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| Period | Largest customer share | Where printed |
|---|---|---|
| FY2023 | No customer at 10% or more | 10-K Note 28 |
| FY2024 | 10% (primarily MCBU, AEBU, and CMBU) | 10-K Note 28 |
| FY2025 | 17% (primarily CMBU) | 10-K Note 28 |
| First six months FY2026 | 13% (primarily CMBU) | Q2 FY2026 10-Q |
| First nine months FY2026 | 10% (primarily CMBU) | Q3 FY2026 10-Q |
| Period | Cadence | DRAM bits | NAND bits | DRAM ASP | NAND ASP |
|---|---|---|---|---|---|
| FY2024 | Year over year | Mid-40% range | Low-30% range | Low-teen % range | Low-30% range |
| FY2025 | Year over year | Mid-teen % | High-teen % | Low-40% range | Not printed |
| Q4 FY2025 (ended 28 Aug 2025) | Quarter over quarter | Low-teens % | Declined mid-single-digit % | Low-double-digit % | High-single-digit % |
| Q1 FY2026 (ended 27 Nov 2025) | Quarter over quarter | Up slightly | Mid-to-high single-digit % | Approximately 20% | Mid-teens % |
| Q2 FY2026 (ended 26 Feb 2026) | Quarter over quarter | Mid-single-digit % | Low-single-digit % | Mid-60% range | High-70% range |
| Q3 FY2026 (ended 28 May 2026) | Quarter over quarter | Low-single-digit % | Mid-single-digit % | Low-60% range | Mid-80% range |
| Nine months FY2026 (ended 28 May 2026) | Year over year | Approximate 30% | Low-20% range | Approximate 140% | Approximate 130% |
| Period | Product | Detail |
|---|---|---|
| 2023-09. Micron commits to HBM3E early sampling | HBM3E (8-Hi) | Micron announces HBM3E samples shipping to NVIDIA and AMD; trails SK Hynix by ~6 months but tracks ahead of Samsung's qualification difficulties |
| 2024-02. NVIDIA H200 HBM3E qualification + first revenue | HBM3E (8-Hi) | Micron qualified as second HBM3E supplier on NVIDIA H200; first material revenue contribution in fiscal Q3 2024 (March-May 2024) |
| 2024-06. Sanjay Mehrotra commits to HBM ramp targets | All HBM | Q3 FY2024 call: 'HBM3E revenue scaling from low single-digit billions FY2024 to multi-billion-dollar growth driver FY2025' |
| 2024-Q3. HBM revenue ramp | HBM3E (8-Hi) | Micron HBM revenue ~$1B+ for full year FY2024 (vs effectively $0 in FY2023); driven by NVIDIA H200 + B100 + B200 |
| 2024-Q4. AMD MI325X qualification | HBM3E (8-Hi) | Micron qualified as HBM3E supplier on AMD MI325X (256GB HBM3E variant); second NVIDIA + AMD-tier customer relationship |
| 2025-Q1. HBM3E 12-Hi sampling | HBM3E (12-Hi) | Micron begins HBM3E 12-Hi (36 GB per stack) sampling to NVIDIA + AMD + Broadcom; targets second-source qualification on NVIDIA B300 + AMD MI400 |
| 2025-Q3. Cumulative HBM3E revenue $5B+ | All HBM | Micron Q3 FY2025 call (June 2025): year-to-date HBM revenue passes $5B; on track for $8-10B+ in full FY2025 |
| 2025-Q4. HBM4 qualification engagement | HBM4 (development) | Micron + NVIDIA disclose joint HBM4 development engagement targeting NVIDIA Rubin launch 2026; positioned as third HBM4 supplier behind SK Hynix + Samsung |
| 2025-2026. HBM market share to ~22-24% | Reference | Micron's HBM share reached ~21% by mid-2025, overtaking Samsung for the #2 position, and Micron/TrendForce guide toward ~22-24% by end-2025 (up from ~10% in 2023-2024), primarily at Samsung's expense; SK Hynix's lead persists |
| Capex context | Reference | Micron HBM-specific capex of ~$15B over 2024-2026 across new fabs (Boise Idaho + existing Hiroshima); CHIPS Act $6.1B award supports Boise expansion |
| 2026-Q3. HBM4 shipped revenue exceeded $1B | HBM4 (12-Hi) | Q3 FY2026 prepared remarks, 24 Jun 2026: HBM4 12-high volume ramp tracking twice as fast as HBM3E 12-high. Shipped revenue already over $1 billion (HBM4 only, not total HBM). High-volume shipments for the lead customer's platform. Qualification samples to multiple end customers. No new named customer is added here. |
| Editorial. Why Micron HBM matters disproportionately | Strategic context | Memory is cyclical commodity for the bulk of Micron's revenue (DRAM + NAND). HBM is the structural growth driver that decouples Micron from commodity-cycle valuation. Sanjay Mehrotra's strategic bet (committing $15B+ capex to HBM ahead of full demand visibility) is the marquee Micron equity story |
| Period | Printed figure | What it covers |
|---|---|---|
| Q3 FY2026 (as of 28 May 2026). Remaining performance obligations | Approximately $5 billion | 10-Q. About one-third expected as revenue over the next twelve months. Not material at 28 Aug 2025. |
| Q3 FY2026 (as of 28 May 2026). Contract liabilities inside that RPO | $422 million | 10-Q. Primarily customer deposits on SCAs, mostly in other noncurrent liabilities. |
| Q3 FY2026 earnings (24 Jun 2026). SCAs signed | 16 | Presentation. Includes agreements executed after 28 May 2026. Data center, consumer, and auto. Typically calendar 2026 through 2030. |
| Q3 FY2026 earnings (24 Jun 2026). DRAM volume under signed SCAs | Roughly 20% | Presentation. Share of DRAM volume over the agreement term, not a share of quarterly revenue. |
| Q3 FY2026 earnings (24 Jun 2026). NAND volume under signed SCAs | A third | Presentation. Share of NAND volume over the agreement term. |
| Q3 FY2026 earnings (24 Jun 2026). Deposits and related commitments | $22 billion ($18 billion cash deposits) | 10-Q MD&A and presentation. For agreements concluded to date. Not RPO. |
| Q3 FY2026 earnings (24 Jun 2026). 14 of 16 SCAs at minimum price | Approximately $100 billion cumulative revenue | Presentation. Remaining agreement term at contractual minimum price. Not a current-period revenue figure. |
America's only memory chipmaker — racing to catch up in the AI memory gold rush.
