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Micron Technology designs and manufactures DRAM, NAND flash and NOR memory in its own wafer fabrication, assembly and test plants, selling to data center, mobile, client, automotive, industrial and consumer customers under the Micron and Crucial brands. Its highest-value line is HBM, the stacked DRAM used by AI accelerators.

• ·HBM ramp and generation transition. Micron reported that it had already shipped more than $1,000M of HBM4 revenue and that the HBM4 12-high volume ramp is tracking roughly twice as fast as the HBM3E 12-high ramp, with HBM4E on the 1-gamma node targeted for volume production in calendar 2027. HBM bit share versus SK hynix and Samsung, and whether HBM4 yields hold, are the single largest swing factor in Micron's mix.Investing.com, Jun 24, 2026
• ·HBM share. Counterpoint put calendar Q2 2026 HBM revenue share at SK hynix 50%, Samsung 33% and Micron 18%, with Samsung up 12 points in the quarter and SK hynix down from 64% a year earlier.The Asia Business Daily, Sep 3, 2026
• ·Memory pricing cycle and rate of change. TrendForce forecasts conventional DRAM contract prices up 13-18% QoQ and NAND Flash contract prices up 10-15% QoQ in 3Q26, explicitly a slower pace than prior quarters because record-high contract prices have pushed PC and smartphone customers to their affordability limit. The deceleration in sequential pricing, not the direction, is what determines whether Micron's ~86% guided gross margin is a peak.TrendForce, Jul 3, 2026
• ·Memory pricing into 4Q26. TrendForce's 4Q26 forecast has NAND Flash contract prices up 15% to 20% QoQ and enterprise SSD up 23% to 28%, faster than the 10% to 15% it expected for NAND in 3Q26, and says it lifted its DRAM contract price outlook with supply still tight and long-term agreements capping the increases. The DRAM percentages sit behind its paywall.TrendForce, Sep 24, 2026
• ·Contracted revenue visibility. Micron disclosed 16 Strategic Customer Agreements representing approximately $100,000M in minimum contracted revenue, covering roughly 20% of its DRAM volume and about one-third of its NAND volume through 2030, structured as take-or-pay commitments with price floors and ceilings, and expected to represent more than 50% of total revenue once fully in effect. Coverage percentage, floor pricing and any renegotiation are the key disclosures each quarter.Investing.com, Jun 24, 2026
• ·Data-center demand mix. In fiscal Q3 2026 the two data-center-facing units produced $25,293M of the $41,460M total: Cloud Memory $13,769M and Core Data Center $11,524M, versus Mobile and Client $11,521M and Automotive and Embedded $4,634M. The share of revenue coming from Cloud Memory plus Core Data Center, and the gross margin spread between them (83% CMBU vs 87% CDBU in the quarter), is the mix metric to track.Barchart (GlobeNewswire syndication of Micron press release), Jun 24, 2026
• ·Capex discipline versus greenfield build-out. Micron guided fiscal Q4 2026 capex to about $10,000M, taking full-year fiscal 2026 capex to roughly $27,000M net of government incentives, and said fiscal 2027 quarterly capex will exceed that Q4 level, with more than half of the year-over-year increase going to construction spend rather than equipment. Separately Micron raised its planned U.S. investment to more than $250,000M through 2035 (up from the roughly $200,000M announced in June 2025), targeting 40% of its global DRAM output on U.S. soil.CNBC, Jul 9, 2026
• ·Capital return after December 9. The FY26 Q3 10-Q shows $7,840M used of a $10,000M repurchase authorization, no repurchases in the quarter, and repurchases restricted under the CHIPS Act direct funding agreements. The restriction is reported to lapse on 2026-12-09, the second anniversary of those agreements, and Micron's CEO has been asked about that date on air.24/7 Wall St., Aug 21, 2026
• ·China exposure and CXMT capacity. Reuters reported in October 2025 that Micron would exit the server-chip business for data centers in China following the 2023 Cyberspace Administration of China ban, a business that had contributed about $3,400M, or roughly 12% of revenue, in the prior fiscal year, while retaining Chinese automotive and mobile customers. On the supply side, CXMT is reported to be finishing 2026 at roughly 350,000 DRAM wafer starts per month, about 25,000 WSPM short of Micron, though it is not yet in HBM.CNBC / Reuters, Oct 17, 2025

Fiscal year is the 52 or 53 week period ending the Thursday closest to August 31. Fiscal 2026 is a 53 week year ending September 3, 2026, so its fourth quarter runs 14 weeks. Quarters end in late November, late February and late May.

