Memory · 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 Jun 21, 2026 1 AI consumers· 1 recurring

Money in ▸NVIDIA●AMD●Apple◐Broadcom◐
Micron Technology$37.4B
▸ Money outASML●Shin-Etsu Chemical●SUMCO Corporation●Lam Research◐Tokyo Electron (TEL)◐GlobalWafers◐Advantest◐Teradyne◐

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 EDGAR Published Feb 26, 2026: "NVIDIA 10-K: "We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung." Buyer-side primary filing confirming Micron to NVIDIA supply."
    Mentions EN SEC EDGAR Published Oct 3, 2025: "Micron 10-K: "Revenue from one customer was 17% (primarily included in the CMBU segment) of total revenue for 2025." The customer is undisclosed, so NVIDIA cannot be confirmed (inferred)."
    Confirms KO ETNews Published Feb 27, 2024: "ETNews: Micron started HBM3E mass production for NVIDIA's H200, entering the market 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: "TrendForce: AMD MI350 is built on TSMC N3P and uses Samsung and Micron as dual HBM3E suppliers."
    Confirms EN Micron / Nasdaq Published Jun 12, 2025: "Micron: integrated 36GB HBM3E into the AMD Instinct MI350 series."
    Mentions EN AMD Published Jun 12, 2025: "AMD: the MI350 series carries 288GB of HBM3E (Micron and Samsung)."
  • Apple Medium confidence
    Supplies iPhone memory to Apple (one of three).
    Mentions KO Korea Economic Daily Published Dec 21, 2025: "Micron is among the three iPhone LPDDR suppliers."
  • Broadcom Medium confidence
    Supplies HBM for Broadcom's AI accelerators.
    Mentions KO ZDNet Korea Published Mar 5, 2026: "Demand for Samsung, SK and Micron HBM expands with Broadcom's AI chips."

Pays to

  • 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 10-K: "...our first DRAM node incorporating EUV lithography..." and "...a single or sole source, and we may be unable to qualify new suppliers..." ASML is the sole EUV equipment supplier."
    Mentions EN TrendForce Published Mar 11, 2025: "TrendForce: Micron sampled 1-gamma DDR5 using EUV, with EUV expanding at 1-delta."
    Confirms EN Micron IR / GlobeNewswire Published Feb 25, 2025: "Micron IR: shipped 1-gamma DRAM, its first DRAM node using EUV lithography."
  • Shin-Etsu Chemical High confidence
    Buys 300mm silicon wafers from Shin-Etsu Chemical under LTA.
    Confirms KO ICN Magazine Published Jan 15, 2026: "Micron Technology depends on Shin-Etsu Chemical for wafer supply."
  • SUMCO Corporation High confidence
    Buys 300mm silicon wafers from SUMCO Corporation under LTA.
    Confirms KO ICN Magazine Published Jan 15, 2026: "Micron Technology depends on SUMCO Corporation for wafer supply."
  • 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: "Micron is a Lam memory customer."
    Mentions EN Granitefirm Analysis Published Aug 12, 2024: "Granitefirm: Lam Research's main customers are TSMC, Samsung, Micron and Intel, with strengths in etch and deposition."
  • Tokyo Electron (TEL) Medium confidence
    Buys coater, etch, deposition and clean tools from Tokyo Electron.
    Confirms KO Sisa Journal e Accessed Jun 21, 2026: "Micron Technology adopts TEL wafer-fab tools."
  • GlobalWafers Medium confidence
    Uses/buys 300mm silicon wafers from GlobalWafers.
    Confirms EN GlobalWafers Published Mar 1, 2025: "IR: silicon-wafer revenue and customers."
    Confirms EN Mordor Intelligence Published Jan 1, 2025: "Top-five 300mm oligopoly; GlobalWafers ~15%."
    Confirms KO THE ELEC Published Jun 1, 2024: "Supplies wafers to TSMC, UMC, Samsung."
  • Advantest Medium confidence
    Buys test equipment (ATE) from Advantest.
    Confirms KO AlphaBiz Published Sep 1, 2025: "Dominant HBM tester tech; SK hynix and others."
    Confirms EN Advantest Published Jun 1, 2025: "Annual report: ATE revenue and customers."
    Confirms EN Mordor Intelligence Published Jan 1, 2025: "No.1 in test equipment at ~58%."
  • Teradyne Medium confidence
    Buys test equipment (ATE) from Teradyne.
    Confirms KO Korea Economic Daily Published Feb 24, 2026: "Teradyne surges on the chip upturn."
    Confirms EN SEC EDGAR Published Feb 26, 2025: "10-K: semiconductor-test revenue."
    Confirms EN Teradyne Published Jan 1, 2025: "Memory, SoC and computing test."

Value-chain ripple (tiers 2–3)

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Leading firms (revenue chain)

Beneficiaries (payment chain)

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