MU Micron Technology, Inc. - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗
$984.65
Price · Aug 21, 2026
Fundamentals as of Jun 25, 2026
52W Range
$114–$1255
76% of range
Analyst Rating
BUY
56 analysts
Price Target
$1502
+53% upside
P/E (TTM)
129.7
ROE
16.6%
Net Profit Margin
22.8%

About Micron Technology, Inc. - Common Stock Company overview from Wikipedia

Micron Technology, Inc. is an American multinational semiconductor company that manufactures computer memory and computer data storage products, including dynamic random-access memory (DRAM), flash memory, High Bandwidth Memory (HBM), and solid-state drives (SSDs). Founded in 1978 in Boise, Idaho, Micron is the only major American computer memory manufacturer. It is one of the "Big Three" computer memory manufacturers, along with the South Korean companies Samsung Electronics and SK Hynix.

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Micron Technology, Inc. is an American multinational semiconductor company that manufactures computer memory and computer data storage products, including dynamic random-access memory (DRAM), flash memory, High Bandwidth Memory (HBM), and solid-state drives (SSDs). Founded in 1978 in Boise, Idaho, Micron is the only major American computer memory manufacturer. It is one of the "Big Three" computer memory manufacturers, along with the South Korean companies Samsung Electronics and SK Hynix.

Micron marketed its consumer products under the brand Crucial, with the sub-brand Ballistix being used to denote products targeting gaming computers, until its disestablishment in 2026. Micron and Intel together created IM Flash Technologies, which produced NAND flash memory. It owned Lexar between 2006 and 2017.

Sanjay Mehrotra has served as president and CEO of Micron since 2017.

On May 26, 2026, Micron became the latest U.S. company to reach a US$1 trillion market capitalization, amid surging demand for its HBM chips.

History

1978–1999

Micron was founded in Boise, Idaho, in 1978 by Ward Parkinson, Joe Parkinson, Dennis Wilson, and Doug Pitman as a semiconductor design consulting company. Startup funding was provided by local Idaho businessmen Tom Nicholson, Allen Noble, Rudolph Nelson, and Ron Yanke. Later it received funding from Idaho billionaire J. R. Simplot, whose fortune was made in the potato business. In 1981, the company moved from consulting to manufacturing with the completion of its first wafer fabrication unit ("Fab 1"), producing 64K DRAM chips.

In 1984, the company had its initial public offering.

Micron sought to enter the market for RISC processors in 1991 with a product known as FRISC, targeting embedded control and signal processing applications. Running at 80 MHz and described as "a 64-bit processor with fast context-switching time and high floating-point performance", the design supported various features for timely interrupt handling and featured an arithmetic unit capable of handling both integer and floating-point calculations with a claimed throughput of 80 MFLOPS for double-precision arithmetic. Micron aimed to provide a "board-level demonstration supercomputer" in configurations with 256 MB or 1 GB of RAM. Having set up a subsidiary and with the product being designed into graphics cards and accelerators, Micron concluded in 1992 that the effort would not deliver the "best bang for the buck", reassigning engineers to other projects and discontinuing the endeavour.

In 1994, founder Joe Parkinson retired as CEO and Steve Appleton took over as Chairman, President, and CEO.

A 1996 3-way merger among ZEOS International, Micron Computer, and Micron Custom Manufacturing Services (MCMS) increased the size and scope of the company; this was followed rapidly with the 1997 acquisition of NetFrame Systems, in a bid to enter the mid-range server industry. Between 1998 and 2000, the company was the main sponsor of the MicronPC Bowl, or MicronPC.com Bowl.

Since 2000

In 2000, Gurtej Singh Sandhu and Trung T. Doan at Micron initiated the development of atomic layer deposition high-k films for DRAM memory devices. This helped drive cost-effective implementation of semiconductor memory, starting with 90 nm node DRAM. Pitch double-patterning was also pioneered by Gurtej Singh Sandhu at Micron during the 2000s, leading to the development of 30-nm class NAND flash memory, and it has since been widely adopted by NAND flash and RAM manufacturers worldwide.

In 2002, Micron spun off its personal computer business as MPC Corporation and put it up for sale. The company found the business difficult as the number 12 American computer maker with only 1.3 percent of the market.

Micron and Intel created a joint venture in 2005, based in IM Flash Technologies in Lehi, Utah. The two companies formed another joint venture in 2011, IM Flash Singapore, in Singapore. In 2012 Micron became sole owner of this second joint venture. In 2006 Micron acquired Lexar, an American manufacturer of digital media products.

The company changed leadership again in June 2007 with COO Mark Durcan becoming president. In 2008, Micron converted the Avezzano chip fab, formerly a Texas Instruments DRAM fab, into a production facility for CMOS image sensors sold by Aptina Imaging.

In 2008, Micron spun off Aptina Imaging, which was acquired by ON Semiconductor in 2014. Micron retained a stake in the spinoff. However, the core company suffered setbacks and had to lay off 15 percent of its workforce in October 2008, during which period the company also announced the purchase of Qimonda's 35.6 percent stake in Inotera Memories for $400 million. The trend of layoffs and acquisitions continued in 2009 with the termination of an additional 2,000 employees, and the acquisition of the FLCOS microdisplay company Displaytech. Micron agreed to buy flash-chip maker Numonyx for $1.27 billion in stock in February 2010.

On February 3, 2012, CEO Appleton died in a plane crash shortly after takeoff from the Boise Airport. He was the pilot and sole occupant of the Lancair IV aircraft. Mark Durcan replaced Appleton as the CEO shortly thereafter, eliminating his former title of president.

In 2013, the Avezzano chip fab was sold to LFoundry. In the 2012 to 2014 period, Micron again went through an acquisition-layoff cycle, becoming the majority shareholder of Inotera Memories, purchasing Elpida Memory for $2 billion and the remaining shares in Rexchip, a PC memory chip manufacturing venture between Powerchip and Elpida Memory for $334 million, while announcing plans to lay off approximately 3,000 workers. Through the Elpida acquisition, Micron became a major supplier to Apple Inc. for the iPhone and iPad. In December 2016 Micron finished acquiring the remaining 67 percent of Inotera, making it a 100 percent subsidiary of Micron.

In April 2017, Micron announced Sanjay Mehrotra as the new president and CEO to replace Mark Durcan. In June 2017 Micron announced it was discontinuing the Lexar retail removable media storage business and putting some or all of it up for sale. In August of that year the Lexar brand was acquired by Longsys, a flash memory company based in Shenzhen, China.

In May 2018, Micron Technology and Intel launched QLC NAND memory to increase storage density. The company ranked 150th on the Fortune 500 list of largest United States corporations by revenue.

In February 2019, the first microSD card with a storage capacity of 1 terabyte (TB) was announced by Micron. As of March 2020 3.84TB Micron 5210 Ion is the cheapest large-capacity SSD in the world. In September 2020 the company introduced the world's fastest discrete graphics memory solution. Working with computing technology leader Nvidia, Micron debuted GDDR6X in the Nvidia GeForce RTX 3090 and GeForce RTX 3080 graphics processing units (GPUs). In November 2020, the company unveiled a new 176-layer 3D NAND module. It offers improved read and write latency and is slated to be used in the production of a new generation of solid-state drives.

On October 22, 2021, Micron closed the sale of IM Flash's Lehi, Utah fab to Texas Instruments for a sale price of US$900 million. In February 2022, Micron announced that it would discontinue its Ballistix gaming brand. With the passage of the CHIPS and Science Act, Micron announced its pledge to invest billions in new manufacturing within the United States. In September 2022, Micron announced it would invest $15 billion in a new facility in Boise, Idaho. In October 2022, Micron announced a $100 billion expansion in Clay, New York.

Micron Technology owed Netlist, Inc. $445 million in damages for infringing Netlist's patents related to memory-module technology for high-performance computing. The jury found that Micron's semiconductor-memory products violated two of Netlist's patents willfully, potentially allowing the judge to triple the damages. Netlist had sued Micron in 2022, accusing three of its memory-module lines of patent infringement, which Micron denied, also arguing the patents' invalidity. The U.S. Patent and Trademark Office invalidated one patent in April 2024.

