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🐂 MU — Company Profile (Teaching)

Teaching site, not investment advice. Specific market cap / stock price / financial figures change frequently and are intentionally omitted; use the SEC + Yahoo Finance links below to pull real-time data yourself.

📌 Basics

Dimension Content Source
Core business DRAM (incl. HBM3E secondary supplier) + NAND + datacenter SSD + embedded storage — only US DRAM major 10-K FY25
Founded / HQ 1978 / Boise, Idaho, USA wiki
CEO Sanjay Mehrotra (since 2017/05) DEF 14A
Primary listing NASDAQ: MU —
Fiscal year Ends late August (FY26 Q2 = Dec 2025 – Feb 2026, reported 2026/03/19) SEC EDGAR

💡 Real-time market cap / share price / HBM revenue / DRAM cycle: see SEC primary + IR links below.

🏭 Supply Chain Coordinates (Part 1-C6 framework)

Upstream (Who MU Depends On)

Supplier What flows Key dependency
ASML EUV lithography (required for advanced DRAM manufacturing) Only option
AMAT + LRCX + KLAC + TOELY Deposition / etch / inspection equipment Multi-vendor oligopoly
SNPS + CDNS EDA tools Duopoly
US CHIPS Act subsidies Boise new fab + NY new fab $61B investment US policy leverage

Downstream (Who Depends on MU)

Customer Relationship Concentration
NVDA HBM3E secondary (~20% share, taking the #2 NVDA slot) — strategic upgrade in progress NVDA is MU's #1 HBM customer; reports indicate HBM3E share rising in 2026
AMD HBM3E multi-source (MI300/350) Major customer
INTC HBM multi-source (Gaudi 3 / Jaguar Shores roadmap; Falcon Shores no longer commercialized) Medium
Global server / phone / auto DRAM + NAND buyers Commodity memory (legacy) Diversified

Competitors

  • HBM: SKH SK Hynix (primary 70%+) / SSNLF Samsung (historical leader, catching up)
  • General DRAM: SSNLF Samsung / SKH (three-way oligopoly; MU ~25% share)
  • NAND: SSNLF / KIOXIA (TSE: 285A) / WDC (SNDK post-spinoff) / SKH (Solidigm) / YMTC
  • China substitutes: CXMT (HBM3 target end-2026) / YMTC (NAND)

💼 Business Model + Value Capture (Part 1-C7 view)

  • Revenue mix: DRAM (incl. HBM3E high-margin core) ~70% / NAND ~30% (highly cyclical)
  • Gross margin: Cyclical — DRAM upswing GM 40%+, downturn -10% or worse. HBM3E locked-price contracts relatively stable
  • Pricing power: HBM3E strong after qualification / commodity DRAM is price-taker — HBM strong / commodity weak
  • Substitution difficulty: HBM medium — same qual-cycle barrier as SKH

(For specific quarterly revenue / HBM revenue share / DRAM cycle, see the latest SEC 10-Q.)

🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)

Type Strength (0-1) Source
Brand 0.4 B2B memory, but unique US strategic position (CHIPS Act priority)
Switching cost 0.5 HBM3E qualified; NVDA dual-source with SKH
Network effects 0.2 Memory isn't classic network effects
Scale + cost 0.7 One of three DRAM giants; US manufacturing + US policy bonus

Composite: 1.8 / 4 → HBM business benefits from NVDA dual-source strategy + US CHIPS Act policy bonus

⚠️ Key Reverse-Trigger Conditions (Part 3-C5 anti-thesis view)

  • Trigger 1 (quarterly): HBM3E NVDA secondary share < 15% (vs. current ~20%) — SKH retakes share
  • Trigger 2 (cyclical): General DRAM + NAND downturn (supply glut) — historical 18-24 month cycles
  • Trigger 3 (annual): HBM4 qualification on NVDA lags SKH by 1+ year — loses next-gen share
  • Trigger 4 (event): CHIPS Act subsidy policy change (new administration / Congress) — NY new fab funding affected
  • Trigger 5 (low probability): CXMT China HBM3 production — long-term share risk

🔗 Teaching Cross-References

📚 SEC Primary Filings (look it up yourself)

Real-time quote: Yahoo Finance MU

Teaching use · numbers change — learn the method, not the specific figures · investment decisions are based on your own research + risk tolerance