Memory chips · DRAM, NAND & HBM

Micron Technology

One of the three major US memory makers. Supplies HBM3E to NVIDIA H200 and AMD MI350, joining the AI-memory race. FY2025 revenue $37.4B, adopting EUV (1-gamma).

MU Updated Jul 12, 2026 6 AI consumers· 5 recurring

Per the valuechain.wiki graph, Micron Technology is directly linked to 23 companies (18 supply, 5 revenue relationships) and reaches 75 companies within two hops; the links are backed by 41 dated sources, 9 of them primary filings (as of 2026-07-12).

Annual return · 2026-09-04'21+24.2%'22-45.9%'23+71.9%'24-1%'25+240.2%YTD+256.4%
Money in ▸NVIDIA●AMD●파이슨●Apple◐Broadcom◐
Micron Technology$37.4B
▸ Money outHanmi Semiconductor●Contract value ₩22.6BASML●Shin-Etsu Chemical●SUMCO Corporation●Powertech Technology (PTI)●Eugene Technology●Simmtech◐SCREEN Holdings◐Lam Research◐Advantest◐Teradyne◐Kokusai Electric◐FormFactor◐Air Liquide◐Merck KGaA (EMD)◐Tokyo Electron (TEL)◐GlobalWafers◐SFA Semicon (memory back-end outsourcing)◐

Financials & Segments

  • Total revenue · $37.4B (FY2025; FY24 $25.1B, FY23 $15.5B)
  • Customer concentration · Largest single customer 17% (FY2025, CMBU cloud segment, customer not disclosed). FY24 10%, FY23 <10%
  • Segments · CMBU · MCBU · AEBU · Storage

Revenue from

  • NVIDIA High confidence
    NVIDIA's 10-K names Micron as a memory (incl. HBM) supplier (buyer-side primary). Micron's largest single customer at 17% (FY2025, CMBU cloud) is undisclosed, so NVIDIA is inferred but unconfirmed.
    Confirms EN SEC filing Published Feb 25, 2026: NVIDIA FY2026 Form 10-K (FYE Jan 25, 2026) — revenue $215.9B (+65%), Data Center $193.74B (+68%, 90%)
    Confirms EN SEC EDGAR Published Oct 3, 2025: Micron Form 10-K (FY2025, 2025-08-28)
    Confirms KO ETNews Published Feb 27, 2024: US Micron starts HBM3E mass production, ahead of Samsung and SK
  • AMD High confidence
    Supplies 36GB 12-high HBM3E to AMD Instinct MI350 (dual-sourced with Samsung). The prior MI325X used 8-high HBM3E.
    Confirms EN TrendForce Published Jun 13, 2025: Unpacking AMD's MI350: Samsung/Micron Dual HBM3E
    Confirms EN Micron / Nasdaq Published Jun 12, 2025: Micron Integrates HBM3E 36GB into AMD Instinct MI350 Series
    Mentions EN AMD Published Jun 12, 2025: AMD Instinct MI350 Series and Beyond
  • 파이슨 High confidence
    One of Micron's NAND wafer buyers: Phison purchases about 16EB of raw NAND per year at wafer level across major suppliers.
    Confirms EN Blocks and Files Published Jun 12, 2023: Phison is the largest SSD supplier you've never heard of
  • Apple Medium confidence
    Supplies iPhone memory to Apple (one of three).
    Mentions KO Korea Economic Daily Published Dec 21, 2025: Samsung's quiet win: sweeping up Apple's memory orders
  • Broadcom Medium confidence
    Supplies HBM for Broadcom's AI accelerators.
    Mentions KO ZDNet Korea Published Mar 5, 2026: Broadcom confident in AI chip growth, driving Samsung/SK memory demand