On June 30, 2026, Micron announced they would be investing $250 million in Trump Accounts, which include employee contribution matching and seed funding for eligible children in local communities.

In July 2026, Micron increased its planned United States investment to more than US$250 billion through 2035. The expanded programme included US$3 billion for the domestic semiconductor supply chain, of which US$500 million was allocated to support GlobalWafers' 300 mm silicon-wafer manufacturing facility in Sherman, Texas. Micron and GlobalWafers also agreed to a ten-year wafer-supply arrangement.

Crucial brand disestablishment (2025–2026)

In December 2025, Micron announced it will discontinue the Crucial brand and exit the consumer market in February 2026 and focus on enterprise markets including data centers and artificial intelligence.

On January 27, 2026, Micron Technology committed approximately $24 billion to expand its wafer manufacturing operations in Singapore, adding 700,000 square feet of cleanroom space at an existing NAND manufacturing complex.

As of 2026, Micron is making significant investments in chip-making facilities in the United States, including $200 billion in total commitment. The company is expanding its Boise campus to 900 acres, including the construction of two new chip-making factories.

Lawsuits

Fujian Jinhua

On December 5, 2017 Micron sued rivals United Microelectronics Corporation and Fujian Jinhua Integrated Circuit Co. (JHICC) in the United States District Court for the Northern District of California, alleging infringement on its DRAM patents and intellectual property rights. The U.S. Justice Department in 2018 announced an indictment against Fujian Jinhua, and authorities added the Chinese firm to the Entity List the same year. Fujian Jinhua vehemently denied the claims, saying it had not stolen any technology, and that "Micron regards the development of Fujian Jinhua as a threat and adopts various means to hamper and destroy the development of Fujian Jinhua."

In May 2023, the Cyberspace Administration of China barred major Chinese information infrastructure firms from purchasing Micron products, citing significant national security risks. The move was seen as retaliation against US sanctions on China's semiconductor industry and related export controls. In November 2023 Chinese chipmaker Yangtze Memory Technologies Corp (YMTC) filed a lawsuit against Micron alleging infringement of eight of its patents.

On February 27, 2024, Judge Maxine Chesney of the U.S. Federal District Court in San Francisco acquitted Fujian Jinhua Integrated Circuit, whom Micron had sued for IP theft, of the charge in a non-jury verdict, believing that there was insufficient evidence to support the charge.

Corporate affairs

Executive leadership

The executive leadership team includes.

Sanjay Mehrotra (President and Chief Executive Officer)

April Arnzen (Executive Vice President and Chief People Officer)

Manish Bhatia (Executive Vice President, Global Operations)

Scott J. DeBoer (Executive Vice President, Technology and Products)

Mark Murphy (Executive Vice President and Chief Financial Officer)

Sumit Sadana (Executive Vice President and Chief Business Officer)

Mike Cordano (Senior Vice President, Worldwide Sales)

Michael Ray (Senior Vice President, Chief Legal Officer and Corporate Secretary) 

Subsidiaries

Micron owns multiple entities around the globe.

Micron Europe Limited

Micron Japan, Ltd.

Micron Semiconductor Asia Pte. Ltd.

Micron Semiconductor (Deutschland) GmbH

Micron Semiconductor France, SAS

Micron Semiconductor Korea Co., Ltd.

Micron Semiconductor Products, Inc.

Micron Semiconductor (Xiamen) Co., Ltd.

Micron Technology Services, Inc.

Micron Technology Asia Pacific, Inc.

Micron Technology Italia S.r.l.

Micron Technology Puerto Rico, Inc.

Micron Technology Services, Inc.

Micron Technology Texas, LLC

Financial

As of February 2026, Micron had a market cap of $463.33 billion, making it one of the 100 most valuable companies in the world.

Ownership

Micron is mainly owned by institutional investors, who hold around 80% of all shares. The five largest shareholders in early 2026 were:

Vanguard Group (9.3%)

BlackRock (8.34%)

Capital World Investors (5.7%)

State Street Corporation (4.59%)

Fidelity Investments (3.56%)

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

MU Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$984.65
Market Cap
$1.10T
P/E (TTM)
129.7
EPS (TTM)
$7.59
Revenue (TTM)
$37.38B
Div Yield
0.05%
ROE
16.6%
Debt/Equity
—
52W Range
$114 – $1255

MU Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $37.38B
10-point trend, +201.5%
2016-09-01 → 2025-08-28
EPS $7.59
10-point trend, +2911.1%
2016-09-01 → 2025-08-28
Free Cash Flow $1.67B
10-point trend, +163.0%
2016-09-01 → 2025-08-28
Margins 22.8%
10-point trend, +97.0%
2016-09-01 → 2025-08-28

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
MU
Peer Median
P/E (TTM)
5-point trend, +11.7%
129.7
50.8
P/S (TTM)
5-point trend, +22.5%
29.6
14.8
P/B
5-point trend, +34.1%
20.4
5.6
Price / FCF
5-point trend, +141.7%
662.3
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
MU
Peer Median
Gross Margin
5-point trend, +5.8%
39.8%
55.2%
Operating Margin
5-point trend, +15.3%
26.1%
—
Net Profit Margin
5-point trend, +7.9%
22.8%
26.0%
ROA
5-point trend, +7.7%
11.2%
12.6%
ROE
5-point trend, +22.1%
16.6%
19.4%
ROIC
5-point trend, +19.0%
15.9%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
MU
Peer Median
Current Ratio
5-point trend, -18.7%
2.5
2.6
Quick Ratio
5-point trend, -25.7%
1.5
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
MU
Peer Median
Revenue YoY
5-point trend, +34.9%
48.9%
—
Revenue CAGR 3Y
5-point trend, +34.9%
6.7%
—
Revenue CAGR 5Y
5-point trend, +34.9%
11.8%
—
EPS YoY
5-point trend, +47.7%
984.3%
—
Net Income YoY
5-point trend, +45.7%
997.6%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
MU
Peer Median
EPS (Diluted)
5-point trend, +47.7%
$7.59
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
MU
Peer Median
Payout Ratio
4-point trend, +15.1%
6.1%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
0.05%
Payout Ratio
6.1%
5Y Div CAGR
—
Ex-dateAmount
July 6, 2026$0.1500
March 30, 2026$0.1500
Dec. 29, 2025$0.1150
Oct. 3, 2025$0.1150
July 7, 2025$0.1150
March 31, 2025$0.1150
Dec. 30, 2024$0.1150
Oct. 7, 2024$0.1150
July 8, 2024$0.1150
March 28, 2024$0.1150
Dec. 29, 2023$0.1150
Oct. 6, 2023$0.1150
July 7, 2023$0.1150
April 6, 2023$0.1150
Dec. 30, 2022$0.1150
Oct. 7, 2022$0.1150
July 8, 2022$0.1150
April 8, 2022$0.1000
Dec. 31, 2021$0.1000
Sept. 30, 2021$0.1000

MU Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 56 analysts
  • Strong Buy 18 32.1%
  • Buy 33 58.9%
  • Hold 4 7.1%
  • Sell 1 1.8%
  • Strong Sell 0 0.0%

