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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 **$100 billion** capital increase signals conviction in sustained AI-driven memory demand and locks in CHIPS Act leverage before the next administration.
$250 billion
through 2035
67% increase
from the
$150 billion
commitment Micron outlined when it announced the New York…
$100 billion
will be deployed or how many additional fabs the…
Micron Technology lifted its U.S. capital deployment target to more than $250 billion through 2035, timing the announcement to coincide with the first concrete pour at its New York semiconductor fabrication complex. The revision marks a 67% increase from the $150 billion commitment Micron outlined when it announced the New York project in October 2022. The company has not disclosed a revised timeline for when the additional $100 billion will be deployed or how many additional fabs the capital supports.
The New York site, located in Clay outside Syracuse, is scheduled to begin production in the late 2020s and will manufacture leading-edge memory chips under CHIPS Act incentives worth up to $6.1 billion in grants and $7.5 billion in loans. Micron operates on a two-year construction-to-production cycle for greenfield fabs, meaning first wafers from the Clay facility would ship no earlier than 2027 if the current pour schedule holds. The company has already secured $275 million in New York State incentives and is hiring for the facility's first 9,000 direct jobs, with construction employment peaking near 20,000 workers during build-out.
The capital increase lands as DRAM spot prices have firmed 18% since January 2025 and NAND contract pricing has climbed 22% year-over-year, driven by AI server demand and tighter supply discipline among the three major memory manufacturers. Micron reported $8.71 billion in revenue for its fiscal Q2 2025, up 84% year-over-year, with gross margins expanding to 36.5% from 17.3% in the prior-year period. The company's capital intensity—capex as a percentage of revenue—has averaged 32% over the past four quarters, implying the $250 billion commitment spans roughly $780 billion in cumulative revenue if intensity holds constant. That revenue assumption would require Micron to sustain an average annual top line near $78 billion through 2035, more than double its fiscal 2024 result of $25.1 billion.
The revised target positions Micron as the largest private-sector beneficiary of the CHIPS Act's domestic manufacturing push, outpacing Intel's $100 billion U.S. commitment and Taiwan Semiconductor Manufacturing Company's $65 billion Arizona investment. Micron has not announced additional U.S. fab sites beyond New York and its existing operations in Boise, Idaho, and Manassas, Virginia, suggesting the $100 billion increase will fund capacity expansions at existing campuses or new phases at the Clay complex. The company's U.S. manufacturing footprint currently represents 8% of its global wafer capacity, with the majority concentrated in Singapore, Taiwan, and Japan.
Allocators should monitor Micron's fiscal Q3 2025 earnings call in late June for updates on fab-specific capital allocation and any announcement of additional U.S. site selection. The company's CHIPS Act grant is structured with disbursement milestones tied to construction progress and production ramp, meaning the next tranche—likely $1.2 billion to $1.8 billion—should flow within six to nine months following the concrete pour. DRAM industry utilization rates remain near 85%, and any move above 90% would validate the capital acceleration and likely trigger similar announcements from Samsung and SK Hynix, both of which have delayed U.S. fab decisions pending subsidy clarity.
Micron's fiscal 2025 guidance assumes revenue between $38 billion and $42 billion, implying the company expects the current memory upcycle to extend through at least mid-2026.
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For the principal
The $250 billion commitment de-risks Micron's domestic capacity expansion; consider paired exposure to ASML and Applied Materials as tooling beneficiaries.
For the operator
Watch Micron's utilization rate guidance in Q3 earnings; a move above 90% would confirm pricing power and justify increased sector weight.
For the house
We are adding 2.5% to our semiconductor tooling allocation and will reassess Micron equity exposure if DRAM spot prices hold above $4.20 per gigabyte.
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