Pays to

  • Hanmi Semiconductor High confidence· Contract value ₩22.6B · 2024 · first Micron TC bonder contract
    Sources HBM TC bonders from Hanmi Semiconductor (first KRW 22.6B deal Apr 2024, ~50 units reordered 2025), diversifying Hanmi's base alongside SK hynix and Samsung.
    Confirms EN TrendForce Published Apr 24, 2025: Hanmi Semiconductor sees strong TC bonder demand from Micron
    Confirms KO Asia Business Daily Published Apr 11, 2024: Hanmi Semiconductor signs first HBM TC bonder supply deal with Micron (KRW 22.6B)
  • ASML High confidence
    Buys EUV lithography tools. 1-gamma is Micron's first EUV DRAM node, with EUV expanding at 1-delta. ASML is the sole EUV supplier.
    Confirms EN SEC EDGAR Published Oct 3, 2025: Micron Form 10-K (FY2025, 2025-08-28)
    Mentions EN TrendForce Published Mar 11, 2025: Micron Pioneers 1γ DDR5 Samples with Reduced EUV Use
    Confirms EN Micron IR / GlobeNewswire Published Feb 25, 2025: Micron Announces Shipment of 1γ (1-gamma) DRAM
  • Shin-Etsu Chemical High confidence
    Buys 300mm silicon wafers from Shin-Etsu Chemical under LTA.
    Confirms KO ICN Magazine Published Jan 15, 2026: HBM4’s hidden bottleneck — special polished wafers
  • SUMCO Corporation High confidence
    Buys 300mm silicon wafers from SUMCO Corporation under LTA.
    Confirms KO ICN Magazine Published Jan 15, 2026: HBM4’s hidden bottleneck — special polished wafers
  • Powertech Technology (PTI) High confidence
    Uses memory packaging and test from Powertech (PTI).
    Confirms EN TrendForce Published May 13, 2025: Top 10 OSAT 2024 (PTI No.5)
    Confirms EN PTI Published May 1, 2025: PTI IR
  • Eugene Technology High confidence
    Front-end equipment supplier (LPCVD, plasma treatment); Micron is named a main customer in Eugene Tech's annual report.
    Confirms KO DART (Korea FSS) Published Mar 19, 2026: Eugene Technology Annual Report (FY2025)
  • Simmtech Medium confidence
    Purchases memory package substrates from Simmtech.
    Confirms EN Simmtech Published May 1, 2025: Simmtech IR
    Confirms KO TheElec Published Jan 1, 2025: Substrate makers grow
  • SCREEN Holdings Medium confidence
    Buys cleaning and track equipment from SCREEN Holdings.
    Confirms EN SCREEN Published May 1, 2025: SCREEN Holdings IR
    Confirms KO Komachine Published Jan 1, 2025: SCREEN cleaning No.1 47%
  • Lam Research Medium confidence
    Buys etch and deposition tools (memory scaling). Micron named among Lam's main customers.
    Mentions EN SEC EDGAR Published Aug 11, 2025: Lam Research FY2025 Form 10-K
    Mentions EN Granitefirm Analysis Published Aug 12, 2024: How does Lam Research make money? (customers: TSMC, Samsung, Micron, Intel)
  • Advantest Medium confidence
    Buys test equipment (ATE) from Advantest.
    Confirms KO AlphaBiz Published Sep 1, 2025: Advantest dominates the HBM tester market
    Confirms EN Advantest Published Jun 1, 2025: Advantest Integrated Annual Report 2025
    Confirms EN Mordor Published Jan 1, 2025: Test equipment market
  • Teradyne Medium confidence
    Buys test equipment (ATE) from Teradyne.
    Confirms KO Korea Economic Daily Published Feb 24, 2026: Teradyne surges on the chip upturn and robotics boom
    Confirms EN SEC EDGAR Published Feb 26, 2025: Teradyne Form 10-K
    Confirms EN Teradyne Published Jan 1, 2025: Teradyne semiconductor testing
  • Kokusai Electric Medium confidence
    Sources batch ALD/CVD from Kokusai.
    Confirms KO TheElec/Daum Published Jan 1, 2025: Eugene Tech vs Kokusai batch-ALD patent suit
    Confirms EN SemiAnalysis Published Oct 15, 2023: Kokusai Electric IPO: ~70% batch ALD
  • FormFactor Medium confidence
    Sources HBM/DRAM probe cards from FormFactor.
    Confirms EN SEC EDGAR Published Oct 29, 2025: FormFactor 10-Q
    Confirms KO ETNews Published Apr 24, 2024: SK Hynix sources DRAM probe cards from FormFactor (US) and MJC (Japan)
  • Air Liquide Medium confidence
    Sources UHP/specialty gases from Air Liquide.
    Confirms EN Air Liquide Published Oct 28, 2025: Air Liquide Q3 2025 results/activity report
    Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases
  • Merck KGaA (EMD) Medium confidence
    Sources thin-film/CMP/gas materials from Merck KGaA.
    Confirms EN Merck KGaA Published Mar 6, 2026: Merck KGaA Electronics annual report 2025
  • Tokyo Electron (TEL) Medium confidence
    Buys coater, etch, deposition and clean tools from Tokyo Electron.
    Confirms KO Sisa Journal e Accessed Jun 21, 2026: Foreign toolmakers including TEL ramp investment to court Samsung and SK
  • GlobalWafers Medium confidence
    Uses/buys 300mm silicon wafers from GlobalWafers.
    Confirms EN GlobalWafers Published Mar 1, 2025: GlobalWafers Investor Relations
    Confirms EN Mordor Intelligence Published Jan 1, 2025: Silicon Wafer Market (top-five oligopoly)
    Confirms KO TheElec Published Jun 1, 2024: GlobalWafers’ Siltronic bid (blocked by Germany)
  • SFA Semicon (memory back-end outsourcing) Medium confidence
    Micron outsources part of its memory (DRAM, flash) assembly and test to Korean OSAT SFA Semicon — SFA's annual report names Micron alongside Samsung and SK hynix as a key customer, one facet of IDMs expanding back-end outsourcing.
    Confirms KO DART (FSS) Published Mar 23, 2026: Annual business report (DART)

