“Micron makes memory chips: DRAM, high-bandwidth memory (HBM) for AI accelerators, and NAND flash storage.”
🐂 Bull
- HBM demand for AI servers lifts pricing and mix
- Revenue grew +379% YoY last quarter ($11.3B → $54.2B)
- 81% GAAP operating margin last quarter
🐻 Bear
- Memory is a famously boom-bust commodity cycle
- Insiders sold ~$91M in open-market trades since 2026-04-18
What changed
Quarter revenue $54.2B, +379% YoY; operating income $43.8B vs $3.7B a year ago (+1097%).
MU · Micron Technology Inc
Hardware & Semis · ★ Legendary · Power 95/100 · CIK 0000723125
What it does
Micron makes memory chips: DRAM, high-bandwidth memory (HBM) for AI accelerators, and NAND flash storage. It manufactures in its own fabs in the US and Asia.
What changed
10-K for the period ending 2026-09-03, filed 2026-10-09 0000723125-26-000023
Quarter revenue $54.2B, +379% YoY; operating income $43.8B vs $3.7B a year ago (+1097%).
- Revenue (qtr to 2026-09-03): $54.2B (+379% YoY) 0000723125-26-000023
- Operating income (qtr to 2026-09-03): $43.8B (+1097% YoY) 0000723125-26-000023
- Operating cash flow (FY to 2026-09-03): $89.7B (+412% YoY) 0000723125-26-000023
🐂 Bull case
- HBM demand for AI servers lifts pricing and mix
- Revenue grew +379% YoY last quarter ($11.3B → $54.2B) 0000723125-26-000023
- 81% GAAP operating margin last quarter 0000723125-26-000023
🐻 Bear case
- Memory is a famously boom-bust commodity cycle
- Insiders sold ~$91M in open-market trades since 2026-04-18 0001242654-26-000013
🚩 Red flags
- 💸 Insider selling: ~$91M of open-market sales in 10 of 22 Form 4s since 2026-04-18 0001242654-26-000013, 0001242654-26-000014, 0001242654-26-000015
Data notes: latest quarter is 98 days vs 91 days a year earlier (fiscal calendar shift); YoY is as reported, not length-adjusted.
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How the power level is computed
Power (0–100) = Growth 25 × clip(quarter revenue YoY ÷ 30%) + Profit 25 × clip(quarter GAAP operating margin ÷ 30%) + Cash 20 × clip(FY free cash flow ÷ FY revenue ÷ 25%) + Fortress 15 (full if cash + short-term investments ≥ debt, else 15 × clip(1 − net debt ÷ FY revenue); half if debt isn't tagged) + Dilution 15 (full if diluted shares flat/down YoY, 0 at +5%). Missing inputs get half credit. Banks and insurers get a Financials frame: their score isn't comparable.
Not investment advice. Ticker Card summarizes public SEC EDGAR filings, which can be restated or late. No stock prices. Every number cites the filing's accession number. Source: SEC EDGAR.