12-Month Price Target

43 analysts · 2026-08-20
Median target $1550.00 +57.4%
Mean target $1501.98 +52.5%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
1.2%
Next Report
Sep 21, 2026
Period EPS Actual EPS Est Surprise
June 30, 2026 $25.11 $21.40 3.7%
March 31, 2026 $12.20 $9.58 2.6%
Dec. 31, 2025 $4.78 $4.07 0.71%
Sept. 30, 2025 $3.03 $2.95 0.08%
June 30, 2025 $1.91 $1.65 0.26%
March 31, 2025 $1.56 $1.47 0.09%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
MU $136.88B 16.1 48.9% 22.8% 16.6% 39.8%
NVDA $4.57T 38.3 65.5% 55.6% 93.3% 71.1%
AVGO $1.75T 77.5 23.9% 36.2% 30.7% 67.8%
AMD — 81.1 34.3% — — —
INTC $180.78B -603.3 -0.47% -0.51% -0.25% 34.8%
TXN — 31.8 13.1% 28.3% 30.1% 57.0%
MRVL $68.75B 26.4 42.1% 32.6% 19.3% 51.0%
ADI $114.64B 51.3 16.9% 20.6% 6.6% 61.5%
QCOM $181.72B 33.8 13.7% 12.5% 22.7% —
MPWR $44.15B 70.5 26.4% 22.3% 18.0% 55.2%
ALAB $28.31B 136.4 115.1% 25.7% 17.5% 75.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16
Annual Income Statement data for MU
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +128.5% $37.38B $25.11B $15.54B $30.76B $27.70B $21.43B $23.41B $30.39B $20.32B $12.40B $16.19B $16.36B
Cost of Revenue 12-point trend, +106.1% $22.50B $19.50B $16.96B $16.86B $17.28B $14.88B $12.70B $12.50B $11.89B $9.89B $10.98B $10.92B
Gross Profit 12-point trend, +173.6% $14.87B $5.61B $-1.42B $13.90B $10.42B $6.55B $10.70B $17.89B $8.44B $2.50B $5.21B $5.44B
R&D Expense 12-point trend, +177.0% $3.80B $3.43B $3.11B $3.12B $2.66B $2.60B $2.44B $2.14B $1.82B $1.62B $1.54B $1.37B
SG&A Expense 12-point trend, +70.4% $1.21B $1.13B $920M $1.07B $894M $881M $836M $813M $743M $659M $719M $707M
Operating Income 12-point trend, +216.5% $9.77B $1.30B $-5.75B $9.70B $6.28B $3.00B $7.38B $14.99B $5.87B $168M $3.00B $3.09B
Interest Expense 10-point trend, +10.2% · · $388M $189M $183M $194M $128M $342M $601M $437M $371M $352M
Other Non-op 12-point trend, -440.0% $-135M $-31M $7M $-38M $81M $60M $-405M $-465M $-112M $-54M $-53M $-25M
Pretax Income 12-point trend, +253.2% $9.65B $1.24B $-5.66B $9.57B $6.22B $2.98B $7.05B $14.31B $5.20B $-281M $2.61B $2.73B
Income Tax 12-point trend, +778.1% $1.12B $451M $177M $888M $394M $280M $693M $168M $114M $19M $157M $128M
Net Income 12-point trend, +180.4% $8.54B $778M $-5.83B $8.69B $5.86B $2.69B $6.31B $14.13B $5.09B $-276M $2.90B $3.04B
EPS (Basic) 12-point trend, +166.6% $7.65 $0.70 $-5.34 $7.81 $5.23 $2.42 $5.67 $12.27 $4.67 $-0.27 $2.71 $2.87
EPS (Diluted) 12-point trend, +198.8% $7.59 $0.70 $-5.34 $7.75 $5.14 $2.37 $5.51 $11.51 $4.41 $-0.27 $2.47 $2.54
Shares (Basic) 12-point trend, +5.3% 1,116,000,000 1,105,000,000 1,093,000,000 1,112,000,000 1,120,000,000 1,110,000,000 1,114,000,000 1,152,000,000 1,089,000,000 1,036,000,000 1,070,000,000 1,060,000,000
Shares (Diluted) 12-point trend, -6.1% 1,125,000,000 1,118,000,000 1,093,000,000 1,122,000,000 1,141,000,000 1,131,000,000 1,143,000,000 1,229,000,000 1,154,000,000 1,036,000,000 1,170,000,000 1,198,000,000
EBITDA 12-point trend, +238.3% $18.12B $9.08B $2.01B $16.82B $12.50B $8.65B $12.80B $19.75B $5.87B $168M $5.80B $5.36B
Balance Sheet 27
Annual Balance Sheet data for MU
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +132.3% $9.64B $7.04B $8.58B $8.26B $7.76B $7.62B $7.15B $6.51B $5.11B $4.14B $2.29B $4.15B
Short-term Investments 5-point trend, -22.9% · · · · · · · $296M $319M $258M $1.23B $384M
Receivables 12-point trend, +183.8% $7.16B $5.42B $2.05B $4.76B $4.92B $3.49B $2.78B $5.06B $3.49B $1.76B $2.19B $2.52B
Inventory 12-point trend, +240.3% $8.36B $8.88B $8.39B $6.66B $4.49B $5.37B $5.12B $3.60B $3.12B $2.89B $2.34B $2.46B
Other Current Assets 12-point trend, +161.1% $914M $776M $820M $657M $502M $538M $235M $164M $147M $140M $228M $350M
Current Assets 12-point trend, +181.5% $28.84B $24.37B $21.24B $21.78B $19.91B $17.96B $16.50B $16.04B $12.46B $9.49B $8.60B $10.24B
PP&E (Net) 6-point trend, +225.3% · · · · · · $28.24B $23.67B $19.43B $14.69B $10.55B $8.68B
PP&E (Gross) 6-point trend, +146.8% · · · · · · $57.82B $49.09B $41.53B $33.60B $27.27B $23.43B
Accum. Depreciation 6-point trend, +100.6% · · · · · · $29.58B $25.42B $22.10B $18.92B $16.72B $14.75B
Goodwill 10-point trend, +1005.8% $1.15B $1.15B $1.15B $1.23B $1.23B $1.23B $1.23B $1.23B $1.23B $104M · ·
Intangibles 12-point trend, -3.2% $453M $416M $404M $421M $349M $334M $340M $331M $387M $464M $449M $468M
Other Non-current Assets 12-point trend, +570.6% $2.78B $1.52B $1.26B $1.28B $1.05B $781M $575M $611M $450M $356M $455M $415M
Total Assets 12-point trend, +269.4% $82.80B $69.42B $64.25B $66.28B $58.85B $53.68B $48.89B $43.38B $35.34B $27.54B $24.14B $22.42B
Accounts Payable 12-point trend, +236.9% $9.65B $7.30B $3.96B $6.09B $5.33B $5.82B $4.63B $4.37B $3.66B $3.88B $2.61B $2.86B
Current Liabilities 12-point trend, +139.1% $11.45B $9.25B $4.76B $7.54B $6.42B $6.63B $6.39B $5.75B $5.33B $4.83B $3.90B $4.79B
Capital Leases 7-point trend, +701000000.00 $701M $610M $603M $610M $504M $533M $0 · · · · ·
Deferred Tax 9-point trend, +205.9% $52M $59M $117M $13M $10M $9M $4M $3M $17M · · ·
Other Non-current Liabilities 12-point trend, +30.9% $1.44B $911M $987M $835M $559M $498M $452M $354M $639M $623M $698M $1.10B
Total Liabilities 12-point trend, +165.5% $28.63B $24.29B $20.13B $16.38B $14.92B $14.68B $12.02B $10.11B $15.85B $14.61B $10.86B $10.79B
Long-term Debt 6-point trend, +87.3% $11.53B $11.34B $12.05B $6.02B $5.97B $6.16B · · · · · ·
Common Stock 12-point trend, +18.7% $127M $125M $124M $123M $122M $119M $118M $117M $112M $109M $108M $107M
Retained Earnings 12-point trend, +1680.2% $48.58B $40.88B $40.82B $47.27B $39.05B $33.38B $30.76B $24.39B $10.26B $5.30B $5.59B $2.73B
Treasury Stock 12-point trend, +7852000000.00 $7.85B $7.85B $7.55B $7.13B $4.70B $3.50B $3.22B $429M $67M $1.03B $881M $0
AOCI 12-point trend, -157.1% $-32M $-134M $-312M $-560M $2M $71M $9M $10M $29M $-35M $13M $56M
Stockholders' Equity 12-point trend, +403.4% $54.16B $45.13B $44.12B $49.91B $43.93B $39.00B $35.88B $32.29B $18.62B $12.08B $12.30B $10.76B
Liabilities + Equity 12-point trend, +269.4% $82.80B $69.42B $64.25B $66.28B $58.85B $53.68B $48.89B $43.38B $35.34B $27.54B $24.14B $22.42B
Shares Outstanding 12-point trend, +4.6% 1,122,000,000 1,109,000,000 1,098,000,000 1,094,000,000 1,119,000,000 1,113,000,000 1,106,000,000 1,161,000,000 1,112,000,000 1,040,000,000 1,084,000,000 1,073,000,000
Cash Flow 19
Annual Cash Flow data for MU
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +267.9% $8.35B $7.78B $7.76B $7.12B $6.21B $5.65B $5.42B $4.76B $3.86B $2.98B $2.81B $2.27B
Stock-based Comp 12-point trend, +745.2% $972M $833M $596M $514M $378M $328M $243M $198M $215M $191M $168M $115M
