation, I see Micron stock as a rock-solid buy for long-term investors.

SummaryMicron Technology (MU) presents a compelling buy opportunity after a recent pullback, with a reinforced $1,320–$1,530 base-case price target. AI-driven memory demand, constrained DRAM supply, and robust HBM growth are materially elevating MU’s earnings floor and pricing power. Consensus FY2028 EPS has surged to $207, supporting 46–70% upside potential even at conservative multiples. Risks remain from supply expansion, customer memory optimization, labor disputes in Taiwan, and the cyclical nature of memory pricing. JHVEPhoto/iStock Editorial via Getty Images

Elevator Thesis Micron Technology (MU) stock gave up a lot of its September gains, and personally, I feel it’s an excellent time to load up on the dip.

If anything, the pullback has made the

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Generali Investments Management Co LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,405 shares of the semiconductor manufacturer’s stock, valued at approximately $14,278,000. Micron Technology accounts for approximately 2.7% of Generali Investments Management Co LLC’s portfolio, making the stock its 8th biggest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Denali Advisors LLC purchased a new stake in Micron Technology in the 2nd quarter worth about $7,364,000. Castleark Management LLC bought a new position in Micron Technology during the first quarter worth about $3,709,000. Oppenheimer & Co. Inc. increased its stake in shares of Micron Technology by 16.0% in the second quarter. Oppenheimer & Co. Inc. now owns 48,520 shares of the semiconductor manufacturer’s stock worth $56,006,000 after purchasing an additional 6,702 shares in the last quarter. Legacy Wealth Management LLC MS raised its position in shares of Micron Technology by 73.3% in the second quarter. Legacy Wealth Management LLC MS now owns 3,544 shares of the semiconductor manufacturer’s stock valued at $4,091,000 after purchasing an additional 1,499 shares during the period. Finally, Franklin Street Advisors Inc. NC lifted its stake in shares of Micron Technology by 2,461.4% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,141 shares of the semiconductor manufacturer’s stock valued at $42,871,000 after buying an additional 35,691 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Key Micron Technology News Here are the key news stories impacting Micron Technology this week:

Positive Sentiment: Micron’s long-term outlook remains supported by tight memory supply and robust AI demand. Analysts and commentators point to expanding margins, pricing strength, high-bandwidth memory (HBM) growth, and management’s expectation that supply constraints could persist through 2028. Micron: Why You Should Buy Before Dec’26 Positive Sentiment: Recent results exceeded expectations: fiscal fourth-quarter revenue reached approximately $54.2 billion, above the high end of management’s outlook, while full-year revenue reportedly rose to about $133.2 billion. Supporters also cite long-term customer agreements, price floors, potential share repurchases under Micron’s $35 billion authorization, and continued investment in U.S. manufacturing. Micron Stock Is 25% Below Its June Record Positive Sentiment: ASML’s comments that demand for advanced chipmaking equipment exceeds supply through 2028 are viewed as favorable for Micron, a major ASML customer developing next-generation HBM products. Micron also pledged $50 million to U.S. memory research, reinforcing its domestic technology and supply-chain strategy. ASML Just Delivered Excellent News for Micron Stock Investors Neutral Sentiment: Several analysts continue to describe the retreat as a potential buying opportunity, citing Micron’s valuation and earnings growth. However, bullish price targets depend on memory demand remaining strong and the current pricing cycle lasting longer than expected. Negative Sentiment: Investors remain concerned that CXMT’s progress in DDR5, LPDDR5X, and server memory could pressure pricing and market share, particularly in conventional memory. A possible industry oversupply later this decade adds to the cyclical risk. Memory stocks are getting hammered Negative Sentiment: The broader AI trade is under pressure as investors question whether data-center spending can generate adequate returns and whether highly leveraged “neocloud” companies can remain viable. Higher inflation and the prospect of additional interest-rate increases are also encouraging rotation away from expensive technology stocks. Negative Sentiment: One senior executive sold 6,328 Micron shares on October 14. The transaction appears isolated and is small relative to the company, but it adds a modest negative signal during an already weak trading period. Monster insider trading alert for Micron stock Micron Technology Price Performance Shares of NASDAQ:MU opened at $878.84 on Monday. The company’s fifty day moving average price is $985.88 and its 200-day moving average price is $865.04. The firm has a market capitalization of $994.34 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 0.15 and a beta of 2.22. Micron Technology, Inc. has a one year low of $192.40 and a one year high of $1,255.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.31 and a quick ratio of 2.94. Micron Technology (NASDAQ:MU – Get Free Report) last announced its earnings results on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $31.77 by $1.65. Micron Technology had a net margin of 63.80% and a return on equity of 92.62%. The company had revenue of $54.23 billion during the quarter, compared to analyst estimates of $51.33 billion. During the same period in the previous year, the business earned $3.03 earnings per share. The firm’s quarterly revenue was up 379.1% compared to the same quarter last year. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. On average, equities research analysts anticipate that Micron Technology, Inc. will post 177.03 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Wednesday, October 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend is Wednesday, October 14th. Micron Technology’s dividend payout ratio (DPR) is currently 0.81%.

Insider Buying and Selling In other Micron Technology news, CEO Sanjay Mehrotra sold 40,000 shares of Micron Technology stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $968.90, for a total transaction of $38,756,000.00. Following the transaction, the chief executive officer directly owned 264,503 shares of the company’s stock, valued at approximately $256,276,956.70. This trade represents a 13.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Scott R. Allen sold 879 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $1,000.00, for a total transaction of $879,000.00. Following the completion of the sale, the chief accounting officer owned 34,958 shares of the company’s stock, valued at approximately $34,958,000. The trade was a 2.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 95,879 shares of company stock worth $90,939,466 in the last quarter. 0.24% of the stock is owned by insiders.

Wall Street Analyst Weigh In Several research firms have issued reports on MU. Phillip Securities increased their target price on Micron Technology from $530.00 to $1,870.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. raised their price objective on shares of Micron Technology from $550.00 to $1,540.00 and gave the company an “overweight” rating in a research report on Thursday, June 25th. Morgan Stanley reaffirmed an “overweight” rating and set a $1,200.00 price objective on shares of Micron Technology in a research note on Thursday, October 1st. Erste Group Bank raised shares of Micron Technology from a “hold” rating to a “buy” rating in a report on Thursday, June 25th. Finally, UBS Group reiterated a “buy” rating and issued a $1,625.00 price objective (up from $535.00) on shares of Micron Technology in a research report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, forty-one have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,407.88.