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Dell Technologieslead2+51.2-26.6+95.9+53+11.2+320.2
Lenovolead2-4.6-20.9+36.2+18.2-0.6+269.8
Seagate Technologylead2+87.5-51.4+69.1+4.1+225.3+209.1
Wiwynnlead2+24.7-22.3+206.4+3.5+64.4+120.2
ASUSTeK Computerlead2+35.5-12.9+72+41.1-14.1+119.8
Hewlett Packard Enterpriselead2+37.4+4.5+9.7+29.1+15.5+118.5
Aurora Innovationlead2·-89.3+261.2+44.2-39+65.1
Gigabyte Technologylead2+82.3-3.4+173.2-15.9-4.7+60.7
Wistronlead2+7.9+9.7+272.7-1.6+22.7+57.3
Arista Networkslead2+97.9-15.6+94.1+87.7+18.5+47.9
TeraWulflead2+77.1-95.5+258.2+135.8+103+43.7
Cloudflarelead2+73-65.6+84.2+29.3+83.1+41.5
Super Microlead2+38.8+86.8+246.2+7.2-4+35.3
SK Telecomlead2+7.9-12+15.8+15.5+37.5+29.7
Eoptolinklead2-10.1-27.7+136.6+197+368.8+29.1
Quanta Computerlead2+22.2-12.8+254.5+12.7+8.9+28.5
Foxconn (Hon Hai)lead2-5.1+2.8+7.8+80.1+26.9+19.6
IRENlead2·-92.3+472+37.3+284.6+18.3
Mercury Systemslead2-37.5-18.7-18.3+14.8+73.8+12.9
Amazonlead2+2.4-49.6+80.9+44.4+5.2+12
Geely Autolead2-40.8-22.9-40.3+98.5+14.5+10.2
Tempus AIlead2····+74.9+9.4
General Motorslead2+40.8-42.4+7.9+49.8+54.2+8.4
Alphabet (Google)lead2+65.3-39.1+58.3+36+66+8.3
Celesticalead2+37.9+1.3+159.8+215.2+220.3+5.7
Microsoftlead2+52.5-28+58.2+12.9+15.6+4
Yum! Brandslead2+30.1-6+3.9+4.7+14.9+0.6
Meta Platformslead2+23.1-64.2+194.1+66+13.1-6.4
Toyota Motor Corporationlead2+58.1-13.4+63+1.8+21.8-10.8
IonQlead2·-79.3+259.1+237.1+7.4-11.9
Oraclelead2+36.9-4.6+30.9+60+18.1-17.8
IBMlead2+16.7+10.6+21.8+39.3+38.2-19.1
Teslalead2+49.8-65+101.7+62.5+11.4-21.3
Alibaba Grouplead2-49-25.8-10.8+11.8+75.8-22
Hyundai Motor Companylead2-16.7-4.7+16.2+12.3+158.8-22.2
Tencent Holdings Limitedlead2-28.6-14.2-28.7+49.8+52.1-26.1
Rigetti Computinglead2·-92.9+35.1+1449.2+45.2-31.4
Kratos Defenselead2-29.3-46.8+96.6+30+187.8-37
Baidulead2·-8.2-23.4-13.5+74.2-37.2
Pony.ailead2····+1-49.3
AMDlead1+56.9-55+127.6-18.1+77.3+123
NVIDIAlead1+125.5-50.3+239+171.2+38.9+23.7
Broadcomlead1+56.5-13.3+104.2+110.5+50.6+3.8
Phison Electronicslead1+26.8-10.7+45.1-6.7+418.3-14.7
Micron Technologynode+24.2-45.9+71.9-1+240.2+256.4
SUMCO Corporationbenef1-4.3-3.9+21.3-48.1+41.7+100.6
GlobalWafersbenef1+26.9-29.9+14.3-39+48.9+98.1
Simmtechbenef1+119.6-34.6+12.4-63.3+392.9+94.9
FormFactorbenef1+6.3-51.4+87.6+5.5+26.8+86.3
