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Micron Technology$MU · filed: grew revenue 256% in FY2026 to $133.2BSound shipTrillion Score 472Fall Risk MediumNext year $169.5B–$725.7B sealedCheck ▾Close ▴
What Micron Technology filed
Grew revenue 256% in FY2026 to $133.2 billion, operating margin 74.6% against a 2.4% median for semiconductors & related devices, equity 70.6% of assets, and dividend per share up 1 year running. Every figure links to the filing it came from on Micron Technology’s card. Sound ship: one warning sign. Trillion Score 472, #64 of 107 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-09-03 between $169.5B and $725.7B, an 80% range sealed on 9 Oct 2026 · receipt #8096ac · graded in public by the revenue in Micron Technology’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Micron's **₩14 trillion** Hiroshima expansion targets 16-layer HBM4 production by 2027, leveraging Japanese subsidies and yen weakness to close a **35-point** market share gap with SK Hynix.
40,000 wafer starts per month
of advanced DRAM capacity
30%
of qualified capital expenditures for strategic semiconductor investments
₩3.5-4.2 trillion
First shipments of HBM3E engineering samples from the expanded…
roughly 50%
of the HBM market
Micron Technology announced a ₩14 trillion ($9.8 billion) expansion of its Hiroshima memory fabrication facilities, the largest single-site commitment by a foreign semiconductor manufacturer in Japan since TSMC's Kumamoto project. The investment targets next-generation high-bandwidth memory production for AI training clusters, with initial wafer starts scheduled for H2 2026.
The Hiroshima site will add 40,000 wafer starts per month of advanced DRAM capacity, split between HBM3E and the forthcoming HBM4 standard. Micron secured partial funding through Japan's Ministry of Economy, Trade and Industry subsidy program, which covers roughly 30% of qualified capital expenditures for strategic semiconductor investments. The company did not disclose the subsidy amount, but comparable METI awards for memory projects have ranged between ₩3.5-4.2 trillion. First shipments of HBM3E engineering samples from the expanded line are targeted for Q1 2027, aligning with Nvidia's Rubin architecture launch window and AMD's MI400 ramp.
This move matters because Micron is positioning against Samsung and SK Hynix in a memory market where supply constraints have shifted from logic to packaging to substrate—and now back to memory yield at extreme bandwidth. SK Hynix currently holds roughly 50% of the HBM market, with Samsung at 30% and Micron trailing at 15-18%. Nvidia's dual-sourcing requirements for B200 and GB200 systems created urgency: Micron must deliver 12-layer HBM3E with under 4% defect rates to qualify for tier-one hyperscale orders. The Hiroshima expansion targets 16-layer HBM4 on 1-gamma DRAM process nodes, which require extreme ultraviolet lithography and novel through-silicon via architectures. SK Hynix has already taped out 16-layer engineering samples; Samsung's yield struggles on 12-layer HBM3E gave Micron an opening, but the window narrows as Samsung reallocates Line 18 capacity in Pyeongtaek to HBM-specific production.
The timing also reflects subsidy arbitrage. Japan's METI program offers faster approval cycles than U.S. CHIPS Act disbursements, which remain mired in compliance audits and workforce stipulations. Micron's Idaho and New York fabs face 18-24 month permitting and labor mobilization timelines; Hiroshima benefits from pre-negotiated power allocations and workforce pipelines established during the 2019 DRAM expansion. The yen's sustained weakness—₩9.2 per dollar as of this week—further improves dollar-denominated capex efficiency for yen-denominated construction and equipment installation costs.
Allocators should monitor three follow-on events by mid-2025: Micron's Q2 fiscal 2025 earnings call in March for updated HBM3E qualification timelines with hyperscale customers; METI's formal subsidy award announcement, typically 60-90 days post-commitment; and Samsung's Q1 2025 capex guidance, expected late January, which will clarify whether it matches Micron's Hiroshima scale or redirects capital to gate-all-around logic. Any delay in Micron's 1-gamma yield ramp—particularly defect density below 0.15 per square centimeter—would push HBM4 revenue contribution past 2027 and leave the company structurally subscale in AI memory through Nvidia's Rubin cycle.
SK Hynix disclosed last month that its HBM revenue run rate already exceeds $1 billion per quarter; Micron's Hiroshima bet is that ₩14 trillion buys a seat at that table before the packaging bottleneck shifts back to logic in 2026.
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For the principal
Micron's subsidy-levered capacity play offers 30% cost advantage over U.S. fabs; monitor Samsung's Pyeongtaek reallocation as competitive countermove.
For the operator
HBM3E qualification timeline with Nvidia and AMD by March earnings determines whether Micron captures $800M-1B quarterly revenue by H2 2026.
For the house
Huang Goodman trimmed Applied Materials exposure in named accounts; Micron's tool orders for Hiroshima flow through Tokyo Electron and Screen Holdings.
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