HBM3E
High Bandwidth MemoryRamping production, supplying NVIDIA
DDR5
Server DRAMHigh-performance data center memory
CXL Memory
Next-Gen InterconnectMemory expansion for AI servers
Data Center SSDs
StorageEnterprise NVMe solid-state drives
Market Share
~20% of HBM market (growing), ~25% of total DRAM
Competitive Moat
Only U.S.-based memory manufacturer; strong technology roadmap; CHIPS Act funding
Key Risk
Late entrant to HBM; smaller scale than SK Hynix and Samsung; memory market volatility
Micron is the only American company making DRAM and HBM. With geopolitical tensions around Asian supply chains, Micron is the U.S. government's bet on domestic memory manufacturing. Their HBM ramp is critical for American AI supply chain independence.
Founded October in Boise, Idaho by Joe and Ward Parkinson, Doug Pitman and Dennis Wilson, initially as a four-person semiconductor design consultancy in a basement before pivoting to DRAM manufacturing.
Built first wafer fab in Boise, Idaho funded by potato magnate J.R. Simplot; introduced Micron 16Kb DRAM, the smallest die area of any 16Kb DRAM at the time.
IPO on the NYSE; proceeds funded expansion of Boise Fab 2 and the company's transition from a four-person consultancy to a full DRAM manufacturer.
Filed antidumping petition against Japanese DRAM makers; resulting US-Japan Semiconductor Trade Agreement of 1986 saved the US DRAM industry from collapse.
Spun out Micron Electronics PC business as a separate public company; refocused parent on memory, the strategic decision that preserved Micron through DRAM cycles.
Acquired Lexar Media for M, gaining flash card brand and consumer NAND distribution; held Lexar through 2017 before selling to China-based Longsys.
Formed IM Flash Technologies JV with Intel to manufacture NAND in Lehi, Utah and 3D XPoint memory; ran for 13 years before Micron bought out Intel in 2018.
Closed .5B acquisition of bankrupt Elpida Memory July 31, gaining Hiroshima 300mm DRAM fab and 24% Rexchip Taiwan stake; vaulted into top-3 DRAM makers behind Samsung and SK Hynix.
Tsinghua Unigroup made B unsolicited bid for Micron, the largest-ever Chinese bid for a US tech company; rejected by Micron and ultimately blocked under CFIUS scrutiny.
Bought Intel out of IM Flash NAND JV for .5B; Intel exited NAND, leaving Micron and Samsung as the dominant non-Asian NAND players.
US DOJ indicted China-based Fujian Jinhua and Taiwan-based UMC for stealing Micron DRAM trade secrets; landmark case against Chinese semiconductor IP theft.
Began ramping 1Y nm DRAM, Micron’s first node to lead Samsung in density per cell; foundation of HBM3e leadership three years later.
Announced B Clay, NY mega-fab over 20 years, the largest semi project in US history; first phase B targets HBM/DRAM production starting 2026-27.
China's Cyberspace Administration banned Micron from key infrastructure projects after a cybersecurity review, hitting ~10% of revenue; first major retaliation against US chip controls under Xi Jinping.
Began HBM3e mass production for NVIDIA H200 with 24GB 8-high stacks, leapfrogging into HBM leadership tier; first US-based HBM supplier and Micron's largest single revenue catalyst since 2018.
Awarded preliminary $6.1B CHIPS Act funding for Clay, NY mega-fab and Boise, ID expansion of HBM/DRAM capacity; total Micron US commitment ~$125B over the decade.
Finalized $6.165B CHIPS Act funding December 10 for Clay, NY HBM mega-fab and Boise expansion; first US-based HBM/DRAM mega-fabs in 25 years.
December 2 BIS update barred HBM3/3e exports to China, formalizing the cutoff already in effect from China's Micron ban; minimal incremental revenue impact for Micron specifically.
Began 12-stack HBM3e mass production at 36GB, securing additional NVIDIA H200/B300 supply allocations; HBM share grew to ~22% from <5% in 2023.
Sampled HBM4 to NVIDIA and AMD, targeting Rubin and MI400 ramps in calendar 2026; projected ~18% HBM4 share, up from 22% HBM3e share in 2025.