What Micron is up to now

New 09-30: RECORD QUARTER, CAPEX RAISED WITHOUT A FULL-YEAR NUMBER. Fiscal Q4 revenue was $54.23bn (from $11.32bn a year earlier), non-GAAP gross margin 87.0% and EPS $33.42; the fiscal Q1 guide is $61.5bn plus or minus $1.5bn. Fiscal 2026 capex was $27.37bn; fiscal 2027 capex rises 'versus prior plans', with about $11.5bn in the first quarter and about $25bn in the first half and more in the second, mostly construction that opens DRAM cleanroom space in late 2028 and beyond. Micron gave no full-year figure. Management said more than 75% of 2027 output is already committed. The shares ended extended trading about 0.4% higher, and the Nikkei and Kospi rose on the forecast. New 08-23: Micron put a number on the memory wall at Hot Chips 2026 (Stanford, 08-23 to 08-25, day one). Raghu Sreeramaneni's "Evolving Memory Architectures for AI" argues compute is scaling roughly 3x every two years while HBM bandwidth scales only about 2x — so the gap is WIDENING, not closing. Read against the previous day's capex story, this is the technical floor under it: Nvidia blamed DRAM and HBM costs for a >15% AI-server price rise on 08-22, and Micron's own framing says that constraint is structural rather than a cycle to wait out. Micron remains one of three companies that now set the price of AI capex and that this map still cannot tag on a bullet — its entity add has been proposed and held since 08-22. (Conference coverage, not a Micron release; the date is confirmed against Hot Chips' published schedule.) Standing picture below holds unchanged since 08-14. New 08-14: a US judge dismissed YMTC's Lanham Act suit against Micron and PR firm DCI Group over 2021-22 "China Tech Threat" messaging that linked YMTC's chips to military espionage — the court ruled the statements were protected political speech about China-tech national- security risk, not commercial false advertising, without ruling on whether the underlying espionage claims were true. The two remain locked in a separate 3D NAND patent-infringement fight running since Nov 2023; only the defamation-style claim closed. Micron also ran +6% intraday 08-13 on the same memory-demand optimism lifting SK Hynix and SanDisk — price action, not a structural change. Standing picture (recorded 08-05) holds: the fully-booked 2027 DRAM market (Micron/Samsung/SK Hynix taking only 60-70% of requested customer volume against advance deposits) is the mechanism behind CXMT's failed bid to qualify as a fourth Apple supplier; Micron itself was reinstated into Vera Rubin's early HBM4 slots by June after February's exclusion, posted the trio's best print (Q3 FY26: $41.5B revenue, 84.6% gross margin, guiding $50B), and is funding a $200B US buildout (NY megafab, Idaho, $6.1B CHIPS) as the only US-based DRAM maker.

as of 2026-09-30