Teradynebenef1+36.8-46.3+24.8+16.5+54.4+84.6
Lam Researchbenef1+53.7-40.7+88.6-6.8+139.2+80.1
ASMLbenef1+64.1-30.5+39.9-7.7+55.8+61.1
SCREEN Holdingsbenef1+40.7-13.2+220.1-24.1+84.9+33.7
Tokyo Electron (TEL)benef1+40.4-14.5+89.8-4.4+61.6+30.3
Kokusai Electricbenef1···-35.4+165.3+30.1
Eugene Technologybenef1+28.1-45.1+64.1-12.6+202.5+23.2
Air Liquidebenef1+14.3+8.1+21.1+8.7-4.6+21.3
Shin-Etsu Chemicalbenef1+6.3+3.1+57.8-15.6+7.6+13.8
Powertech Technology (PTI)benef1+4.8-7.5+86-16+128.6+11
Merck KGaA (EMD)benef1+42.2-0.4-19.1-2.5-12.7+10.4
Hanmi Semiconductorbenef1+98.5-21.7+313.1+93.7+87.9+9.3
SFA Semiconbenef1-5.8-34.1+48.7-48.7+139.8-28.4
Ichor Holdingsbenef2+52.7-41.7+25.4-4.2-42.8+205.9
Kulicke & Soffabenef2+92.4-25.8+25.5-13.2-0.3+80
MKS Instrumentsbenef2+16.4-51+22.6+2.2+54.4+63.3
Advanced Energy Industriesbenef2-5.7-5.4+27.5+6.6+81.6+34.3
Advantestbenef2+17-2.3+155.7+49.5+196+29.9
Veeva Systemsbenef2-6.2-36.8+19.3+9.2+6.2+23.2
Parker-Hannifin Corporationbenef2+18.3-6.9+60.8+39.6+39.5+10.2
TCK (Tokai Carbon Korea)benef2-10.1-16.9+2.8-28.7+225.7+5.9
Wonik QnCbenef2+26.2+2+11.9-33.7+53.4-9.6
Hana Materialsbenef2+106-30.5+26.1-47.4+173.9-25.4
SFA Engineeringbenef2-7.8+13-26.9-28.9+84.8-28.7

YTD as of 2026-09-04 · source: Yahoo Finance

Micron Technology operates across Nasdaq, Memory, DRAM/NAND/HBM. It surged +240.2% in 2025 and +256.4% in 2026. The stock (+256.4%) is ahead of both its demand side (avg +37.5%) and supply side (avg +49.7%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is AMD (+123%) and the furthest behind is Phison Electronics (-14.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. FY2025 revenue $37.4B, adopting EUV (1-gamma).

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target $1,540 · Price $1,015 (09-05) · Upside +52%

BrokerRatingTargetPublished
Cantor Fitzgerald · C.J. MuseOverweight$2,000Jun 29, 2026Report ↗
Morgan Stanley · Joseph MooreOverweight$1,200Jun 25, 2026Report ↗
Susquehanna · Mehdi HosseiniPositive$2,000Jun 25, 2026Report ↗
Wedbush · Matt BrysonOutperform$1,400Jun 25, 2026Report ↗
Raymond James · Melissa FairbanksOutperform$1,100Jun 1, 2026Report ↗

Maintained Overweight with a $2,000 target, among the highest on the Street, citing strong AI datacenter HBM demand.

Analyses covering this node

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