Check Out Our Latest Stock Report on MU

(Free Report)

Micron Technology, Inc is a semiconductor company that develops and manufactures memory and storage products. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, NOR flash memory, solid-state drives, memory modules, and other semiconductor solutions used in data centers, personal computers, smartphones, automotive systems, industrial equipment, and consumer electronics.

The company also provides high-bandwidth memory and other advanced memory technologies designed to support artificial intelligence, high-performance computing, networking, and graphics applications.

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Delta Capital Management LLC trimmed its position in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 37.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,075 shares of the semiconductor manufacturer’s stock after selling 7,930 shares during the quarter. Micron Technology makes up 4.3% of Delta Capital Management LLC’s investment portfolio, making the stock its 3rd largest position. Delta Capital Management LLC’s holdings in Micron Technology were worth $13,926,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Andar Capital Management HK Ltd grew its stake in shares of Micron Technology by 856,960.3% during the second quarter. Andar Capital Management HK Ltd now owns 34,282,413 shares of the semiconductor manufacturer’s stock worth $39,571,847,000 after purchasing an additional 34,278,413 shares in the last quarter. Primecap Management Co. CA acquired a new stake in Micron Technology in the second quarter valued at $22,182,263,000. Legal & General Group Plc acquired a new position in shares of Micron Technology during the 2nd quarter worth about $8,402,393,000. Situational Awareness LP increased its holdings in shares of Micron Technology by 1,149.0% in the 2nd quarter. Situational Awareness LP now owns 4,828,786 shares of the semiconductor manufacturer’s stock valued at $5,573,819,000 after acquiring an additional 5,289,124 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Micron Technology in the 2nd quarter valued at about $3,761,237,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Micron Technology Here are the key news stories impacting Micron Technology this week:

Positive Sentiment: Micron’s long-term outlook remains supported by tight memory supply and robust AI demand. Analysts and commentators point to expanding margins, pricing strength, high-bandwidth memory (HBM) growth, and management’s expectation that supply constraints could persist through 2028. Micron: Why You Should Buy Before Dec’26 Positive Sentiment: Recent results exceeded expectations: fiscal fourth-quarter revenue reached approximately $54.2 billion, above the high end of management’s outlook, while full-year revenue reportedly rose to about $133.2 billion. Supporters also cite long-term customer agreements, price floors, potential share repurchases under Micron’s $35 billion authorization, and continued investment in U.S. manufacturing. Micron Stock Is 25% Below Its June Record Positive Sentiment: ASML’s comments that demand for advanced chipmaking equipment exceeds supply through 2028 are viewed as favorable for Micron, a major ASML customer developing next-generation HBM products. Micron also pledged $50 million to U.S. memory research, reinforcing its domestic technology and supply-chain strategy. ASML Just Delivered Excellent News for Micron Stock Investors Neutral Sentiment: Several analysts continue to describe the retreat as a potential buying opportunity, citing Micron’s valuation and earnings growth. However, bullish price targets depend on memory demand remaining strong and the current pricing cycle lasting longer than expected. Negative Sentiment: Investors remain concerned that CXMT’s progress in DDR5, LPDDR5X, and server memory could pressure pricing and market share, particularly in conventional memory. A possible industry oversupply later this decade adds to the cyclical risk. Memory stocks are getting hammered Negative Sentiment: The broader AI trade is under pressure as investors question whether data-center spending can generate adequate returns and whether highly leveraged “neocloud” companies can remain viable. Higher inflation and the prospect of additional interest-rate increases are also encouraging rotation away from expensive technology stocks. Negative Sentiment: One senior executive sold 6,328 Micron shares on October 14. The transaction appears isolated and is small relative to the company, but it adds a modest negative signal during an already weak trading period. Monster insider trading alert for Micron stock Micron Technology Stock Performance MU opened at $878.84 on Monday. The firm has a market cap of $994.34 billion, a price-to-earnings ratio of 11.84, a price-to-earnings-growth ratio of 0.15 and a beta of 2.22. Micron Technology, Inc. has a 52 week low of $192.40 and a 52 week high of $1,255.00. The business’s 50 day moving average is $985.88 and its two-hundred day moving average is $865.04. The company has a quick ratio of 2.94, a current ratio of 3.31 and a debt-to-equity ratio of 0.03. Micron Technology (NASDAQ:MU – Get Free Report) last posted its quarterly earnings data on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 earnings per share for the quarter, beating the consensus estimate of $31.77 by $1.65. The business had revenue of $54.23 billion during the quarter, compared to the consensus estimate of $51.33 billion. Micron Technology had a return on equity of 92.62% and a net margin of 63.80%. The company’s revenue was up 379.1% compared to the same quarter last year. During the same period in the prior year, the company earned $3.03 earnings per share. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. On average, research analysts predict that Micron Technology, Inc. will post 177.03 EPS for the current year.

Micron Technology Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Wednesday, October 14th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 14th. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. Micron Technology’s dividend payout ratio is currently 0.81%.

Analyst Ratings Changes Several equities research analysts recently weighed in on MU shares. Zacks Research upgraded Micron Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 6th. Itau BBA Securities raised their price objective on shares of Micron Technology from $1,243.78 to $1,697.09 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. TD Cowen restated a “buy” rating and set a $1,600.00 price objective on shares of Micron Technology in a research report on Thursday, October 1st. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Micron Technology in a report on Thursday, October 1st. Finally, Wolfe Research set a $1,500.00 target price on shares of Micron Technology in a research report on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, forty-one have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average target price of $1,407.88.

Get Our Latest Stock Report on Micron Technology

Insider Buying and Selling In other news, EVP Sumit Sadana sold 15,000 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $934.29, for a total value of $14,014,350.00. Following the completion of the sale, the executive vice president directly owned 191,021 shares of the company’s stock, valued at approximately $178,469,010.09. This represents a 7.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Scott R. Allen sold 879 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $1,000.00, for a total transaction of $879,000.00. Following the completion of the sale, the chief accounting officer directly owned 34,958 shares of the company’s stock, valued at $34,958,000. The trade was a 2.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 95,879 shares of company stock worth $90,939,466 in the last 90 days. Company insiders own 0.24% of the company’s stock.

