MU
Micron Technology, Inc.

Micron Technology, Inc.MU

Technology · Semiconductors
1096.16USD
+5.00%
Sep 23, 2026
MU overview ready
Micron is a leading merchant-memory manufacturer supplying HBM, server DRAM and enterprise/data-center NAND products into AI-accelerator and cloud-data-center deployments.
Strong narrative exposure
Exposed to the AI Compute Infrastructure Buildout narrative through AI Accelerator Memory and Data-Center Memory Bottlenecks — bottleneck supplier.
An early price trend
Longer-term context reads extended trend, with a near-term setup of daily advance.
Fair valuation
The price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.
Unremarkable fundamentals
Primary risk
Cyclical demand fluctuations in semiconductor markets.
Market Sep 22Filing May 28Price action Sep 22Research Sep 15

Conviction Level

NarrativeHeat9.5ThemeHeat9.0PriceAction7.7Valuation3.5CompanyPosition9.3
Price
Loading price history…

Price Action

An early price trend
Longer-term context reads extended trend, with a near-term setup of daily advance.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA100 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$1.2T
Avg Volume (60D)
32.5M
60 sessions
Revenue Growth YoY
+48.9%
FY2025 vs FY2024
Gross Margin
+72.6%
Trailing twelve months
Operating Margin
+65.6%
Trailing twelve months
Free Cash Flow Yield
+2.1%
Distance from 200DMA
+69.1%
Next Earnings
2026-09-30
P/E
24.5x
EV / EBITDA
17.8x
EV / Sales
13.5x
Market metrics as of Sep 22, 2026
Financial results for the period ended May 28, 2026
Filed balance-sheet data as of May 28, 2026

Fundamentals & Valuation

Both valuation perspectives agree this company is cheap. The published stance is held at fair because cyclical earnings may be at a cycle peak, inflating the earnings the multiple is measured against.
Micron Technology, Inc. has a Fair valuation stance because the price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.

What changed

  • Micron Drops 4.2% While China's AI Chips Reveal Its Pricing Power
    Dated 2026-09-10.
    2026-09-10 · source
  • A $1 Trillion Micron Sounds Absurd. Then You See the 10-Fold Earnings Forecast.
    Dated 2026-09-10.
    2026-09-10 · source
  • Micron Gains 2.4% as Memory's 86% Margin Era Refuses to Break
    Dated 2026-09-09.
    2026-09-09 · source
  • Micron's $50 Billion Guide Gets an 8.3% Signal From Seoul
    Dated 2026-09-07.
    2026-09-07 · source

Company Research

Thesis
Micron is a leading merchant-memory manufacturer supplying HBM, server DRAM and enterprise/data-center NAND products into AI-accelerator and cloud-data-center deployments.
Opportunity
High opportunity
AI training and inference clusters require rapidly expanding supplies of high-bandwidth memory, server DRAM and data-center SSDs; constrained leading-edge memory and advanced packaging capacity can make memory a throughput, deployment and cost bottleneck for accelerator systems.
Key risk
Cyclical demand fluctuations in semiconductor markets.

Narrative & Theme

AI Compute Infrastructure Buildout
Part of AI Accelerator Memory and Data-Center Memory Bottlenecks, with strong fit.
It is a genuine adjacent fit to that active narrative through an unrepresented sibling mechanism: AI systems need substantially more bandwidth and memory capacity, and HBM/leading-edge server memory supply is concentrated among a few qualified producers.
Narrative HeatHot9.5 / 10
Theme HeatHot9.0 / 10
This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Technology · Semiconductors
What they do

Micron Technology designs, develops, manufactures, and sells memory and storage products globally through multiple business units focused on cloud memory, data center, mobile/client, and automotive/embedded segments.

How it earns

The company generates revenue primarily through transactional sales of memory and storage hardware products.

Products & services
Dynamic random access memory (DRAM) components and modules
CXL-based memory
LPDDR components and modules
Graphics memory
High-bandwidth memory (HBM)
Data center memory products
Multichip packages
Customers & end markets
Cloud service providers and data centers
Mobile device manufacturers
Automotive and embedded systems companies
Market position

Micron is a leading global producer of memory and storage products in the semiconductor industry.

Demand drivers
High cyclicality

Semiconductor memory demand is highly cyclical, driven by technology adoption cycles and end-market demand fluctuations.