MICRON TECHNOLOGY INC

Micron Technology, Inc.

Overview

• Industry position: Leader in memory and storage solutions serving the AI data economy and compute-intensive applications across data centers, intelligent edge, and client/mobile devices.
• Core technologies: DRAM, NAND, and NOR memory and storage products sold under the Micron and Crucial brands.
• Manufacturing: Products are produced at wholly owned facilities, with some processes performed by subcontractors. A global network of manufacturing centers supports scale, efficiency, and short cycle times.
• Innovation and cost focus: Ongoing investments in proprietary product and process technologies to increase bit density and reduce per-bit manufacturing costs. The company continually introduces higher-performance, lower-power, more reliable, and denser memory products.
• Market conditions: Operates in a highly competitive market and maintains emphasis on R&D, efficient use of manufacturing assets, and disciplined capital spending to drive market acceptance and returns.
• Customer and channel approach: Sales through a direct sales force, regional sales offices, distributors, and independent representatives. Crucial-branded consumer products are sold primarily via a web-based direct channel and partner channels. Approximately one-half of revenue has historically come from the top ten customers.

Business segments (post-2025 reorganization)

Micron reports results across four business units as of the fourth quarter of 2025. Prior-period amounts have been retrospectively adjusted to this structure.

• Cloud Memory Business Unit (CMBU): Memory solutions for large hyperscale cloud customers, including High-Bandwidth Memory (HBM) for data centers.
• Core Data Center Business Unit (CDBU): Memory solutions for mid-tier cloud, enterprise, and OEM data centers; data center SSDs and NAND components.
• Mobile and Client Business Unit (MCBU): Memory and storage for mobile and client markets, including Crucial SSDs, component DRAM/NAND, and memory for smartphones and AI-enabled mobile applications.
• Automotive and Embedded Business Unit (AEBU): Memory and storage for automotive, industrial, and consumer edge applications; discrete DRAM/NAND, SSDs, and NOR.

Product and technology highlights

• DRAM: DDR, LPDDR, GDDR, and HBM families. Key node developments include 1γ (first DRAM node with EUV) and majority production on 1β in 2025. LPDDR5/LPDDR5X development targets mobile and server markets. Introduced a 128 GB DDR5 server module using monolithic 32 GB dies (1β node) in 2024–2025.
• HBM: Multi-high HBM offerings (HBM3E and early HBM4 demonstrations) for data center AI and HPC workloads.
• NAND: TLC and QLC NAND products, with 9th-generation 3D NAND (G9) introduced. Client NAND products use Adaptive Write Technology for AI workloads; data center NAND (G8/G9) is used in SSDs.
• SSDs and managed NAND: Data center SSDs (including PCIe Gen6-based products), NAND-containing modules (MCPs) for embedded/mobile markets, and automotive SSDs in development.
• NOR: Embedded code storage and fast-read NOR memory for automotive, industrial, and consumer applications.

Revenue by segment

Reported revenue by business unit (post-reorganization presentation):

• 2025
  • CMBU: $13.52 billion
  • CDBU: $7.23 billion
  • MCBU: $11.86 billion
  • AEBU: $4.75 billion
  • Total: $37.36 billion
• 2024
  • CMBU: $3.79 billion
  • CDBU: $4.98 billion
  • MCBU: $11.67 billion
  • AEBU: $4.63 billion
  • Total: $25.07 billion
• 2023
  • CMBU: $1.87 billion
  • CDBU: $2.12 billion
  • MCBU: $7.39 billion
  • AEBU: $4.14 billion
  • Total: $15.52 billion

Manufacturing and operations

• Manufacturing footprint: Primary manufacturing occurs at Micron’s wholly owned facilities, with select processes outsourced to subcontractors. Global centers of excellence support end-to-end manufacturing, R&D, product development, HR, procurement, and supply chain functions.
• Regional consolidation: In some regions, including Singapore and Taiwan, manufacturing and back-end operations are consolidated to optimize fabrication and assembly.

Markets and go-to-market

• Market focus by segment:
  • CMBU: Data center/cloud-scale memory and HBM for hyperscale customers.
  • CDBU: Mid-tier cloud, enterprise, and OEM data centers; data center SSDs and NAND.
  • MCBU: Mobile, client PCs, and consumer SSDs (Crucial brand); LPDDR/DRAM and NAND for mobile and consumer devices.
  • AEBU: Automotive, industrial, and embedded memory/storage for intelligent edge and automotive-qualified applications.
• Customer engagement: Global direct sales force and offices, supported by distributors and independent representatives. Consumer sales for the Crucial brand are primarily web-direct and through partner channels. Inventory is positioned near key customers to support rapid delivery.
• Pricing and contracting: Periods of price volatility are common; Micron commonly uses long-term agreements that are periodically renegotiated to reflect market conditions.

Scope

Micron designs, manufactures, and sells DRAM, NAND, and NOR memory and storage solutions across the four business units (CMBU, CDBU, MCBU, AEBU) under the Micron and Crucial brands, targeting data center, cloud, mobile, client, automotive, industrial, and embedded markets. The company emphasizes high-volume, high-density memory production and has a material customer concentration, with about half of revenue historically from the top ten customers.