(Free Report)

Micron Technology, Inc is a semiconductor company that develops and manufactures memory and storage products. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, NOR flash memory, solid-state drives, memory modules, and other semiconductor solutions used in data centers, personal computers, smartphones, automotive systems, industrial equipment, and consumer electronics.

The company also provides high-bandwidth memory and other advanced memory technologies designed to support artificial intelligence, high-performance computing, networking, and graphics applications.

Featured Articles Five stocks we like better than Micron Technology These 3 Green Stocks Have a Growth Story That Goes Far Beyond Washington Meta Claims Frontier-Class AI Status With New Muse Wonder Models Berkshire Just Backed This Little-Known Stock—Should You Chase It? Broadcom’s CEO Sees Years of AI Demand But Warns of a Bigger Threat to the Boom Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU – Free Report).

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Micron Technologies (MU +3.98%) has long been a relatively boring investment. After it peaked during the dot-com bubble in 2000, the company faced a long-lasting slump as modest demand and intense competition eroded its growth prospects relative to other tech giants. However, everything changed in 2022 when the release of ChatGPT sparked an entirely new industry: generative artificial intelligence (AI).

Micron's shares have risen by an eye-popping 333% over the last 12 months alone as data center clients scramble to purchase its advanced memory hardware. But even though demand shows no signs of slowing any time soon, there is reason to be nervous. Let's dig into Micron's pros and cons to decide how much shares might be worth by the end of 2027.

Image source: Getty Images.

The bottleneck in the AI industry The early phases of the generative AI boom were driven by chipmakers like Nvidia, which supplied graphics processing units (GPUs) and other types of compute hardware needed to run and train large language models. However, as these chips became more powerful, a bottleneck emerged in the supply of memory hardware capable of keeping up. Micron is in the right place at the right time to cash in on the windfall.

Fourth-quarter revenue skyrocketed by a jaw-dropping 379% year over year to $54.23 billion. This is the type of growth you typically see in a small penny stock, not a 48-year-old behemoth. And it wasn't only driven by data center and cloud computing-related sales. Micron is enjoying strength across all its segments as memory shortages have led to higher margins in less-glamorous opportunities like mobile and automotive.

MU Micron Technology$913.79+$34.95 (+3.98%)

NASDAQ · As of 10:33 AM ET 10/19/26

Micron's profitability growth is even more breathtaking, with fourth-quarter net income surging more than 10-fold to $37.7 billion. The company will likely return some of this to investors through a buyback program with $35.7 billion in share repurchases authorized.

What is happening in South Korea? But if Micron's business is doing so great, why is its stock so cheap at a forward price-to-earnings (P/E) of just 7 compared to the S&P 500 average of 19? To answer that question, we need to look at what is happening in South Korea, home to Micron's biggest rivals, Samsung Electronics and SK Hynix, both of which also produce high bandwidth memory.

The country's KOSPI Index is dominated by chipmakers, and it has cratered by over 40% since its peak in June, erasing more than $2 trillion in value. This crisis resembles the scale of crashes like the dot-com bubble burst, and it is being driven by fears that rising bond yields will make it more expensive for AI companies to buy memory chips. Investors are also worried about rising Chinese capabilities.

This month, Chinese memory producer CXMT announced plans to roll out new server memory products based on breakthrough designs. It is becoming clear that the upstart could soon become a bona fide competitor to the established giants, raising fears of margin-eroding competition and a race to the bottom -- similar to what happened to other industries China has taken over, like electric cars and solar panels.

The Korean stock market crash may be an early warning of what high-flying American chip stocks might soon face. And Micron is particularly exposed because it operates on a business model similar to that of South Korea's giants.

Some South Korean experts are now predicting a memory chip supply glut by 2029. And if this happens, Micron could easily find itself facing years of stagnant performance, similar to what happened after the dot-com bubble. These uncertainties will likely be priced into Micron's stock price over the next few months, and investors shouldn't expect the stock to exceed its current price of $879 by the end of 2027.

President and Chief Technology and Products Officer Scott DeBoer to discuss innovations across DRAM, HBM and NAND that extend Micron’s technology leadership  | Source: Micron Technology, Inc.

BOISE, Idaho, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) announced today that it will host a technology webinar on Wednesday, Oct. 21, 2026, at 8 a.m. Mountain Time. Scott DeBoer, Micron president and chief technology and products officer, will lead the discussion.

The path to accelerating Super Intelligence demands a fundamental leap in memory and storage capabilities. The next generation of AI infrastructure will require significantly higher bandwidth, capacity and efficiency in how data is moved, stored and accessed. The webinar will detail how Micron's technology foundation, multigenerational roadmap, close customer co-design and long-term research position the company to extend its technology leadership over the next decade and beyond.

DeBoer’s presentation will be followed by a question-and-answer session.

The webinar will be webcast live at http://investors.micron.com/. Webcast replay of the presentation can be accessed from Micron’s Investor Relations website for approximately one year after the event.

About Micron Technology, Inc.
Micron Technology, Inc. is a global leader in semiconductor memory and storage, powering AI and compute-intensive applications from cloud to edge. With a relentless focus on our customers, technology and product leadership, and manufacturing and operational excellence, Micron’s comprehensive portfolio of high-performance DRAM, NAND and NOR solutions deliver the speed, efficiency, and scale today’s workloads demand, accelerating intelligence to enrich life for all. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2026 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Micron Investor Relations Contact:
Satya Kumar
+1 (408) 450-6199
[email protected]

Micron Product and Technology Communications Contact:
Mengxi Liu Evensen
+1 (408) 444-2276
[email protected]