Deferred Tax 12-point trend, +113.0% $164M $35M $-7M $294M $-19M $110M $336M $-259M $-39M $-9M $69M $77M
Amort. of Intangibles 11-point trend, -35.5% $71M $82M $86M $85M $82M $78M $82M · $106M $117M $117M $110M
Other Non-cash 10-point trend, -361.5% $-502M $-919M $-953M $-1.43B $34M $-469M $873M $-1.43B · · $-733M $192M
Operating Cash Flow 12-point trend, +207.5% $17.52B $8.51B $1.56B $15.18B $12.47B $8.31B $13.19B $17.40B $8.15B $3.17B $5.21B $5.70B
CapEx 12-point trend, +410.4% $15.86B $8.39B $7.68B $12.07B $10.03B $8.22B $9.78B $8.88B $4.73B $5.82B $4.02B $3.11B
Investing Cash Flow 11-point trend, -126.6% $-14.09B $-8.31B $-6.19B $-11.59B $-10.59B $-7.59B $-10.09B $-8.22B $-7.54B $-3.04B $-6.22B ·
Debt Issued 12-point trend, +100.3% $4.43B $999M $6.72B $2.00B $1.19B $5.00B $3.55B $1.01B $3.31B $2.20B $2.21B $2.21B
Net Debt Issued 12-point trend, +100.3% $4.43B $999M $6.72B $2.00B $1.19B $5.00B $3.55B $1.01B $3.31B $2.20B $2.21B $2.21B
Stock Issued · · · · · · · $1.36B · · · ·
Stock Repurchased 12-point trend, -100.0% $0 $300M $425M $2.43B $1.20B $176M $2.73B $71M $36M $148M $884M $76M
Net Stock Activity 11-point trend, +100.0% $0 $-300M $-425M $-2.43B $-1.29B $-251M $-2.73B · $-35M $-148M $-884M $-76M
Dividends Paid 6-point trend, +522000000.00 $522M $513M $504M $461M $0 $0 · · · · · ·
Financing Cash Flow 11-point trend, -18.4% $-850M $-1.84B $4.98B $-2.98B $-1.78B $-317M $-2.44B $-7.78B $349M $1.75B $-718M ·
Net Change in Cash 12-point trend, +104.3% $2.59B $-1.60B $317M $510M $139M $411M $692M $1.37B $953M $1.89B $-1.86B $1.27B
Taxes Paid 12-point trend, +1255.8% $583M $338M $532M $493M $361M $167M $524M $226M $99M $90M $63M $43M
Free Cash Flow 12-point trend, -45.1% $1.67B $121M $-6.12B $3.11B $2.44B $83M $3.41B $8.52B $3.42B $-2.65B $1.19B $3.04B
Levered FCF 10-point trend, -340.9% · · $-6.52B $2.94B $2.27B $-93M $3.29B $8.18B $2.83B $-3.12B $838M $2.71B
Profitability 8
Annual Profitability data for MU
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 12-point trend, +19.7% 39.8% 22.4% -9.1% 45.2% 37.6% 30.6% 45.7% 58.9% 41.5% 20.2% 32.2% 33.2%
Operating Margin 12-point trend, +38.5% 26.1% 5.2% -37.0% 31.5% 22.7% 14.0% 31.5% 49.3% 28.9% 1.4% 18.5% 18.9%
Net Margin 12-point trend, +22.7% 22.8% 3.1% -37.5% 28.2% 21.2% 12.5% 27.0% 46.5% 25.0% -2.2% 17.9% 18.6%
Pretax Margin 12-point trend, +54.6% 25.8% 4.9% -36.4% 31.1% 22.4% 13.9% 30.1% 47.1% 25.6% -2.3% 16.1% 16.7%
EBITDA Margin 12-point trend, +48.0% 48.5% 36.2% 12.9% 54.7% 45.1% 40.4% 54.7% 65.0% 28.9% 1.4% 35.8% 32.8%
ROA 12-point trend, -23.3% 11.2% 1.2% -8.9% 13.9% 10.4% 5.2% 13.7% 35.9% 16.2% -1.1% 12.4% 14.6%
ROE 12-point trend, -45.7% 16.6% 1.7% -13.0% 17.5% 13.6% 7.2% 18.5% 55.5% 33.1% -2.3% 25.1% 30.6%
ROIC 12-point trend, -41.7% 15.9% 1.8% -13.4% 17.6% 13.4% 7.0% 18.5% 45.9% 30.8% 1.5% 22.9% 27.3%
Liquidity & Solvency 3
Annual Liquidity & Solvency data for MU
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, +18.2% 2.5 2.6 4.5 2.9 3.1 2.7 2.6 2.8 2.3 2.0 2.2 2.1
Quick Ratio 12-point trend, +0.0% 1.5 1.3 2.2 1.7 2.0 1.7 1.6 2.1 1.7 1.3 1.5 1.5
Interest Coverage 10-point trend, -268.8% · · -14.8 51.3 34.3 15.5 57.6 43.8 9.8 0.4 8.1 8.8
Efficiency 3
Annual Efficiency data for MU
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -37.5% 0.5 0.4 0.2 0.5 0.5 0.4 0.5 0.8 0.6 0.5 0.7 0.8
Inventory Turnover 12-point trend, -39.0% 2.6 2.3 2.3 3.0 3.5 2.8 2.9 3.7 4.0 3.8 4.6 4.3
Receivables Turnover 12-point trend, -16.6% 5.9 6.7 4.6 6.4 6.6 6.8 6.0 7.1 7.7 6.3 6.9 7.1
Per Share 6
Annual Per Share data for MU
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, +380.9% $48.28 $40.70 $40.18 $45.62 $39.26 $35.04 $32.44 $27.82 $16.75 $11.04 $11.35 $10.04
Revenue / Share 12-point trend, +143.3% $33.22 $22.46 $14.22 $27.41 $24.28 $18.95 $20.48 $24.73 $17.61 $11.97 $13.84 $13.65
Cash Flow / Share 12-point trend, +227.5% $15.58 $7.61 $1.43 $13.53 $10.93 $7.34 $11.54 $14.16 $7.07 $3.06 $4.45 $4.76
Cash / Share 12-point trend, +122.2% $8.59 $6.35 $7.81 $7.55 $6.94 $6.85 $6.47 $5.60 $4.59 $3.78 $2.11 $3.87
Dividend / Share 5-point trend, +360.0% $0 $0 $0 $0 $0 · · · · · · ·
EPS (TTM) 12-point trend, +198.8% $7.59 $0.70 $-5.34 $7.75 $5.14 $2.37 $5.51 $11.51 $4.41 $-0.27 $2.47 $2.54
Growth Rates 9
Annual Growth Rates data for MU
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +67.0% 48.9% 61.6% -49.5% 11.0% 29.2% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +166.0% 6.7% -3.2% -10.2% · · · · · · · · ·
Revenue CAGR 5Y 11.8% · · · · · · · · · · ·
EPS YoY 3-point trend, +742.1% 984.3% · · 50.8% 116.9% · · · · · · ·
EPS CAGR 3Y 2-point trend, +98.6% -0.69% -48.5% · · · · · · · · · ·
EPS CAGR 5Y 26.2% · · · · · · · · · · ·
Net Income YoY 3-point trend, +744.5% 997.6% · · 48.2% 118.1% · · · · · · ·
Net Income CAGR 3Y 2-point trend, +98.8% -0.57% -49.0% · · · · · · · · · ·
Net Income CAGR 5Y 26.0% · · · · · · · · · · ·
Valuation (TTM) 13
Annual Valuation (TTM) data for MU
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +128.5% $37.38B $25.11B $15.54B $30.76B $27.70B $21.43B $23.41B $30.39B $20.32B $12.40B $16.19B $16.36B
Net Income TTM 12-point trend, +180.4% $8.54B $778M $-5.83B $8.69B $5.86B $2.69B $6.31B $14.13B $5.09B $-276M $2.90B $3.04B
Market Cap 12-point trend, +288.8% $136.88B $105.99B $76.79B $62.70B $82.79B $51.57B $49.41B $61.25B $35.55B $18.20B $17.98B $35.21B
P/E 12-point trend, +24.4% 16.1 136.5 -13.1 7.4 14.4 19.5 8.1 4.6 7.2 -61.6 6.7 12.9
P/S 12-point trend, +70.2% 3.7 4.2 4.9 2.0 3.0 2.4 2.1 2.0 1.7 1.5 1.1 2.2
P/B 12-point trend, -22.7% 2.5 2.3 1.7 1.3 1.9 1.3 1.4 1.9 1.9 1.5 1.5 3.3
P / Tangible Book 6-point trend, +89.1% 2.6 2.4 1.8 1.3 2.0 1.4 · · · · · ·
P / Cash Flow 12-point trend, +26.4% 7.8 12.5 49.3 4.1 6.6 6.2 3.7 3.5 4.4 5.7 3.5 6.2
P / FCF 12-point trend, +608.9% 82.1 875.9 -12.6 20.1 34.0 621.3 14.5 7.2 10.4 -6.9 15.2 11.6
Dividend Yield 6-point trend, +0.00 0.38% 0.48% 0.66% 0.74% 0.00% 0.00% · · · · · ·
Earnings Yield 12-point trend, -19.6% 6.2% 0.73% -7.6% 13.5% 7.0% 5.1% 12.3% 21.8% 13.8% -1.6% 14.9% 7.7%
Payout Ratio 4-point trend, +15.1% 6.1% 65.9% -8.6% 5.3% · · · · · · · ·
Annual Payout 6-point trend, +522000000.00 $522M $513M $504M $461M $0 $0 · · · · · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-08-282024-08-292023-08-312022-09-012021-09-02
Revenue $37.38B$25.11B$15.54B$30.76B$27.70B
Gross Margin % 39.8%22.4%-9.1%45.2%37.6%
Operating Margin % 26.1%5.2%-37.0%31.5%22.7%
Net Income $8.54B$778M$-5.83B$8.69B$5.86B
Diluted EPS $7.59$0.70$-5.34$7.75$5.14
Balance Sheet
2025-08-282024-08-292023-08-312022-09-012021-09-02
Current Ratio 2.52.64.52.93.1
Quick Ratio 1.51.32.21.72.0
Cash Flow
2025-08-282024-08-292023-08-312022-09-012021-09-02
Free Cash Flow $1.67B$121M$-6.12B$3.11B$2.44B

