Micron Technology, Inc. · Common stock · Boise, Idaho

Memory is the bottleneck, and Micron collects the toll.

AI servers need more DRAM, HBM and flash than the industry can make. Micron's quarterly revenue went from $11.3B to $54.2B in a year at an 87% gross margin, and management sees supply staying tight through 2028. The catch: memory has always been cyclical, and capex is climbing fast.

Last close · Oct 9, 2026

$1,029.00

Market cap

$1.16T

at current price

52-week range

$180–1,255

closing low / high

P/E

~7×

Q1 guide EPS $38.15 × 4 · trailing GAAP ~14×

Revenue TTM

Q1 FY27 guide

$61.5B

±$1.5B · EPS $38.15 · GM ~86%

Next earnings

Mid-Dec

Q1 FY27 · date not yet announced

Price, last 12 months

Daily closes with the 50-day average. Micron rose more than five-fold over the past year as memory prices surged.

1Y closing high

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1Y closing low

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SMA 50

—

SMA 200

—

RSI 14

—

Avg daily move

—

last 20 sessions

Beta

2.23

vs. S&P 500

From peak

—

Revenue and margins, by quarter

Revenue in US$ millions, with GAAP gross margin on the right axis. Micron's fiscal year ends around September 1, and FQ4 2026 had 14 weeks. The last bar is company guidance at the midpoint.

RevenueGross margin (right axis)Guidance

Q4 FY26

$54.2B

+379% YoY · 14-week quarter

DRAM

$39.8B

+343% YoY

NAND

$14.1B

+526% YoY

Gross margin

87.0%

non-GAAP · 45.7% a year ago

FY26 revenue

$133.2B

vs $37.4B in FY25

FY27 committed

>75%

of shipments under customer agreements

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

Supply stays tight

Management expects memory supply and demand to be much tighter in 2027 and 2028 than in 2026, with no line of sight to balance. 26 strategic customer agreements cover about 35% of output through 2030.

Tailwind

HBM pricing reset

HBM prices for calendar 2027 were raised significantly to close the profit gap with conventional DRAM. Over 75% of FY27 shipments are already committed.

Watch

Capex step-up

About $25B of capex in the first half of FY27, including ~$11.5B in Q1, mostly cleanrooms that produce from late 2028. Cost per bit is guided up by double digits in Q1.

Watch

Capital returns

Micron plans to return 100% of excess cash, mostly through buybacks, with larger returns starting Dec 9, 2026. It holds $73.5B of cash and investments.

Risk

The cycle turns

Memory has always swung from shortage to glut. The 86.25% gross margin guided for Q1 is the first guide in this cycle below the prior quarter's actual.

Risk

Volatility

The stock is up more than five-fold in a year with a beta above 2. Daily swings are large, so position sizing matters.

Calendar

Mid-Dec 2026

Q1 FY27 earnings

Guide: $61.5B ±$1.5B revenue, ~86.25% non-GAAP gross margin, EPS $38.15 ±$1.00.

Dec 9, 2026

Larger capital returns

Micron said its increased capital return starts on this date.

Late Mar 2027

Q2 FY27 earnings

Date not yet announced; second-quarter results usually come in late March.