Counterpoint Mutual Funds LLC lifted its position in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 19.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,455 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,539 shares during the quarter. Micron Technology accounts for approximately 0.8% of Counterpoint Mutual Funds LLC’s investment portfolio, making the stock its 18th largest holding. Counterpoint Mutual Funds LLC’s holdings in Micron Technology were worth $10,071,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. M.E. Allison & CO. Inc. raised its holdings in shares of Micron Technology by 0.8% in the 2nd quarter. M.E. Allison & CO. Inc. now owns 1,324 shares of the semiconductor manufacturer’s stock valued at $1,528,000 after purchasing an additional 11 shares in the last quarter. Purus Wealth Management LLC lifted its position in shares of Micron Technology by 1.4% in the 3rd quarter. Purus Wealth Management LLC now owns 814 shares of the semiconductor manufacturer’s stock worth $867,000 after purchasing an additional 11 shares during the period. Ables Iannone Moore & Associates Inc. boosted its stake in shares of Micron Technology by 5.3% during the third quarter. Ables Iannone Moore & Associates Inc. now owns 237 shares of the semiconductor manufacturer’s stock valued at $252,000 after purchasing an additional 12 shares in the last quarter. Koesten Hirschmann & Crabtree INC. boosted its stake in shares of Micron Technology by 5.6% during the third quarter. Koesten Hirschmann & Crabtree INC. now owns 228 shares of the semiconductor manufacturer’s stock valued at $243,000 after purchasing an additional 12 shares in the last quarter. Finally, Cherrydale Wealth Management LLC increased its holdings in Micron Technology by 1.4% during the second quarter. Cherrydale Wealth Management LLC now owns 972 shares of the semiconductor manufacturer’s stock valued at $1,122,000 after buying an additional 13 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Stock Down 5.6% Shares of Micron Technology stock opened at $878.84 on Friday. The company has a quick ratio of 2.94, a current ratio of 3.31 and a debt-to-equity ratio of 0.03. The company has a market cap of $994.34 billion, a P/E ratio of 11.84, a PEG ratio of 0.15 and a beta of 2.22. The firm’s 50 day moving average price is $985.88 and its 200-day moving average price is $861.24. Micron Technology, Inc. has a 52-week low of $192.40 and a 52-week high of $1,255.00.

Micron Technology (NASDAQ:MU – Get Free Report) last posted its earnings results on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 EPS for the quarter, beating analysts’ consensus estimates of $31.77 by $1.65. Micron Technology had a net margin of 63.80% and a return on equity of 92.62%. The company had revenue of $54.23 billion during the quarter, compared to analysts’ expectations of $51.33 billion. During the same quarter in the prior year, the company posted $3.03 earnings per share. Micron Technology’s revenue for the quarter was up 379.1% compared to the same quarter last year. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. On average, sell-side analysts predict that Micron Technology, Inc. will post 177.03 EPS for the current fiscal year. Micron Technology Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Stockholders of record on Wednesday, October 14th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. Micron Technology’s dividend payout ratio is presently 0.81%.

Analysts Set New Price Targets A number of brokerages recently commented on MU. The Goldman Sachs Group set a $1,250.00 price objective on shares of Micron Technology in a research note on Thursday, October 1st. Susquehanna restated a “positive” rating on shares of Micron Technology in a report on Thursday, October 1st. Weiss Ratings raised Micron Technology from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, October 12th. Raymond James Financial reiterated an “outperform” rating on shares of Micron Technology in a report on Thursday, October 1st. Finally, Bank of America lifted their price target on Micron Technology from $950.00 to $1,500.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,407.88.

Get Our Latest Report on MU

Trending Headlines about Micron Technology Here are the key news stories impacting Micron Technology this week:

Positive Sentiment: Micron’s long-term outlook remains supported by tight memory supply and robust AI demand. Analysts and commentators point to expanding margins, pricing strength, high-bandwidth memory (HBM) growth, and management’s expectation that supply constraints could persist through 2028. Micron: Why You Should Buy Before Dec’26 Positive Sentiment: Recent results exceeded expectations: fiscal fourth-quarter revenue reached approximately $54.2 billion, above the high end of management’s outlook, while full-year revenue reportedly rose to about $133.2 billion. Supporters also cite long-term customer agreements, price floors, potential share repurchases under Micron’s $35 billion authorization, and continued investment in U.S. manufacturing. Micron Stock Is 25% Below Its June Record Positive Sentiment: ASML’s comments that demand for advanced chipmaking equipment exceeds supply through 2028 are viewed as favorable for Micron, a major ASML customer developing next-generation HBM products. Micron also pledged $50 million to U.S. memory research, reinforcing its domestic technology and supply-chain strategy. ASML Just Delivered Excellent News for Micron Stock Investors Neutral Sentiment: Several analysts continue to describe the retreat as a potential buying opportunity, citing Micron’s valuation and earnings growth. However, bullish price targets depend on memory demand remaining strong and the current pricing cycle lasting longer than expected. Negative Sentiment: Investors remain concerned that CXMT’s progress in DDR5, LPDDR5X, and server memory could pressure pricing and market share, particularly in conventional memory. A possible industry oversupply later this decade adds to the cyclical risk. Memory stocks are getting hammered Negative Sentiment: The broader AI trade is under pressure as investors question whether data-center spending can generate adequate returns and whether highly leveraged “neocloud” companies can remain viable. Higher inflation and the prospect of additional interest-rate increases are also encouraging rotation away from expensive technology stocks. Negative Sentiment: One senior executive sold 6,328 Micron shares on October 14. The transaction appears isolated and is small relative to the company, but it adds a modest negative signal during an already weak trading period. Monster insider trading alert for Micron stock Insider Transactions at Micron Technology In other news, CAO Scott Allen sold 879 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $1,000.00, for a total transaction of $879,000.00. Following the completion of the sale, the chief accounting officer owned 34,958 shares in the company, valued at approximately $34,958,000. This represents a 2.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sumit Sadana sold 15,000 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $934.29, for a total value of $14,014,350.00. Following the completion of the sale, the executive vice president directly owned 191,021 shares of the company’s stock, valued at $178,469,010.09. The trade was a 7.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 95,879 shares of company stock valued at $90,939,466. Corporate insiders own 0.24% of the company’s stock.

Micron Technology Company Profile (Free Report)

Micron Technology, Inc is a semiconductor company that develops and manufactures memory and storage products. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, NOR flash memory, solid-state drives, memory modules, and other semiconductor solutions used in data centers, personal computers, smartphones, automotive systems, industrial equipment, and consumer electronics.

