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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 **$250B** domestic build is now steel-in-ground, not slideware—execution risk shifts from permitting to capex timing and tooling lead times.
$250 billion
through 2035 and poured first concrete at its New…
$100 billion
over twenty years
$6.1 billion
in CHIPS Act grants in April 2024
$5.5 billion
over two decades
Micron Technology increased its United States capital deployment target to more than $250 billion through 2035 and poured first concrete at its New York semiconductor fabrication facility. The upward revision from prior guidance and the physical milestone at the Clay, New York site mark the transition from announced intent to steel-and-cement reality in the domestic semiconductor buildout.
The $250 billion figure spans fab construction, equipment procurement, and supporting infrastructure across multiple states through the next decade. Micron has not disclosed the prior aggregate target, but the company's 2022 announcement pegged the New York project alone at $100 billion over twenty years. The new timeline compresses capital deployment and broadens scope beyond a single site. The New York facility will produce DRAM and is designed for high-volume manufacturing by the late 2020s. Micron also operates or is building fabs in Idaho and has expansions underway tied to CHIPS Act funding.
The concrete pour is the first above-ground construction activity after two years of site preparation, permitting, and federal coordination. Micron received $6.1 billion in CHIPS Act grants in April 2024, conditional on meeting milestones tied to domestic production and workforce targets. The New York project qualifies for additional state-level tax incentives worth an estimated $5.5 billion over two decades. The physical start reduces execution risk for allocators who have watched announcements stall at the environmental review or equipment lead-time stage.
The capital intensity matters because memory pricing remains under pressure and Micron's free cash flow has been negative or marginal in recent quarters. The company is betting that federal subsidies, state incentives, and long-term supply agreements with hyperscalers and defense contractors will de-risk the outlay. The New York fab is structured to serve both commercial AI infrastructure and government secure-supply requirements, a dual-revenue model that did not exist at this scale five years ago. The $250 billion commitment also signals that Micron expects sustained domestic policy support regardless of administration changes, a forecast not all semiconductor peers share with equal conviction.
Operators should track Micron's quarterly capex guidance for signs of front-loading or delay, particularly in the back half of 2026 when equipment orders for the New York line are expected to peak. The company has not yet locked in all tooling contracts, and lead times for advanced lithography remain extended. State workforce development programs tied to the New York project are scheduled to report first cohort completions in Q4 2026, a near-term signal on labor availability. Federal CHIPS disbursements are milestone-based, so watch Micron's 10-Q filings for language on tranches received versus anticipated.
The $250 billion number is now public and binding in the sense that it will anchor analyst models and debt covenants. Micron has committed capital at a scale that assumes memory remains strategic, AI demand holds, and Washington does not reverse course on industrial policy. The concrete is drying in upstate New York.
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For the principal
Track Micron's quarterly capex deployment for front-loading risk; the $250B figure anchors debt covenants and long-term strategic positioning in secure-supply markets.
For the operator
Monitor Micron's 10-Q filings for CHIPS Act tranche receipts and equipment order timing; workforce cohort completions due Q4 2026 signal labor execution risk.
For the house
Huang Goodman views this as a positive signal for domestic semiconductor tooling and construction plays; we are adding selective exposure to equipment suppliers with New York contracts.
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