MU AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok BULLISH 0.80
↑ Bullish

I see Micron as a prime AI memory play where surging data center demand could propel earnings far beyond current levels into 2026Q2. Earnings per share have rocketed to $10.52 TTM, reflecting explosive profit growth from high-bandwidth memory sales that outpace the broader semi cycle. Gross margins expanded to 45.3%, proving Micron's ability to command premium pricing in a tight supply environment. At a 27x P/E, it trades at a discount to NVDA's 46x, leaving room for multiple expansion if AI buildouts accelerate as BofA predicts on April 11.

↓ Bearish

My worry is that Micron remains a volatile memory cyclical vulnerable to oversupply if AI hype cools by 2026Q2. Debt-to-equity sits at 20%, still elevated after a drop, signaling leverage that amplifies downturns in commoditized DRAM markets. ROE at 22% trails AVGO's 31% and NVDA's 104%, highlighting weaker capital efficiency that could erode if capex surges without matching demand. P/S TTM of 7.6x reflects frothy expectations, risking a sharp pullback like past cycles if peers like AMD flood the market.

Claude NEUTRAL 0.62
↑ Bullish

Micron is riding genuine structural demand for memory in AI infrastructure, and the margin expansion proves pricing power is real. Gross margin jumped from 37% to 45% year-over-year, and net margin climbed from 18% to 28% — that's not accounting tricks, that's memory becoming a scarcer, more valuable input. EPS nearly doubled from $5.52 to $10.52 in the same window. The stock is up 45% from May lows on this momentum. If AI capex sustains and memory supply stays tight, Micron has runway.

↓ Bearish

The valuation has already priced in years of this outperformance, and memory is a cyclical commodity that always reverts. At 26.97x trailing earnings, Micron trades well above peers like Nvidia at 45.7x — wait, that's inverted — but the real issue is that 27x assumes the margin expansion holds. Memory cycles don't. Debt-to-equity dropped to 20x from 31x, which is good, but the stock has rallied 45% in eight weeks on sentiment alone. One miss on data center orders and this unwinds fast. The news flow is all bullish whispers, not hard guidance.

Gemini NEUTRAL 0.70
↑ Bullish

Micron is positioned as the indispensable backbone of the AI infrastructure boom, making it a critical play on data center expansion. The company has successfully scaled its gross margin to 45.31 percent. This indicates that Micron is finally capturing premium pricing for its high-bandwidth memory products as demand outstrips supply. Furthermore, the company has aggressively cleaned up its balance sheet, dropping its debt-to-equity ratio to 19.99. This shows that Micron is using its current cash flow to deleverage, providing a much safer financial foundation than it held just a few quarters ago.

↓ Bearish

The market is currently pricing Micron for perfection, leaving almost no room for error in a notoriously cyclical industry. Investors are paying 26.97 times trailing earnings for a company that remains sensitive to commodity price swings. This multiple is high for a memory manufacturer that historically struggles to maintain consistent profitability through the full cycle. Additionally, the return on equity sits at 22.43 percent. While that is a solid figure, it still trails the performance of more diversified semiconductor leaders, suggesting that Micron may lack the long-term competitive moat required to justify its current valuation.

Chatgpt BULLISH 0.62
↑ Bullish

I think the strongest bullish case for MU in 2026Q2 is that Micron benefits from a durable AI memory cycle, supported by expanding margins and a strong liquidity position that frees capex. Gross margin TTM 45.31%. That implies Micron can defend profitability as AI data-center demand stays strong. EPS TTM: 10.52. That level underpins a robust earnings runway to fund buybacks and capacity expansion if AI growth holds. Current ratio 2.46. That liquidity cushion reduces funding risk through cycles, keeping MU flexible on capex timing.

↓ Bearish

I think the strongest bearish case is that MU's stock is pricing in AI demand twice as fast as the memory cycle can deliver, and any slowdown or supply shift could trigger multiple compression. P/E TTM 26.97. That steep multiple leaves MU vulnerable to any earnings miss or AI demand normalization. Net profit margin TTM 28.15%. Margins could compress if pricing power softens or memory supply improves. Debt/Equity 19.99. Leverage helps in good times but raises risk if growth slows or rates rise.

Round 2 — Responses & Rebuttals

Grok

Claude, your inverted P/E comparison understates Micron's relative bargain versus AI leaders like Nvidia. At 27x trailing earnings against Nvidia's 46x, MU demands far less compensation for its growth trajectory, signaling undervaluation if AI memory tightness persists into 2026Q2. That discount, paired with ROE climbing to 22%, bolsters my buy case over your hold.

Claude

I need to push back on Grok here. You're comparing Micron's 27x P/E to Nvidia's 46x and calling that a discount with room for expansion — but that comparison doesn't hold. Nvidia trades at 46x because it's turning 104% ROE into recurring software-like margins; Micron is at 22% ROE on a cyclical commodity. The P/E gap isn't slack in Micron's valuation, it's the market pricing in structural differences. More important: you cite the April 11 BofA call as support, but BofA analysts also backed Micron in 2018 before the memory crash. Analyst cheerleading on a hot sector isn't hard evidence the cycle won't turn. I'm holding, not buying, because the margin expansion is real but not permanent.

Gemini

Grok, I disagree with your assessment that Micron's 27x P/E represents a discount compared to Nvidia's 46x multiple. Comparing a commodity memory manufacturer to a specialized AI infrastructure architect like Nvidia is an apples-to-oranges comparison that ignores the structural differences in their business models. Nvidia's 104% ROE proves they generate massive returns on every dollar of capital, whereas Micron's 22% ROE shows they are still tethered to the capital-intensive nature of hardware manufacturing. You cannot justify a high multiple for Micron simply because a more efficient company trades at a higher one.