The company also provides high-bandwidth memory and other advanced memory technologies designed to support artificial intelligence, high-performance computing, networking, and graphics applications.

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China's state-backed memory giant just flipped from billions in losses to a profit haul big enough to fund the factories that could end the AI chip boom Micron is banking on.

China’s largest memory chipmaker, ChangXin Memory Technologies (CXMT), told the Shanghai Stock Exchange on October 16, 2026, that it earned between $19.6 billion and $19.8 billion in net profit from January through September 2026. That works out to 131 billion to 132.5 billion yuan. The figures are preliminary and unaudited, so they are the company’s estimates until audited results confirm them.

In the same period of 2025, CXMT lost 5.3 billion yuan. Micron Technology (NASDAQ:MU | MU Price Prediction) fell 5.63% to $878.84 that day. The whole chip sector sold off, so CXMT’s filing cannot be blamed for the drop on its own.

This creates a problem for Micron holders. CXMT’s profit shows the shortage is lifting every memory maker, but it also gives a state-backed rival the cash to build the new supply that usually ends memory booms.

What CXMT Put in Writing Revenue came in between 265 billion and 270 billion yuan, compared with 32.1 billion yuan a year earlier. That is more than an eightfold increase. CXMT gave three reasons: AI demand has squeezed the DRAM market (the main working memory in computers and servers) since the second half of 2025, the company added capacity, and it got more chips out of each silicon wafer.

Chairman Zhu Yiming proposed a buyback of 1 billion to 2 billion yuan over 12 months. So far, that is only a proposal, and no shares have been bought under it.

CXMT listed in Shanghai in July and jumped 466% on its first day. On October 16, shares rose 3.28% to 45.02 yuan, valuing the company at about 3.06 trillion yuan. You cannot buy CXMT on a US exchange, which makes Micron the US-listed stock most tied to this story.

How CXMT Measures Up Against Micron Micron earned $37.701 billion in its fiscal fourth quarter alone. That single quarter is more than CXMT’s nine-month total, and it came on full-year revenue of $133.19 billion.

US export controls limit China’s access to the most advanced chipmaking tools. Those tools matter most for high-bandwidth memory (HBM), the stacked chips used in AI servers. Micron says it has completed deals for the “vast majority” of its calendar 2027 HBM supply. Its September 30, 2026 earnings call included no specific comment on Chinese competitors.

Signals That the Memory Cycle Is Turning Memory booms tend to follow the same path. Shortages push prices up, the profits pay for new factories, and the new supply eventually pulls prices back down. CXMT now has the cash for that second step.

Micron’s management argues the turn is still a long way off: “We do not have line of sight to when supply and demand will return to balance.” Keep in mind that a seller has every reason to say supply is tight. Still, Micron backs the claim with more than 75% of its 2027 output already committed.

Micron Metric Figure October 16 close $878.84 Past week -14.58% Year to date 208.16% Past year 334.44% 52-week high $1,255.00 Peers fell more than Micron on October 16. SK Hynix dropped 6.58%, and SanDisk (NASDAQ:SNDK) lost 6.85%. The selloff left Micron’s market value at $994.34 billion, just under $1 trillion.

What Could Drive MU Stock From Here Micron’s share price has pulled back from its peak. The stock sits about 30% below its high, while the company guided fiscal first-quarter revenue to $61.5 billion ± $1.5 billion.

Micron’s long-term supply contracts with customers also set minimum prices for its chips. Its finance chief said, “Even at floor prices, we expect margins meaningfully above any prior cycle peak margins.”

Since CXMT trades only in Shanghai, Micron is still the US-listed company most exposed to this theme. SanDisk is more exposed to NAND storage, and it fell harder that day.

Two developments would weaken this outlook. The first is Micron’s next earnings report coming in below the bottom of that guidance range. The second is CXMT announcing a large capacity expansion alongside its audited full-year results.

Contact [email protected] for any questions or corrections.

Micron (MU -5.63%) has been a great stock to own in 2026, but I'm betting that it goes even higher by 2030. In fact, it could transform a $10,000 investment made today into a $42,000 position by then -- and that's on the conservative side of my estimated range.

That may seem unrealistic, but the company's path forward looks clear.

Image source: The Motley Fool.

Micron has a major growth opportunity on its hands The reason Micron has done so well in 2026 is that memory chip prices are soaring. Essentially, demand is far greater than supply, and new production capacity can't be brought online quickly. Simple economic theory dictates that when market conditions like those occur, the price of the goods being sold skyrockets.

That's exactly what has happened in the memory chip space, and it's going to get worse before it gets better. Micron's management team informed investors that it expects market conditions in 2027 and 2028 to be tighter than they were in 2026, so memory prices could continue to rise. For its fiscal 2027, which began Sept. 4, Wall Street analysts expect Micron to deliver 106% revenue growth. For fiscal 2028, they are only projecting 16% growth, but it's a bit too early to make accurate predictions for that year, particularly considering how volatile the industry is right now. Analysts have also underestimated the AI build-out every step of the way, so I don't think giving weight to their 2028 forecasts is worth it right now.

MU Micron Technology$878.84-$52.40 (-5.63%)

NASDAQ · As of 4:00 PM ET 10/16/26

Micron has signed several long-term sales agreements with clients that will run through 2030; those deals indicate that huge demand for memory chips is on track to persist through the end of the decade, at least. Additionally, Micron has new fabrication facilities opening in mid-2027 and in late 2028 that will increase its production capacity. So, if memory prices stay high and Micron can increase its output, its revenue will continue rising.

For this projection, I'll start with Wall Street's $318 billion revenue projection for fiscal 2027, then assume Micron's revenue will grow at a 30% pace in the following years. That would result in nearly $700 billion in revenue by 2030. Thanks to soaring memory chip prices, Micron's profit margins are also maxed out.

MU Profit Margin data by YCharts.

If we bake a little conservatism into this estimate and assume a long-term profit margin of 60%, that would yield net income of $419 billion by 2030. If we value the company at 20 times trailing earnings (its current price-to-earnings ratio is 13, but cyclical factors heavily influence that), that would result in the stock being valued at $8.4 trillion. That's way larger than the world's largest company is today. Even if we say it would be valued at 10 times earnings, that would result in a $4.19 trillion company.