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Sandisk is a NAND flash pure play, independent since Western Digital spun off its flash business in February 2025. It develops 3D NAND and sells enterprise and client SSDs, embedded flash, memory cards and USB drives. It owns no wholly consolidated wafer fabs: all wafer supply comes from Flash Ventures, the Japanese joint venture it co-owns with Kioxia.

• ·NAND pricing cycle and the price/volume split. Sandisk attributed its 51% sequential fiscal Q4 2026 revenue increase to roughly one-third higher volumes and two-thirds higher pricing, making the company unusually levered to contract ASPs. TrendForce forecasts NAND Flash contract prices up 10-15% QoQ in 3Q26, a deceleration from earlier 2026 quarters as consumer demand weakens and base effects build, so the price contribution to sequential growth is the number to watch.TrendForce
• ·Kioxia JV term and the fab access payment. On January 29, 2026 Kioxia and Sandisk extended the Yokkaichi Plant joint venture agreements by five years, from December 31, 2029 to December 31, 2034, and aligned the Kitakami Plant agreement to the same date. Sandisk will pay Kioxia $1,165M for manufacturing services and continued access to supply, in installments from 2026 through 2029 — a cash obligation that sits outside reported capex.Kioxia Corporation
• ·Flash Ventures economics and fixed-cost exposure. Sandisk holds a 49.9% interest in each of the three Flash Ventures entities (Flash Partners, Flash Alliance, Flash Forward), jointly controls them with Kioxia, and is entitled to purchase roughly 50% of output at cost plus a small markup. Critically, it must pay for half of Flash Ventures' fixed costs regardless of how much output it actually takes, and it recognizes its 49.9% share of Flash Ventures earnings one quarter in arrears in Other expense, net — so reported operating results and JV economics move on different clocks.Sandisk Corporation (Annual Report 2025)
• ·Technology transition: BiCS8 to BiCS10 and the capex step-up. Kioxia and Sandisk began production of 10th-generation 3D flash at Kitakami Plant Fab2 (K2) in July 2026; the companies say the node uses CBA (CMOS directly Bonded to Array) and supports multi-year bit growth. Sandisk says BiCS8 is now the majority of production, BiCS10 1Tb TLC exceeds 29Gb/mm2 with a 59% bit-density improvement, and gross capex ran about 6% of revenue in fiscal 2026 with a BiCS10 ramp planned in fiscal 2027.Kioxia Corporation
• ·Enterprise SSD traction and bit mix shift. Datacenter revenue reached $2,977M in fiscal Q4 2026, up 103% sequentially and up 1,298% year over year, and Datacenter grew from 12% to 38% of total bits shipped year over year; full-year fiscal 2026 Datacenter revenue was $5,153M, up 437%. Whether additional hyperscaler qualifications convert into sustained datacenter bit share — against a market where enterprise SSDs were roughly 48% of global NAND bit shipments in Q2 2026 — is the core growth question.Investing.com
• ·Post-spin capital structure and contracted revenue. Long-term debt was $0 at July 3, 2026, down from $1,829M a year earlier; Sandisk repurchased $4,500M of stock in fiscal Q4 with $15,500M remaining of a $20,000M authorization. Eight New Business Model agreements carry $93,900M of minimum contracted revenue at floor pricing with $16,500M of financial guarantees, covering more than 50% of fiscal 2027 bits and about two-thirds of fiscal 2028 bits; the FY2028-FY2030 model presented at the August 13, 2026 Investor Day targets mid-to-high-teens revenue growth, ~80% non-GAAP gross margin, ~75% non-GAAP operating margin and ~50% adjusted free cash flow margin, with 100% of excess free cash flow returned to shareholders.Counterpoint Research

Fiscal year is a 52 or 53 week period ending the Friday nearest June 30. Fiscal 2026 was a 53 week year ended July 3, 2026, with the extra week in a 14 week first quarter.