Chatgpt

Grok, your bullish call hinges on MU’s multiple expansion versus AI peers. My read is MU trades around 27x trailing earnings, already pricing in a sustained AI memory cycle. If data-center demand cools or memory pricing eases, that multiple could compress even as margins improve. News like BofA's April note supports the bull thesis, but the risk is that the strength is cyclical and may not persist through a full-year memory cycle.

Round 3 — Final Rebuttals

G
Grok

Claude, Gemini, your ROE critiques make sense on paper, but the weekly price action tells a different story of conviction buying. Micron has rallied 56% from $80 in late April to $125 now. That surge rode volume spikes like 189 million shares the week of June 27—well above the prior 66 million average—signaling institutions rotating hard into memory for the AI buildout ahead of 2026Q2.

C
Claude

I want to widen the frame here, because we're all circling valuation and margins but missing a critical customer concentration risk that's been building. Micron's data center revenue — which is driving this entire margin story — is heavily weighted to a handful of hyperscalers: AWS, Google, Meta, Microsoft. If any one of those customers pulls back capex or diversifies to in-house memory designs, Micron's gross margin doesn't just compress, it craters. We don't have the exact revenue split in tonight's data, but the Street estimates Micron derives 40-50% of total revenue from data center, and within that, concentration is extreme. That's not reflected in any of our P/E or ROE discussion. It's the tail risk nobody's pricing.

G
Gemini

Grok, I have to challenge your claim that Micron is a bargain because of its lower P/E. You are ignoring the massive customer concentration risk inherent in the AI memory market. Micron relies heavily on a handful of hyperscalers for its high-bandwidth memory revenue, meaning a single shift in their procurement strategy could crater margins overnight. This is not just a cyclical commodity play; it is a bet on the capital expenditure budgets of just three or four massive firms. If those customers decide to diversify their suppliers or throttle their buildouts, Micron’s current 45.31 percent gross margin will evaporate instantly.

C
Chatgpt

I choose (c): widen the frame to drivers outside the quarterly numbers that can move MU's price in 2026Q2. Claude, Grok, Gemini, you're all focused on margins, but MU's stock sensitivity to supply dynamics hinges on competitive capacity and policy. On the competitive side, Samsung and SK Hynix are expanding DRAM and HBM supply, which could cap pricing gains if demand stabilizes. On policy, US export controls on advanced memory tech to China loom; any tightening could shift MU's revenue mix and cap upside, even if margins stay strong.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $140.00 6M Target $160.00 Reasoning I see Micron shares climbing steadily into 2026Q2 as tight HBM supply sustains premium pricing amid unrelenting AI data center buildouts. The key catalyst is Micron's 2026Q2 earnings report in late September 2026, where upward guidance on data center revenue could spark the next leg higher. One big risk is a Samsung Q3 capacity expansion announcement flooding DRAM supply and compressing margins back toward 37%. At today's 27x trailing P/E versus NVDA's 46x, Micron demands less growth premium, meaning a sustained 45% gross margin justifies 35x or $160 shares without stretching valuations.
C Claude 3M Target $118.00 6M Target $135.00 Reasoning Micron's margin expansion is real, but the stock has already priced in two years of AI memory demand at a 27x multiple. My thesis: the stock rallies modestly on sustained data-center capex through 2026Q2, then faces a hard ceiling unless Micron proves it can hold 40%+ gross margins through a full cycle. Catalyst: 2026Q2 earnings beat on HBM volume and pricing power, validating the AI thesis. Risk: a single hyperscaler (AWS, Google, Meta) signals capex pullback or in-house design ambitions, triggering margin compression and multiple collapse. At 27x trailing earnings, Micron is pricing perfection in a cyclical industry—one miss unwinds the rally fast. I'm holding, not buying.
G Gemini 3M Target $115.00 6M Target $135.00 Reasoning My thesis is that Micron will trade sideways as the market digests recent gains, before breaking higher once the next cycle of data center capacity expansion confirms sustained demand. A specific catalyst for the six-month target is the next quarterly earnings report, where any sustained guidance for high-bandwidth memory supply will force analysts to upgrade their revenue outlooks. The primary risk is a sudden shift in hyperscaler capex, which would cause margins to collapse. The current 7.59 price-to-sales ratio is elevated, meaning investors are paying a steep premium for every dollar of revenue, leaving little room for error if growth expectations falter.
C Chatgpt 3M Target $85.00 6M Target $92.00 Reasoning I think MU can drift higher into 2026Q2 as AI memory demand proves durable and margins stay resilient. Catalyst: the 2026Q2 earnings print should show continued data-center demand and margin retention, cementing the thesis. Risk: a memory-cycle downturn or a hyperscaler capex pullback could snap the multiple and reprice the stock. MU trades around 27x trailing earnings. That means investors are pricing in robust cycle profits with little room for error if demand slows.

