Micron
What Micron is up to now
The #3, most whiplashed by Nvidia's favor — excluded from early Vera Rubin HBM4 slots in February, reinstated by June, HBM4 now in high- volume shipments per its own filing. Best print of the trio (Q3 FY26: $41.5B revenue, 84.6% gross margin, guiding $50B), funding a $200B US buildout (NY megafab, Idaho, $6.1B CHIPS) as the only US- based DRAM maker. No CXMT response needed — it exited China's server market in 2023. Fiscal Q4 ~late Sept.
as of 2026-07-28
Sphere us
Pocket
Chips
The metrics
- Posture med
- expanding 1 src →
- Capital · available high
- ~$26.0B cash+STI (Q3 FY26, ended May 28 2026; cash $25.0B + ST inv $1.0B); net cash ~$19.6B (total debt $6.4B) 1 src →
- Capital · operating high
- ~$51.4B/yr operating cash flow (TTM); ~$26.2B/yr FCF (TTM) — vs only $1.7B FCF FY25 (capex-heavy) 1 src →
- Capital · deployed high
- TTM capex ~$25.3B (Idaho/NY megafabs + HBM); buybacks ~$1.4B TTM; dividend ~$0.57B/yr 1 src →
- Capital · in high
- FY2025 revenue $37.4B; TTM revenue $90.3B (HBM-driven surge, +142% YoY); TTM net income $50.5B 1 src →
- Capital · out high
- capex ~$25B/yr (US megafabs, CHIPS-supported) + small dividend + modest buybacks 1 src →
- Optionality high
- mixed — net cash and huge FCF, but a rising slice earmarked to US megafabs + CHIPS commitments; capex-cyclical 1 src →
- Gravity med
- ~22% of global DRAM revenue GROSS across DC+AI+PC+auto; HBM #3 and the only US DRAM maker — a memory-chokepoint flank feeding the AI buildout 2 src →
This week — what changed
- CXMT closed its debut +466% at ~$489B — the most valuable China-listed company, above Intel's market cap; Micron fell 8% on the read-through; overhangs: a US DoD ban + a three-year HBM deficit. (CNBC · Nikkei)
- FEC monthlies (F3X, through 06-30) filed 07-20: Oracle PAC · Micron PAC · Highmark PAC · BlackRock PAC — routine, on file.
Projects & threads
·
CXMT IPO
resource move
— open · last seen 2026-07-28
· 9 entries
·
Memory Squeeze
scarcity
— developing · last seen 2026-07-28
· 6 entries
Full item history for Micron →
Vocabulary