That would transform $10,000 into nearly $42,000 by 2030, making this stock a no-brainer buy.

Micron (MU - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this chipmaker have returned -4.7%, compared to the Zacks S&P 500 composite's +1.4% change. During this period, the Zacks Computer - Integrated Systems industry, which Micron falls in, has gained 2.9%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Micron is expected to post earnings of $38.20 per share for the current quarter, representing a year-over-year change of +699.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +9.8%.

For the current fiscal year, the consensus earnings estimate of $177.73 points to a change of +135.3% from the prior year. Over the last 30 days, this estimate has changed +12%.

For the next fiscal year, the consensus earnings estimate of $211.82 indicates a change of +19.2% from what Micron is expected to report a year ago. Over the past month, the estimate has changed +11.9%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Micron.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Micron, the consensus sales estimate for the current quarter of $61.76 billion indicates a year-over-year change of +352.7%. For the current and next fiscal years, $275.11 billion and $332.98 billion estimates indicate +106.6% and +21% changes, respectively.

Last Reported Results and Surprise HistoryMicron reported revenues of $54.23 billion in the last reported quarter, representing a year-over-year change of +379.3%. EPS of $33.42 for the same period compares with $3.03 a year ago.

Compared to the Zacks Consensus Estimate of $51 billion, the reported revenues represent a surprise of +6.32%. The EPS surprise was +5.73%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Micron is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Micron. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.

Micron (MU +1.87%) has been one of the biggest winners of the AI era.

Over the last year, the stock is up roughly 400%, and over the last three years, the stock has jumped 1,250%. Like other memory stocks, Micron has benefited from a shortage in memory chips, which has driven up prices and sent sector stocks soaring across the board. Among the winners are SK Hynix, Samsung, and Sandisk.

However, in recent months, some doubts have emerged about the memory boom. Micron stock peaked following its fiscal third-quarter earnings report and has struggled to return to that level, despite another blowout earnings report in September.

Micron's recent results are about as strong as any company in history. It just reported 379% revenue growth to $54.2 billion with an operating margin of 80.7%. Operating income jumped 1,100% to 43.8%.

Micron's operating income in its most recent quarter ranks above Apple, Alphabet, and Microsoft, and it's extraordinarily rare for any company to report an operating margin as high as 80%, meaning the company keeps four of every five dollars it earns in revenue, before interest and taxes. The spike in memory prices and surging demand are the primary reasons for those bumper results.

However, those numbers weren't enough to please investors, as the market is wary of the history of cyclicality in the memory sector, and they are betting that Micron's profits will come down significantly once the supply crunch eases.

The stock is now down 23% from its all-time high in June. Let's take a look at the stock's history to make an educated guess at what happens next.

Image source: Micron.

What history says about Micron In recent history, Micron has a strong track record at bouncing back from sell-offs like the current one. As you can see from the chart below, five times in the last decade, Micron has fallen by more than 23%, and each time the stock has recovered to an all-time high or near one.

MU data by YCharts

Looking at that chart, you can see that it sometimes takes Micron years to recover from 30%, 40%, or 50%, but it always does. That period includes multiple cycles in the memory sector, including 2022-2023, when Micron was losing billions of dollars a year due to a glut.

However, taking a longer view of history, the results are less encouraging.

MU data by YCharts

As you can see, the stock plunged following its peak during the dot-com boom, and didn't return to that level for another 20 years. For much of that time, Micron stock was down 80% or even 90% from its previous peak.

According to traditional valuation metrics, the stock wasn't even that expensive during its dot-com rally. Its price-to-sales ratio was about 8, near where it is today. Micron's price-to-earnings ratio was higher than it is today, and its EPS peaked shortly after the stock peaked, trending lower as the tech sector went bust.

MU Micron Technology$931.24+$17.11 (+1.87%)

NASDAQ · As of 4:00 PM ET 10/15/26

Is the past prologue? In investing, history can be informative, but it doesn't necessarily predict the future. Micron has gone through cycles before and seen prices fluctuate wildly, but some things are different now.

First, the company has locked in a significant percentage of its revenue through 2030 with strategic customer agreements, which should help buffer the downturn in the cycle when it comes.

Second, the AI boom still appears to be in its early stages. Future products like robotics will demand memory chips, and that, along with the growth of data centers, means that unit demand for memory has been forever changed. While prices will fluctuate, AI represents a sea change for the industry, which likely means the business won't return to pre-AI levels.

Third, Micron is betting on itself by investing $100 billion in a new megafab complex in upstate New York, which will be the largest chip manufacturing facility in the U.S. With supply constrained for at least the next couple of years, the new facility will put Micron in position to compete for growing memory demand as its competitors add capacity as well.

Micron has never grown this fast before or been this profitable, and the stock is also cheap at a forward P/E of less than 6. History won't tell us the shape of this cycle, though we know that Micron's prices and margins will eventually come down. Still, its strategic customer agreements and the growth of AI will support the long-term success of the business.

As Micron has done every time in the last decade, I expect it to recover from the current drawdown.

Michael Burry is one of the world's most famous investors. His bets against the U.S. housing market ahead of the subprime mortgage crisis proved to be massively successful, and were profiled in Michael Lewis' book The Big Short and the film of the same name. Burry's prescience regarding one of this century's defining financial crises is a testament to his analytical prowess, so it's little wonder that his analyses and opinions still carry weight in the financial world.

Notably, Burry is skeptical today about the valuations of some of the world's most high-profile artificial intelligence (AI) stocks -- and Micron (MU -0.26%) is one of the companies that he is betting against. Should Micron shareholders be worried?

Michael Burry. Image source: Getty Images. 

Why is Burry bearish on Micron? At first glance, the case for Micron being an overvalued stock could look quite weak. The company is trading at just 5.4 times this year's expected earnings. Meanwhile, it has a one-year forward price-to-earnings ratio of roughly 4.6. The forward P/E ratio of the S&P 500 index sits somewhere around 19. Given that Micron is growing earnings at a far faster rate than the average for companies in the benchmark index, it's not unreasonable to suspect that the company is currently undervalued.