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Institutional owners (13F) 4,262 filers · $738.2B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
1,084 (+477 vs prior Q) 104 (-40 vs prior Q) 1,292 (+54 vs prior Q) 1,457 (+377 vs prior Q) -3.0M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $85,024,475,045 73,659,544 11.52% Shares
STATE STREET CORP $57,802,075,982 50,075,870 7.83% Shares
JANE STREET GROUP, LLC $41,142,704,757 35,643,300 5.57% Put option
Capital World Investors $34,016,371,133 29,469,646 4.61% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $28,467,192,322 24,662,080 3.86% Shares
GEODE CAPITAL MANAGEMENT, LLC $27,734,368,545 24,117,230 3.76% Shares
PRIMECAP MANAGEMENT CO/CA/ $22,182,263,342 19,217,236 3.00% Shares
FMR LLC $20,797,168,244 18,017,282 2.82% Shares
JANE STREET GROUP, LLC $18,491,379,513 16,019,700 2.50% Call option
CTC LLC $17,837,358,799 154,531 2.42% Call option
NORGES BANK $17,523,095,266 15,180,843 2.37% Shares
CTC LLC $13,907,809,352 120,488 1.88% Put option
GOLDMAN SACHS GROUP INC $12,182,838,376 10,554,400 1.65% Put option
Capital International Investors $11,984,727,452 10,384,128 1.62% Shares
GOLDMAN SACHS GROUP INC $11,709,836,489 10,144,623 1.59% Shares
BNP PARIBAS FINANCIAL MARKETS $9,349,383,090 8,099,683 1.27% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $8,040,767,980 6,965,986 1.09% Shares
VANGUARD FIDUCIARY TRUST CO $7,480,393,659 6,480,515 1.01% Shares
SIH Partners, LLLP $7,295,689,945 6,320,500 0.99% Put option
BARCLAYS PLC $7,175,535,281 6,216,406 0.97% Shares
DIMENSIONAL FUND ADVISORS LP $6,831,316,809 5,918,199 0.93% Shares
BANK OF AMERICA CORP /DE/ $6,252,381,466 5,416,647 0.85% Shares
Situational Awareness LP $5,573,819,392 4,828,786 0.76% Shares
WELLINGTON MANAGEMENT GROUP LLP $5,040,909,093 4,367,108 0.68% Shares
PeakShares LLC $4,751,058,000 4,116 0.64% Shares
VAN ECK ASSOCIATES CORP $4,423,275,063 3,832,031 0.60% Shares
Capital Research Global Investors $4,417,941,985 3,827,473 0.60% Shares
BARCLAYS PLC $4,256,098,088 3,687,200 0.58% Put option
CANADA PENSION PLAN INVESTMENT BOARD $3,761,236,651 3,258,485 0.51% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $3,746,940,769 3,246,100 0.51% Call option
Swiss National Bank $3,671,496,375 3,180,740 0.50% Shares
AMERIPRISE FINANCIAL INC $3,669,136,259 3,180,456 0.50% Shares
Rafferty Asset Management, LLC $3,556,508,313 3,081,122 0.48% Shares
Sumitomo Mitsui Trust Group, Inc. $3,375,620,682 2,924,413 0.46% Shares
National Pension Service $3,331,465,626 2,886,160 0.45% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $3,320,000,064 2,876,227 0.45% Shares
BlackRock, Inc. $3,288,827,308 2,849,221 0.45% Shares
MILLENNIUM MANAGEMENT LLC $3,259,830,389 2,824,100 0.44% Put option
California Public Employees Retirement System $2,921,548,390 2,531,035 0.40% Shares
Vanguard Global Advisers, LLC $2,812,240,590 2,436,338 0.38% Shares
VANGUARD ASSET MANAGEMENT, Ltd $2,531,907,412 2,193,476 0.34% Shares
CITIGROUP INC $2,500,307,569 2,166,100 0.34% Put option
Legal & General Group Plc $2,474,628,079 2,143,853 0.34% Shares
AMERICAN CENTURY COMPANIES INC $2,448,268,694 2,121,016 0.33% Shares
RHUMBLINE ADVISERS $2,269,849,958 1,966,447 0.31% Shares
UBS Group AG $2,187,434,956 1,895,048 0.30% Shares
LPL Financial LLC $1,798,191,669 1,557,834 0.24% Shares
NOMURA HOLDINGS INC $1,708,349,200 1,480,000 0.23% Call option
Belvedere Trading LLC $1,581,608,158 1,370,200 0.21% Call option
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $1,552,933,286 1,345,358 0.21% Shares
ProShare Advisors LLC $1,532,232,249 1,327,424 0.21% Shares
Mirae Asset Global Investments Co., Ltd. $1,479,050,646 1,281,351 0.20% Shares
APG Asset Management N.V. $1,459,087,983 1,445,196 0.20% Shares
Polar Capital Holdings Plc $1,408,760,156 1,220,456 0.19% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $1,404,886,359 1,217,100 0.19% Put option
FIRST TRUST ADVISORS LP $1,325,852,098 1,148,631 0.18% Shares
NEW YORK STATE COMMON RETIREMENT FUND $1,316,665,129 1,140,671 0.18% Shares
Ensign Peak Advisors, Inc $1,313,788,638 1,138,179 0.18% Shares
GOLDMAN SACHS GROUP INC $1,282,185,332 1,110,800 0.17% Call option
VICTORY CAPITAL MANAGEMENT INC $1,258,585,873 1,090,355 0.17% Shares
PEAK6 LLC $1,224,932,548 1,061,200 0.17% Put option
Pictet Asset Management Holding SA $1,223,808,572 1,060,258 0.17% Shares
Belvedere Trading LLC $1,222,739,397 1,059,300 0.17% Put option
NORDEA INVESTMENT MANAGEMENT AB $1,213,293,614 1,066,135 0.16% Shares
D. E. Shaw & Co., Inc. $1,209,234,204 1,047,600 0.16% Put option
ADAPT Investment Managers SA $1,205,078,761 1,044,000 0.16% Put option
AVIVA PLC $1,194,489,304 1,034,826 0.16% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $1,193,654,752 1,034,103 0.16% Shares
Robeco Institutional Asset Management B.V. $1,180,834,058 1,022,996 0.16% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $1,175,456,397 1,024,475 0.16% Shares
Value Aligned Research Advisors, LLC $1,159,715,163 1,004,700 0.16% Call option
MILLENNIUM MANAGEMENT LLC $1,144,940,251 991,900 0.16% Call option
Zurcher Kantonalbank (Zurich Cantonalbank) $1,138,907,931 986,674 0.15% Shares
PRUDENTIAL FINANCIAL INC $1,129,316,936 978,365 0.15% Shares
ALLIANCEBERNSTEIN L.P. $1,128,668,034 3,340,836 0.15% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $1,125,620,899 975,163 0.15% Shares
APPALOOSA LP $1,125,432,750 975,000 0.15% Shares
Walleye Trading LLC $1,111,581,270 963,000 0.15% Put option
MANUFACTURERS LIFE INSURANCE COMPANY, THE $1,107,637,618 959,599 0.15% Shares
Walleye Trading LLC $1,089,649,760 944,000 0.15% Call option
NEUBERGER BERMAN GROUP LLC $1,038,483,429 899,770 0.14% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $1,034,156,114 895,924 0.14% Shares
Employees Provident Fund Board $1,013,466,620 878,000 0.14% Shares
PEAK6 LLC $982,877,935 851,500 0.13% Call option
D. E. Shaw & Co., Inc. $980,684,784 849,600 0.13% Call option
NEOS Investment Management LLC $979,690,942 848,739 0.13% Shares
Korea Investment CORP $946,019,147 819,568 0.13% Shares
CAPITOLIS LIQUID GLOBAL MARKETS LLC $931,241,926 806,766 0.13% Shares
Evergreen Quality Fund GP, Ltd. $919,284,636 796,407 0.12% Shares
TD Asset Management Inc $910,011,070 788,373 0.12% Shares
RAYMOND JAMES FINANCIAL INC $901,921,161 781,364 0.12% Shares
Schonfeld Strategic Advisors LLC $882,454,705 764,500 0.12% Put option
ENVESTNET ASSET MANAGEMENT INC $872,905,682 756,236 0.12% Shares
Qube Research & Technologies Ltd $870,992,207 754,752 0.12% Shares
BANK OF NOVA SCOTIA $864,258,630 748,737 0.12% Shares
Weiss Asset Management LP $858,525,119 743,769 0.12% Shares
Value Aligned Research Advisors, LLC $846,102,650 733,007 0.11% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $841,105,312 728,710 0.11% Shares
Quantinno Capital Management LP $830,019,638 719,073 0.11% Shares
Atreides Management, LP $821,120,352 711,364 0.11% Shares

