Micron Technology, Inc. (MU) SEC Filings & Earnings Calls

China revenue restriction

“Following the May 2023 decision of its cybersecurity review of our products sold in China, the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong, including direct sales, as well as indirect sales through distributors.” · word for word

Taiwan concentration risk

“A majority of our DRAM production output in 2026 was from our fabrication facilities in Taiwan, and any loss of output could have a material adverse effect on us.” · word for word

Pricing volatility

“Over the past five fiscal years, annual percentage changes in DRAM and NAND average selling prices have ranged from an increase of approximately 200% to a decrease of approximately 50%.” · word for word

HBM demand shift risk

“If demand for HBM weakens and suppliers shift capacity from HBM to conventional DRAM, this could result in a significant increase in conventional DRAM supply.” · word for word

High capex and reliance on AI demand sustainability; potential cyclical downturn in memory market.

“Capex $27.37B FY26; memory industry historically cyclical.”

Geopolitical risk from Taiwan concentration

“A majority of our DRAM production output in 2025 was from our fabrication facilities in Taiwan, and any loss of output could have a material adverse effect on us.” · word for word

China export restrictions

“Following the May 2023 decision of its cybersecurity review... the CAC determined that critical information infrastructure operators in China may not purchase Micron products.” · word for word

Supply-demand imbalance risk

“If demand for HBM weakens and suppliers shift capacity from HBM to conventional DRAM, this could result in a significant increase in conventional DRAM supply.” · word for word

High capital intensity; geopolitical risks; memory cyclicality; export controls.

“Capex $7.1B; forward-looking statements mention risks; industry cyclicality.”

No material risk disclosed; tender offers are routine capital management.

“pricing of its cash tender offers ... expiration of its previously announced cash tender offers”

Debt tender offers may indicate refinancing or balance sheet restructuring

“Tender offers for multiple series of senior notes.”

Supply-demand imbalance could reverse

“If demand for HBM weakens and suppliers shift capacity from HBM to conventional DRAM, this could result in a significant increase in conventional DRAM supply.” · word for word

Geopolitical and trade restrictions

“The U.S. government has in the past and continues to restrict American firms, including us, from selling products and software to certain of our customers.” · word for word

Customer concentration

“In 2025, over half of our total revenue came from our top ten customers.” · word for word

Guidance implies sequential revenue growth of ~40% and gross margin expansion to ~81%; execution risk on manufacturing ramp

“FQ3 guidance: revenue $33.5B, gross margin ~81%”

Capital intensity remains high with $5B quarterly capex; free cash flow generation dependent on sustained demand

“investments in capital expenditures, net were $5.0 billion”

Geopolitical Risk - China

“Following the May 2023 decision of its cybersecurity review of our products sold in China, the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong, including direct sales as well as indirect sales through distributors.” · word for word

Geopolitical Risk - Taiwan

“A majority of our DRAM production output in 2025 was from our fabrication facilities in Taiwan, and any loss of output could have a material adverse effect on us.” · word for word

Tax Risk - Pillar Two

“Singapore enacted legislation to implement Pillar Two, effective for us in 2026, which largely offsets the benefit from our Singapore tax incentive arrangements.” · word for word

Supply/Demand Imbalance Risk

“If demand for HBM weakens and suppliers shift capacity from HBM to conventional DRAM, this could result in a significant increase in conventional DRAM supply. An oversupplied DRAM market may lead to downward pressure on pricing, which could adversely impact our financial results.” · word for word

Semiconductor cyclicality: strong demand driven by AI may moderate if AI investment cycle slows.

“AI demand acceleration driving record results; concentration in AI-related memory demand.”

Supply chain and geopolitical risks: memory supply constraints or export controls could impact operations.

“Forward-looking statements reference risks including geopolitical factors.”

Geopolitical risk from Taiwan exposure

“Micron has significant manufacturing operations in Taiwan, a region with geopolitical tensions.”

Cybersecurity risk

“Like any other technology company operating in today's environment, we have experienced incidents in the past and may experience them in the future.” · word for word

Capital intensity risk

“We expect to allocate about $1 billion of capital expenditures between 2021 and 2028 to support these goals” · word for word

Competitive pressure

“We operate in highly competitive markets with competitors who may have greater resources than we possess.”