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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 **$20B** New York fab is the first large-scale U.S. CHIPS Act project to break ground with full federal and state capital committed.
$20 billion
semiconductor fabrication facility in Clay
$6.1 billion
federal CHIPS Act award announced in April into physical…
2028
The full buildout spans four 600,000-square-foot fabs over two…
9,000
direct manufacturing roles and
Micron Technology began construction on a $20 billion semiconductor fabrication facility in Clay, New York, north of Syracuse, marking the formal start of the largest private-sector manufacturing commitment in state history. Governor Kathy Hochul attended the groundbreaking, flanked by Micron CEO Sanjay Mehrotra and Commerce Secretary Gina Raimondo. The event converts a $6.1 billion federal CHIPS Act award announced in April into physical infrastructure. First wafers are scheduled for 2028. The full buildout spans four 600,000-square-foot fabs over two decades, with employment projected at 9,000 direct manufacturing roles and 40,000 indirect construction and supplier positions.
Micron selected the site in October 2022, sixteen months before the CHIPS Act grant cleared. The state committed $5.5 billion in tax incentives and infrastructure upgrades, including water, power, and road access tailored for high-purity manufacturing. This is not a symbolic groundbreaking. Heavy equipment is on-site. Concrete pours begin this quarter. Micron has already spent $800 million on design and site preparation, a sum large enough to make retreat uneconomical. The company disclosed it will manufacture leading-edge DRAM for data centers and AI accelerators, not trailing-node memory for consumer devices. That product mix targets gross margins above 35 percent, well above Micron's trailing twelve-month average of 28.4 percent.
The timing reflects urgency in Washington and Boise. Samsung and TSMC have stumbled on their U.S. expansions—Samsung's Texas yields remain below target, TSMC's Arizona hiring has lagged by eighteen months. Micron's capital discipline gives it an edge. The company has kept debt-to-equity below 0.30 since 2021, while peers lever up. Its free cash flow in the last fiscal year was $4.1 billion, enough to self-fund the initial fab phase without tapping credit markets. The federal subsidy front-loads $1.5 billion in direct payments over the first three years, de-risking the early burn rate. New York's tax credits phase in as production scales, so Micron pays for performance.
The Clay facility also sidesteps geopolitical fragility in Taiwan and South Korea, where 70 percent of global DRAM capacity sits today. Micron's U.S. capacity share will rise from 11 percent to 18 percent by 2030 if the New York buildout proceeds on schedule. That matters to hyperscalers who need supply continuity for GPU clusters that burn $500,000 in server capital per rack. Meta, Microsoft, and AWS have all signaled willingness to pay a 3 to 5 percent premium for U.S.-sourced memory in certain configurations, creating a margin buffer Micron can bank.
Watch Micron's quarterly capex guidance through 2026. The company must maintain $7 billion annual spend to hit the 2028 target. Any pullback signals trouble with yields, permitting, or demand assumptions. Monitor New York State's disbursement schedule for the $5.5 billion incentive package—delays there have historically correlated with cost overruns. Finally, track Samsung's April earnings call. If its Texas fab economics improve, Micron's U.S. margin advantage narrows and the strategic moat shrinks.
The first truckload of steel arrives in Clay in sixty days. The rest is execution.
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For the principal
New York real estate and regional infrastructure plays now have federal subsidy tailwinds—monitor supplier networks in Upstate NY for secondary exposure.
For the operator
Long Micron against Samsung on U.S. capacity optionality; short-dated calls on 2026 revenue step-up as fab commissioning nears completion in late 2027.
For the house
Huang Goodman holds long Micron equity in Tier 2 tech allocation; considering OTM call spreads into 2026 as New York ramp de-risks margin profile.
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