Company insiders 54 insiders · 34 officers · 21 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Sanjay Mehrotra President and CEO July 24, 2026 S 313,218 0 230 $-177,869,453
Dermot Mark Durcan Chief Executive Officer July 18, 2016 S 1,298 0 0 $0
Steven R Appleton Chairman and CEO Oct. 11, 2011 J 2,369,286 0 0 $0
David Zinsner SVP & Chief Financial Officer Jan. 15, 2021 M 129,214 0 0 $0
Ernest E Maddock SVP & Chief Financial Officer Oct. 24, 2017 A 209,887 0 0 $0
Ronald C Foster CFO & VP OF FINANCE Feb. 18, 2015 M 580,416 0 0 $0
Wilbur G Stover JR VP Finance & CFO Nov. 19, 2007 F 162,453 0 0 $0
Mark Adams President Oct. 20, 2015 F 452,266 0 0 $0
Sumit Sadana EVP and Chief Business Officer Aug. 18, 2026 S 191,021 0 5 $-34,874,017
Scott R. Allen CVP, Chief Accounting Officer July 23, 2026 S 34,958 0 1 $-879,000
April S Arnzen EVP and Chief People Officer July 1, 2026 S 85,737 0 18 $-43,357,473
Michael D Cordano EVP, Worldwide Sales April 14, 2026 S 44,059 0 2 $-2,915,745
Manish H Bhatia EVP, Global Operations Jan. 13, 2021 S 222,672 0 0 $0
Joel L Poppen SVP, General Counsel&Secretary Jan. 11, 2021 M 301,918 0 0 $0
Scott J Deboer EVP, Technology & Products Dec. 4, 2020 M 138,722 0 0 $0
Michael W Bokan SVP, Worldwide Sales Oct. 24, 2020 M 111,729 0 0 $0
Paul Marosvari VP, Chief Accounting Officer Oct. 16, 2020 M 7,827 0 0 $0
Steven L. Thorsen JR SVP, WORLDWIDE SALES July 20, 2018 S 126,990 0 0 $0
Brian Shirley SVP, DRAM and Emerging Memory July 12, 2017 M 264,961 0 0 $0
Patrick T Otte VP, Human Resources Oct. 20, 2014 A 351,583 0 0 $0
Brian Shields VP of Business Process Managem Oct. 13, 2014 F 231,008 0 0 $0
Thomas T Eby VP Compute & Networking BU Oct. 6, 2014 F 264,642 0 0 $0
Michael J Rayfield VP Mobile Business Unit Oct. 1, 2014 F 210,214 0 0 $0
Michael W Sadler VP, Corporate Development July 2, 2014 G 269,564 0 0 $0
Jeff Bader VP, Embedded Business Unit April 8, 2014 A 37,350 0 0 $0
Darren Thomas VP, Storage Business Unit April 8, 2014 A 42,000 0 0 $0
Roderic W Lewis VP Legal Affairs, Gen Counsel Dec. 27, 2013 G 728,985 0 0 $0
Glen Hawk VP NAND Solutions Nov. 11, 2013 M 200,250 0 0 $0
Mario Licciardello VP, Wireless Solutions May 15, 2012 S 0 0 0 $0
Kipp A Bedard V.P. of Investor Relations Oct. 8, 2009 F 258,156 0 0 $0
Jay L Hawkins V.P. of Operations Nov. 19, 2007 F 320,788 0 0 $0
Robert J Gove V.P. of Imaging Nov. 19, 2007 F 251,143 0 0 $0
Kleinjan Du Preez V.P. of Networking & Comm. Nov. 19, 2006 F 120,751 0 0 $0
Robert M Donnelly V.P. of Computing & Consumer Feb. 8, 2006 S 100,000 0 0 $0
Teyin M Liu Director June 30, 2026 A 26,034 0 0 $0
Lynn A Dugle Director June 30, 2026 G 17,028 0 1 $-1,495,559
Robert Holmes Swan Director June 30, 2026 A — 0 0 $0
Alexis Bjorlin Director June 9, 2026 A 63 0 0 $0
Steven J Gomo Director May 11, 2026 S 17,139 0 3 $-2,892,220
Richard M Beyer Director Oct. 13, 2025 A 97,408 0 1 $-864,335
Mary Pat Mccarthy Director Oct. 16, 2020 A 15,353 0 0 $0
Robert L Bailey Director Oct. 16, 2020 A 112,398 0 0 $0
Robert E Switz Director Oct. 16, 2020 A 61,356 0 0 $0
Patrick J Byrne Director Dec. 31, 2019 A 103,120 0 0 $0
Lawrence N Mondry Director Oct. 16, 2018 A 139,287 0 0 $0
Mercedes Johnson Director Oct. 16, 2018 A 41,453 0 0 $0
Warren East Director Oct. 21, 2015 F 31,014 0 0 $0
James W Bagley Director Jan. 26, 2012 M 247,094 0 0 $0
Teruaki Aoki Director Jan. 25, 2012 M 92,641 0 0 $0
Gordon C Smith Director July 25, 2007 D 29,062 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 4 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Nanya Technology Corp. ×2 filings June 28, 2017 — Initial filing — SEC
Micron Technology, Inc. ×2 filings June 7, 2006 — Initial filing M&A / sale SEC
Micron Technology, Inc. IRS Sept. 7, 2001 — Initial filing — SEC
April 4, 2001 — Initial filing M&A / sale SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 349 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
KNO · INVESTMENT MANAGERS SERIES TRUST II 23.43% 9,209 NS June 30, 2026 N-PORT
VLUE · iShares Trust 21.33% 2,141,818 SH Aug. 21, 2026 Daily
MUU · Direxion Shares ETF Trust 12.98% 356,202 NS April 30, 2026 N-PORT
FTXL · First Trust Exchange-Traded Fund VI 12.14% 289,459 NS June 30, 2026 N-PORT
SPMO · Invesco Exchange-Traded Fund Trust … 10.92% 2,473,305 SH Aug. 21, 2026 Daily
GK · AdvisorShares Trust 10.86% 3,000 NS June 30, 2026 N-PORT
CHPX · Global X Funds 9.81% 26,015 NS May 31, 2026 N-PORT
AOTG · EA Series Trust 9.51% 10,277 NS May 29, 2026 N-PORT
FDTX · Fidelity Covington Trust 9.36% 24,860 NS May 31, 2026 N-PORT
CARZ · First Trust Exchange-Traded Fund II 9.09% 4,195 NS June 30, 2026 N-PORT
XAIX · DBX ETF Trust 8.98% 14,418 NS May 31, 2026 N-PORT
SOXX · iShares Trust 8.84% 3,807,992 SH Aug. 21, 2026 Daily
SOXQ · Invesco Exchange-Traded Fund Trust … 8.81% 269,115 SH Aug. 21, 2026 Daily
FAI · First Trust Exchange-Traded Fund II 8.77% 7,389 NS June 30, 2026 N-PORT
SNPG · DBX ETF Trust 8.75% 1,210 NS May 29, 2026 N-PORT
USMC · Principal Exchange-Traded Funds 8.75% 264,718 NS June 30, 2026 N-PORT
AIS · Tidal Trust III 8.42% 60,487 NS May 31, 2026 N-PORT
IGPT · Invesco Exchange-Traded Fund Trust 8.21% 102,860 SH Aug. 21, 2026 Daily
KNCT · Invesco Exchange-Traded Fund Trust 8.01% 13,168 SH Aug. 21, 2026 Daily
TCAI · Tortoise Capital Series Trust 7.61% 16,998 NS May 31, 2026 N-PORT
FEPI · ETF Opportunities Trust 7.56% 95,290 NS April 30, 2026 N-PORT
VEGN · ETF Series Solutions 7.55% 22,645 NS April 30, 2026 N-PORT
WUGI · INVESTMENT MANAGERS SERIES TRUST II 7.19% 2,250 NS June 30, 2026 N-PORT
ARVR · First Trust Exchange-Traded Fund II 7.00% 171 NS June 30, 2026 N-PORT
EGGY · Tidal Trust III 7.00% 9,099 NS May 31, 2026 N-PORT
VERS · ProShares Trust 6.89% 516 NS May 31, 2026 N-PORT
EGGQ · Tidal Trust III 6.86% 6,164 NS May 31, 2026 N-PORT
MTUM · iShares Trust 6.83% 1,741,296 SH Aug. 21, 2026 Daily
CHPS · DBX ETF Trust 6.82% 6,295 NS May 29, 2026 N-PORT
FCUS · Tidal Trust II 6.74% 6,507 NS May 31, 2026 N-PORT
QTOP · iShares Trust 6.56% 18,717 SH Aug. 21, 2026 Daily
PSI · Invesco Exchange-Traded Fund Trust 6.35% 162,140 SH Aug. 21, 2026 Daily
MGV · VANGUARD WORLD FUND 6.14% 708,818 SH Aug. 19, 2026 Daily
TTXU · Direxion Shares ETF Trust 5.90% 431 NS April 30, 2026 N-PORT
LQAI · Exchange Listed Funds Trust 5.87% 240 NS April 30, 2026 N-PORT
CEPI · ETF Opportunities Trust 5.77% 10,476 NS April 30, 2026 N-PORT
AIQ · Global X Funds 5.77% 644,403 NS May 31, 2026 N-PORT
CGGO · Capital Group Global Growth Equity … 5.69% 661,727 NS May 31, 2026 N-PORT
IETC · iShares U.S. ETF Trust 5.49% 39,204 SH Aug. 21, 2026 Daily
PTF · Invesco Exchange-Traded Fund Trust 5.42% 33,629 SH Aug. 21, 2026 Daily
GRZZ · Tidal Trust II 5.16% 3,712 NS April 30, 2026 N-PORT
GARP · iShares Trust 5.13% 154,986 SH Aug. 21, 2026 Daily
VGT · VANGUARD WORLD FUND 5.04% 7,419,883 SH Aug. 19, 2026 Daily
PRVS · Parnassus Funds II 5.01% 1,098 NS June 30, 2026 N-PORT
QQQ · Invesco QQQ Trust, Series 1 4.87% 24,278,671 SH Aug. 21, 2026 Daily
SFYF · Tidal Trust I 4.87% 2,193 NS May 31, 2026 N-PORT
QQQM · Invesco Exchange-Traded Fund Trust … 4.87% 5,181,895 SH Aug. 21, 2026 Daily
VTV · VANGUARD INDEX FUNDS 4.87% 10,722,867 SH Aug. 19, 2026 Daily
CGGR · Capital Group Growth ETF 4.86% 1,219,415 NS May 31, 2026 N-PORT
IGM · iShares Trust 4.77% 513,486 SH Aug. 21, 2026 Daily