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Ahead of the FY26 Q4 report

• ·Micron guided FY26 Q4 to $49,000M to $51,000M of revenue and $30.00 to $32.00 of non-GAAP EPS. The Zacks consensus on file, $50,860M and $31.45 as of 2026-09-25, sits above the midpoint of both ranges, and Investing.com's own panel had $50,450M and $31.16 on 2026-09-22. The last three reported quarters each cleared the consensus on file by a wide margin. A print inside the guided range would meet guidance and still fall short of what the Street has priced. The FY27 Q1 guide, against the $54,650M and $34.80 consensus on file for that quarter, is the figure the print turns on.Investing.com, Sep 22, 2026
• ·FY26 Q4 has 14 weeks, because fiscal 2026 is a 53-week year ending September 3, 2026. FY26 Q3 had 13. The extra week flatters sequential growth on this print and weighs on the FY27 Q1 guide against it. Neither comparison says anything about demand until the calendar is stripped out.
• ·The 86% gross margin guide was set in June, when TrendForce expected 3Q26 contract prices to rise more slowly than in prior quarters. Its 4Q26 forecast instead has NAND contract prices up 15% to 20% QoQ, faster than the 10% to 15% it expected for 3Q26, with enterprise SSD up 23% to 28%, and says it lifted its DRAM outlook while long-term agreements cap the increases. The FY27 Q1 gross margin guide therefore matters more than the FY26 Q4 print. A guide at or above 86% says pricing is still rising into the new fiscal year, and the NAND re-acceleration argues for it. A guide below it would point to the agreement ceilings rather than to demand.TrendForce, Sep 24, 2026
• ·Micron said on the June call that FY27 capex will run above the mid-$40,000M range, with more than half of the increase going to construction, and that FY26 Q4 free cash flow should exceed $30,000M on about $10,000M of capex. Construction spend adds no bits until the shell is tooled, so a construction-heavy increase keeps near-term supply tight while the cash outlay rises. With $7,840M of the $10,000M buyback authorization already used and repurchases restricted until the CHIPS Act date in December, the cash builds on the balance sheet until then, and any capital return language on the call is read against 2026-12-09.Investing.com, Jun 24, 2026
• ·Micron has 16 strategic customer agreements, 14 of which carry about $100,000M of minimum contracted revenue over their remaining terms, most running 2026 through 2030, covering roughly 20% of DRAM volume and one-third of NAND volume, with about $22,000M of cash deposits and financial commitments, a ceiling at calendar Q2 2026 market prices and a floor for the term. The ceilings cap what further price increases can add on covered volume, so the covered share matters as much as the headline total, and the deposits show how much customers are paying for certainty. Any change in the agreement count, the coverage percentages, the deposits or the floor language is the disclosure to read first.Zacks Investment Research (via The Globe and Mail), Aug 11, 2026
• ·Micron is reported to be adding about 60,000 HBM wafer starts a month to reach about 100,000 by the end of 2026, against 150,000 to 200,000 each at SK hynix and Samsung, with 12-high HBM4 rising toward half of its output. Counterpoint has Micron at 18% of HBM revenue in calendar Q2 2026, the smallest of the three. The HBM4 ramp is a share contest as much as a mix story, so any HBM revenue, share or capacity figure on the call is read against those numbers.TrendForce (citing ETNews), Sep 4, 2026
• ·On 2026-08-26 Micron named Manish Bhatia President and Chief Operating Officer and Scott DeBoer President and Chief Technology and Products Officer, and moved Sumit Sadana from Executive Vice President and Chief Business Officer to Senior Advisor to the CEO. This is the first report under that structure and the first call without Sadana in his prior role, so who takes the questions on contracts and pricing is itself information.SEC EDGAR (Micron 8-K), Aug 26, 2026
• ·On 2026-09-23 the U.S. International Trade Commission instituted investigation 337-TA-1523 on a Netlist complaint filed 2026-08-11, covering DDR5 RDIMMs and MRDIMMs and naming Micron, HPE, Lenovo and Supermicro, with exclusion and cease-and-desist orders sought. Nothing changes before a determination, and such cases commonly reach trial within a year, but an exclusion order would bear on U.S. imports of Micron's server DDR5 modules, so any comment on the case is worth more than its length.U.S. International Trade Commission, Sep 23, 2026

Prepared by PiggyGPT, as of Sep 28, 2026.

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• ·FY26 Q3Earnings slidesJun 24, 2026 · View, Download