Micron Technology (NASDAQ: MU) is a semiconductor memory and storage company that designs and manufactures DRAM, NAND, and NOR products sold to data center, mobile, client, automotive, and industrial customers. Revenue is transactional, generated by selling memory and storage components and modules at average selling prices that move with industry supply and demand cycles. Micron operates four business units: Cloud Memory Business Unit (CMBU), Cloud and Data Center Business Unit (CDBU), Mobile and Client Business Unit (MCBU), and Automotive and Embedded Business Unit (AEBU). MCBU was the largest reported segment at $11.86 billion in FY2025, followed by CDBU at $7.23 billion in FY2025. Total reported NAND revenue was $8.50 billion in FY2025. Consolidated gross margin expanded to 40% in FY2025 from 22% in FY2024, driven by higher average selling prices, a richer product mix including High-Bandwidth Memory (HBM), and manufacturing cost reductions. Micron manufactures on 300mm wafers at its own fabrication facilities in Taiwan, Singapore, Japan, the United States, Malaysia, China, and India.
- Revenue model
- Transactional product sales of DRAM, NAND, and NOR semiconductor components and modules. Revenue and margins are highly sensitive to industry average selling prices, which fluctuate with global supply and demand. Gross margin swung from negative 9% in FY2023 to 22% in FY2024 to 40% in FY2025, reflecting the commodity-like pricing dynamics of the memory market.
- Products and services
- DRAM products include HBM (3D stacked, TSV-based, for AI and high-performance computing), DDR5 and DDR4 server DRAM, LPDDR5 and LPDDR4 for mobile and low-power applications, and GDDR. NAND products include data center SSDs (9550, 6550 ION, 6500 ION, 7450, 7500, 5400 series; PCIe Gen6), client and consumer SSDs (2500, 2550, 2650, 3500 series; Crucial-branded BX500 SATA and P3 Plus PCIe), managed NAND for mobile, and component NAND (TLC, QLC). NOR products serve automotive, industrial, and consumer code-storage applications. Multi-Chip Packages (MCPs) integrate LPDDR and NAND for IoT, automotive, and mobile uses. In FY2025, Micron began shipping its first 1-gamma DRAM production node, incorporating EUV lithography.
- Customers and end markets
- Key end markets are data center (hyperscale cloud, AI compute requiring HBM and high-capacity DIMMs), mobile (smartphones using LPDDR5/4 and managed NAND), client computing (PCs and laptops), automotive (ADAS, in-vehicle infotainment, autonomous driving platforms), industrial (intelligent edge, IoT), and consumer. CMBU serves large hyperscale cloud customers and all data center HBM customers. CDBU serves data center SSD and NAND markets. MCBU serves mobile and client segments. AEBU serves automotive, industrial, and consumer intelligent-edge segments.
- Value-chain role
- Vertically integrated semiconductor manufacturer. Micron designs its own process nodes, controllers, firmware, NAND, and DRAM, and manufactures products at wholly owned fabrication facilities operating 24 hours per day, seven days per week on 300mm wafers. The company also uses subcontractors for certain manufacturing processes. This integration is capital-intensive; the company advances process technology to increase bit output per wafer and reduce manufacturing costs.
- Geographic exposure
- Manufacturing facilities located in Taiwan, Singapore, Japan, the United States, Malaysia, China, and India (per FY2025 10-K). The substantial majority of sales are transacted in U.S. dollars. Significant operating expenses and capital expenditures are incurred in Canadian dollars, Chinese yuan, euros, Indian rupees, Japanese yen, Malaysian ringgit, New Taiwan dollars, and Singapore dollars.