In the fourth quarter of Micron's fiscal 2026, which ended on Sept. 3, the company posted non-GAAP (adjusted) earnings per share (EPS) of $33.42, significantly exceeding the average analyst estimate of $31.61. Adjusted earnings per share rose 1,003% year over year, and sales rose 379% to $54.2 billion. Additionally, the company issued guidance that suggests that sales and earnings will continue growing at aggressive clips.

So why is Burry betting against Micron stock?

MU Micron Technology$911.80-$2.34 (-0.26%)

NASDAQ · As of 1:12 PM ET 10/15/26

The semiconductor industry has always had a high level of cyclicality, and the memory chip arena where Micron operates has historically been even more prone to wide cyclical shifts. The company and its peers are currently enjoying a massive surge in demand for the high bandwidth memory (HBM) chips used in artificial intelligence (AI) processors. The resulting deep shortage in memory has pushed prices and margins sharply higher. But Burry is betting that this supply-and-demand imbalance will follow its historically cyclical pattern and reverse, putting an end to Micron's explosive growth story.

Additionally, Burry has raised valuation risks connected to circular financing deals being used across the AI industry, as well as the rise of Chinese memory-chip makers that could dampen Micron's pricing power. With AI leaders devoting massive capital expenditures to build out their infrastructure foundations, and companies on both the hardware and software sides of the industry making business deals, partnerships, and equity investments with each other, he may be right to question the circular nature of this spending and the sustainability of massive capital expenditures. Similarly, the risk that a flood of cheaper memory chips from China could impair Micron's growth trajectory is real.

Burry's bet against Micron doesn't necessarily mean that investors should sell their holdings or refrain from buying the stock, but it would be a mistake not to consider the risk factors he is highlighting.

Micron Technology (MU -4.08%) has become a stock that retail investors love for its strong growth and cheap valuation, while institutional investors have grown increasingly cautious about its outlook. The latest investor to warn about Micron was Cathie Wood of Ark Investment Management, who said that while the current trend is up, memory cycles can be "viscous" and that increased competition from China could eventually upend the market.

If history is any guide, Micron could see its stock crash, and it could take decades to potentially recover.

Image source: The Motley Fool.

Before its latest surge, Micron set its all-time high all the way back in the summer of 2000 before the dot-com bubble burst. The company saw soaring revenue and profits driven by a memory shortage that pushed up average selling prices. At the same time, demand for DRAM (dynamic random-access memory) was surging due to a huge PC cycle sparked by the end of Y2K, the internet, and the release of Windows 2000. NAND (flash) memory prices were also soaring due to rising demand for electronic devices and cellphones.

Back in early 2000, Micron's stock went parabolic before eventually crashing back to Earth, and it took roughly two decades for the stock to recover. In the end, it was just another example of the huge boom-and-bust cycles the stock and the industry has gone through over the years.

Micron stock has seen a similar parabolic rise this year, although it makes the 2000 surge look small in comparison. Thus, while the semiconductor stock appears extremely cheap based on near-term earnings, the question is whether this time will be different than memory cycles.

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Is this memory cycle different? Micron is currently one of three big DRAM makers, along with Korean rivals Samsung and SK Hynix. Last quarter, it derived 73% of its revenue from DRAM and 26% from NAND. Together, these three companies control over 85% of the DRAM market.

In addition to the big three DRAM makers, Chinese company CXMT also produces DRAM, as does Taiwanese company Nanya. The NAND market, meanwhile, has more players, including Sandisk, Japanese company Kioxia, and Chinese company YMTC.

The memory cycle is currently being driven by high demand coming from the AI infrastructure build-out. AI chips, such as graphics processing units (GPUs), must be packaged with high bandwidth memory (HBM), a specialized form of DRAM, to reduce latency, while massive solid-state drives (SSDs) are needed to store training data. The big three memory makers, who have put most of their efforts and resources into HBM, have meanwhile caused conventional DRAM and NAND prices to skyrocket.

And this is what ultimately puts Micron and the whole memory trade at risk. While Micron is benefiting from huge HBM demand, conventional memory prices are what are driving the company's colossal revenue growth and gross margin expansion. By my estimate, Micron derives less than 10% of its revenue from HBM (an approximate 20% market share on a projected $54.6 billion market). This makes it very exposed to a pullback in ordinary DRAM and NAND prices.

While booming demand for HBM and memory companies signing longer-term contracts for the first time do make elements of the current memory cycle different than past ones, risks are also on the rise. CXMT has been increasing its DRAM capacity and taking market share, and it recently announced that it is making meaningful progress with more efficient chip designs. While it is very unlikely that any of its chips will be allowed in U.S. data centers, just increasing overall ordinary DRAM supply could have a big impact on conventional memory prices.

If increased DRAM and NAND supply, driven by increased capacity from China, leads to a big drop in conventional memory prices, I'd expect history to largely repeat itself, with Micron's stock crashing and never returning to prior highs. However, I don't think it will crash quite as far as in 2000, and that the company can remain profitable, unlike in past bust cycles. Still, I'd avoid this AI stock for now.

Elon Musk just called unnamed memory makers extortionate while praising Micron's pricing as a model for long-term loyalty, but the company's own contracts tell a more complicated story about who actually controls prices.

At 5:52 p.m. Eastern on October 13, 2026, Elon Musk, responding to Nicholas Mugalli, posted on X that Micron Technology (NASDAQ:MU | MU Price Prediction) “has been reasonable regarding future memory prices, while others have been extortionate, which is something today’s customers won’t forget …” He named no company. No company was labeled extortionate. He added that Micron was making the smart move for long-term customer loyalty.

@RealNickMugalli Micron has been reasonable regarding future memory prices, while others have been extortionate, which is something today’s customers won’t forget …

Micron is making is the smart move for long-term customer loyalty.

— Elon Musk (@elonmusk) October 13, 2026

Micron had closed the regular session at $953.19, down 3.62%, and after hours it rose only 0.32% to $956.20. The praise read as commentary, and that take looks right.

What Musk’s Post Actually Covers
Nothing in the post is signed. No supply agreement between Micron and any Musk company has been reported, and the post disclosed no prices, volumes, or contract terms.

