Micron Technology (MU)

HBM + DRAM for AI GPUs. Idaho + New York mega-fabs via CHIPS Act.

Micron Technology (MU) is a high-exposure name in the data-center supply chain in the chip fab sector. Data Center Index tracks Micron Technology's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.

Micron Technology data center thesis

HBM3E and HBM4 are the bottleneck on every AI training cluster, and Micron is the only US-flag memory vendor with leading-edge HBM capacity. FY25 revenue hit $37.4B (up 49% YoY) with operating income flipping to $9.8B, and the FY26 capex guide of $20-25B funds the Clay NY ($20B) and Hiroshima ($9.6B) HBM fabs that lock in the 2027-28 supply curve.

Bull case

  • Memory bandwidth is the genuine bottleneck on AI accelerators: every Blackwell/MI300/TPU upgrade cycle pulls more HBM stacks per package, and Micron HBM3E was sold out through 2025 before fabs were even qualified.
  • Clay NY ($20B) plus Hiroshima ($9.6B) give Micron the only non-Korea HBM capacity for hyperscalers that increasingly need supply-chain redundancy outside the SK Hynix / Samsung duopoly.
  • FY25 revenue +49% with margins flipping from -9% to +40% gross is the cleanest inflection in the group, and the FY26 $20-25B capex guide frames the next leg of bandwidth-driven pricing power.

Bear case

  • HBM oversupply risk in 2027: Samsung qualification, SK Hynix M15X ramp, and Micron Hiroshima all hit production within the same 18-month window; pricing breaks first, gross margin follows.
  • Memory is structurally cyclical; FY23 already showed how fast a $30B revenue base can collapse to $15B with a $5.7B operating loss when the cycle inverts.
  • Up 772% in 12 months on perfect HBM execution; any HBM4 qualification slip at NVIDIA or AMD compresses the multiple from peak-cycle to mid-cycle assumptions in a single print.

Thesis last reviewed 2026-05-09.

Data center exposure rationale

HBM is essentially all AI/DC-bound; HBM share of revenue is rising rapidly and management cites datacenter as the primary growth driver. Tier set to high pending an explicit % disclosure.

Micron Technology revenue and capex

In fiscal 2026, Micron Technology reported revenue of $133.2B, capital spending of $30.7B and operating income of $99.3B.

Fiscal yearRevenueCapexOperating income
2026$133.2B$30.7B$99.3B
2025$37.4B$15.9B$9.8B
2024$25.1B$8.4B$1.3B

From annual reports filed with the SEC; the most recent was filed 2026-10-09.

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