Stock

# Micron Technology (MU)

Micron makes DRAM, high-bandwidth memory and NAND flash, and it guided fiscal Q1 2027 revenue to $61.5B after a $54.23B fiscal Q4.

Updated Oct 29, 2026

Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

## What it does

Micron Technology makes memory and storage chips. Its products include DRAM, high-bandwidth memory (HBM) for AI processors, and NAND flash used in solid-state drives. It reports four business units: Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded. It is based in Boise, Idaho.

## Role in the theme

In the Memory and storage theme, Micron is the US-listed maker of DRAM and HBM. It also makes data center SSDs, and it names replacing hard drives as one way that market is growing.

## Latest

- **2026-10-21:** Micron and its union in Taichung, Taiwan, signed an agreement and called off a mediation session set for the next day. The terms were not made public. A separate dispute with a union in Taoyuan was not resolved.
- **2026-09-30:** Fiscal Q4 2026 (ended 2026-09-03) revenue was $54.23B, up from $41.46B in Q3 and $11.32B a year earlier. GAAP gross margin was 86.8%. Fiscal 2026 revenue was $133.19B, up from $37.38B.
- **2026-09-30:** Guidance for fiscal Q1 2027 is revenue of $61.5B, plus or minus $1.5B, with gross margin of about 86%.
- **2026-09-30:** Micron has signed 26 multi-year take-or-pay customer agreements. It estimates they cover over 35% of its revenue through 2030. Customer financial commitments under them rose to $32B, mostly cash deposits.
- **2026-09-30:** Micron has agreements for the vast majority of its calendar 2027 HBM supply. Data center SSD revenue was nearly $10B in fiscal Q4.

## What to watch

- **Supply.** Micron expects memory and storage supply to be "much tighter" in calendar 2027 and 2028 than in 2026.
- **Capital spending.** Micron plans about $11.5B of capex in fiscal Q1 and about $25B in the first half of fiscal 2027. It expects more in the second half.
- **Contract prices.** TrendForce forecasts Q4 2026 contract prices up 10-15% for conventional DRAM and 15-20% for NAND from Q3. It expects the pace of increases to moderate.
- **Labor talks** with the Taoyuan union.
- **Next report:** fiscal Q1 2027 results. The date is not announced (not confirmed).

## Covered in

- Theme: [Memory and storage](/research/themes/memory-storage)

## Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.
- [Micron fiscal Q4 and full-year 2026 results](https://www.sec.gov/Archives/edgar/data/723125/000072312526000018/a2026q4ex991-pressrelease.htm)Primary 2026-09-30
- [Micron fiscal Q4 2026 earnings call prepared remarks](https://s25.q4cdn.com/621799436/files/doc_financials/2026/q4/Q4-FY26-Prepared-Remarks.pdf)Primary 2026-09-30
- [TrendForce: AI server demand sustains memory contract price increases in 4Q26](https://www.trendforce.com/presscenter/news/20260930-13258.html)Primary 2026-09-30
- [Micron, Taichung union reach deal in labor talks](https://focustaiwan.tw/business/202610210014)Secondary 2026-10-21
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