Musk was responding to investor Nicholas Mugalli. His post summing up a JPMorgan Chase (NYSE:JPM) note said Micron holds 26 long-term deals covering 35%+ of revenue through 2030, $150 billion in contracted backlog, $32 billion in committed customer cash and over 75% of next year’s output already sold. Those figures came through a social post. They didn’t come from the note itself, but they line up with what Micron told investors on its September 30 earnings call.

Why the Contracts Matter More Than the Compliment
Selling output years ahead turns a cyclical commodity business into something closer to a contracted one. That shift explains much of the re-rating that raised Micron’s market value to $1.08 trillion, close to Berkshire Hathaway’s (NYSE:BRK-A, NYSE:BRK-B) $1.11 trillion.

Against guidance for fiscal first-quarter revenue of $61.5 billion ± $1.5 billion, one buyer’s goodwill doesn’t move the numbers. Musk also has a stake in the matter. His companies buy huge amounts of memory for AI computing and vehicles (we featured seven suppliers behind that same AI expansion, from power to cooling, in a free report you can grab here). When a buyer that size praises a supplier for gentle pricing, he is also negotiating in public.

Where the “Reasonable” Label Breaks Down
Micron posted an 87.0% non-GAAP gross margin (the share of revenue left after production costs) in the fiscal fourth quarter. Management said, “any new discussions on SCAs where pricing is involved are negotiated with higher pricing based on prevailing market conditions and outlook.”

The pricing bands limit both the downside and the upside. Three quarters of the expected contract revenue come with a set pricing framework, and most of those frameworks carry floor and ceiling prices. Ceilings cap the upside during a shortage, but the finance chief said: “even at floor prices, we expect margins meaningfully above any prior cycle peak margins.”

The bigger threat is supply, because before Musk posted, a Chinese memory maker flagged a denser chip design, which goes straight at the scarcity thesis for commodity DRAM. Micron fell 12.4% over four sessions from $1,088.00, and it now trades 24% below its $1,255.00 high even after a 234.18% gain this year.

What Investors Need to Weigh in Micron’s Contract Story
The pullback likely reflects worry about future Chinese supply, while Micron’s contracts are cash-backed take-or-pay agreements (the customer pays whether or not it takes delivery) that run into 2031. Musk’s post doesn’t change any contract already signed, and investors were right to shrug, since the pricing control he praised is narrower than it sounds because Micron is raising prices on new agreements.

Memory cycles can turn fast, and output sold forward at today’s prices may look cheap if the shortage gets worse while Chinese competition grows. Micron’s fiscal first-quarter report needs to land inside its $61.5 billion ± $1.5 billion range at roughly 86.25% gross margin. A miss on either number, or a close back below the $186.25 low that started this run, would prove this view wrong.

Contact [email protected] for any questions or corrections.

Micron Technology (MU -3.62%) filed its annual report on Oct. 9, and it shows a shift in who buys the memory chipmaker's products. No customer accounted for 10% or more of revenue in fiscal 2026 (the 53 weeks ending Sept. 3, 2026). A year before, one customer made up 17% of sales.

Put another way, Micron's top buyer matters less to its results than it did a year ago. The shift came as revenue climbed 256% year over year to about $133 billion. And it comes with the stock off about 14% from its Oct. 7 close, at roughly $936 as of this writing.

Relying less on one buyer does lower a risk to shareholders. But I think the report also shows that Micron's bigger dependence is still there.

Image source: Micron.

From 17% to below 10%The report doesn't name the customer. It just says the 17% customer's purchases in fiscal 2025 were mostly in the cloud memory business unit. This unit sells memory to big cloud computing companies, and high-bandwidth memory for artificial intelligence systems to all data center customers.

It's worth noting that no customer hit 10% of revenue in fiscal 2023, either. One did in fiscal 2024, at 10%, and one reached 17% the next year.

In dollars, 17% of fiscal 2025's $37.4 billion in revenue comes to around $6.4 billion from a single customer.

Did that customer buy less?The 17% customer likely didn't cut its spending.

Micron's quarterly report for its fiscal third quarter said one customer, again mostly in the cloud memory unit, made up 10% of revenue in the first nine months of fiscal 2026. Revenue in the nine months was around $79 billion, so the customer spent close to $8 billion.

The filings don't say directly that it's the same buyer. But if it is, it spent more with Micron in nine months than it did in all of fiscal 2025, and its share dropped only because everyone else's purchases grew faster.

Showing how broad the growth was, all four of Micron's business units more than tripled their revenue in fiscal 2026. The cloud memory unit's revenue climbed 219% to $43.1 billion. The core data center unit, which sells data center storage plus memory for server makers, grew 420% to $37.6 billion. Mobile and client revenue climbed 209% to $36.6 billion, and automotive and embedded revenue rose 234% to $15.9 billion. So the cloud memory unit's share of total revenue dipped to 32% from 36%, after jumping from 15% in fiscal 2024.

Micron still depends on a few big buyersMicron's top 10 customers provided over half of its revenue in fiscal 2026, just as they did the year before. And data centers accounted for around 60% of revenue, up from about half in fiscal 2025.

The top-10 number comes to an average of over $6.6 billion a customer -- more than the single biggest customer spent in fiscal 2025.

But I think the data center number is the concentration that matters most today. A decline in capital spending for data centers might cut orders from many of Micron's largest buyers all at once.

Plus, most of the year's growth came from price. Micron said average selling prices of DRAM, the memory chips that make up most of its sales, climbed around 180% in fiscal 2026, but the volume it shipped grew by a percentage in the mid-20s. Higher prices are also mainly why net income rose nearly tenfold, to about $85 billion.

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True, Micron has tried to lock in demand. By its Sept. 30 earnings call, it had signed 26 multi-year deals that require customers to buy set volumes, backed by $32 billion of financial commitments. But it estimates those agreements cover over 35% of its revenue through 2030, which still leaves a big part of its sales outside them.

Investors might already see these risks. Micron's earnings per share grew to $74.33 in fiscal 2026 from $7.59 the year before, but the stock costs only around 13 times those earnings. With a price-to-earnings ratio so low after a year like that, investors seem to expect that profit could fall once memory prices do.

In the end, I'd call the customer change an improvement, though a small one. Micron is less exposed to any single buyer than it was a year ago. But it's arguably more exposed to data center spending and memory prices than it was, and they are still the biggest risks in the stock.