Nasdaq · 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 Jul 12, 2026 6 AI consumers· 4 recurring

Per the valuechain.wiki graph, Micron Technology is directly linked to 23 companies (18 supply, 5 revenue relationships) and reaches 72 companies within two hops; the links are backed by 41 dated sources, 9 of them primary filings (as of 2026-07-12).

Annual return · 2026-07-10'21+24.2%'22-45.9%'23+71.9%'24-1%'25+240.2%YTD+243.3%
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+248.1
Seagate Technologylead2+87.5-51.4+69.1+4.1+225.3+231.4
Lenovolead2-4.6-20.9+36.2+18.2-0.6+175.7
Hewlett Packard Enterpriselead2+37.4+4.5+9.7+29.1+15.5+104
TeraWulflead2+77.1-95.5+258.2+135.8+103+91.2
Eoptolinklead2-10.1-27.7+136.6+197+368.8+74.9
Aurora Innovationlead2·-89.3+261.2+44.2-39+66.1
Mercury Systemslead2-37.5-18.7-18.3+14.8+73.8+47.9
ASUSTeK Computerlead2+35.5-12.9+72+41.1-14.1+46.7
Wiwynnlead2+24.7-22.3+206.4+3.5+64.4+45.1
Gigabyte Technologylead2+82.3-3.4+173.2-15.9-4.7+44.4
Arista Networkslead2+97.9-15.6+94.1+87.7+18.5+42.7
Cloudflarelead2+73-65.6+84.2+29.3+83.1+36.1
Quanta Computerlead2+22.2-12.8+254.5+12.7+8.9+33.4
SK Telecomlead2+7.9-12+15.8+15.5+37.5+23.4
Celesticalead2+37.9+1.3+159.8+215.2+220.3+21.7
Geely Autolead2-40.8-22.9-40.3+98.5+14.5+18.9
Wistronlead2+7.9+9.7+272.7-1.6+22.7+14.8
Alphabet (Google)lead2+65.3-39.1+58.3+36+66+14.3
Foxconn (Hon Hai)lead2-5.1+2.8+7.8+80.1+26.9+10.9
IRENlead2·-92.3+472+37.3+284.6+8.9
Amazonlead2+2.4-49.6+80.9+44.4+5.2+6.3
Meta Platformslead2+23.1-64.2+194.1+66+13.1+1.6
Tempus AIlead2····+74.9-1.4
IBMlead2+16.7+10.6+21.8+39.3+38.2-1.6
Super Microlead2+38.8+86.8+246.2+7.2-4-3.3
General Motorslead2+40.8-42.4+7.9+49.8+54.2-3.8
IonQlead2·-79.3+259.1+237.1+7.4-4.5
Hyundai Motor Companylead2-16.7-4.7+16.2+12.3+158.8-7.8
Teslalead2+49.8-65+101.7+62.5+11.4-9.3
Toyota Motor Corporationlead2+58.1-13.4+63+1.8+21.8-18.2
Microsoftlead2+52.5-28+58.2+12.9+15.6-20
Alibaba Grouplead2-49-25.8-10.8+11.8+75.8-22.7
Tencent Holdings Limitedlead2-28.6-14.2-28.7+49.8+52.1-23.2
Baidulead2·-8.2-23.4-13.5+74.2-24.5
Rigetti Computinglead2·-92.9+35.1+1449.2+45.2-25.3
Oraclelead2+36.9-4.6+30.9+60+18.1-27.4
Kratos Defenselead2-29.3-46.8+96.6+30+187.8-36.5
Pony.ailead2····+1-54.6
AMDlead1+56.9-55+127.6-18.1+77.3+160.5
Broadcomlead1+56.5-13.3+104.2+110.5+50.6+16
NVIDIAlead1+125.5-50.3+239+171.2+38.9+13.3
Phison Electronicslead1+26.8-10.7+45.1-6.7+418.3-6
Micron Technologynode+24.2-45.9+71.9-1+240.2+243.3
SUMCO Corporationbenef1-4.3-3.9+21.3-48.1+41.7+225.8
GlobalWafersbenef1+26.9-29.9+14.3-39+48.9+171.6
FormFactorbenef1+6.3-51.4+87.6+5.5+26.8+110.7
Lam Researchbenef1+53.7-40.7+88.6-6.8+139.2+105
Simmtechbenef1+119.6-34.6+12.4-63.3+392.9+94.9
SCREEN Holdingsbenef1+40.7-13.2+220.1-24.1+84.9+86.3
Teradynebenef1+36.8-46.3+24.8+16.5+54.4+85.9
Tokyo Electron (TEL)benef1+40.4-14.5+89.8-4.4+61.6+78.2
Kokusai Electricbenef1···-35.4+165.3+70
ASMLbenef1+64.1-30.5+39.9-7.7+55.8+68.6
Eugene Technologybenef1+28.1-45.1+64.1-12.6+202.5+49.5
Shin-Etsu Chemicalbenef1+6.3+3.1+57.8-15.6+7.6+44
Powertech Technology (PTI)benef1+4.8-7.5+86-16+128.6+26
Merck KGaA (EMD)benef1+42.2-0.4-19.1-2.5-12.7+13.5
Air Liquidebenef1+14.1+7.9+20.9+8.5-4.8+12.5
Hanmi Semiconductorbenef1+98.5-21.7+313.1+93.7+87.9+5.5
SFA Semiconbenef1-5.8-34.1+48.7-48.7+139.8-31.8
Ichor Holdingsbenef2+52.7-41.7+25.4-4.2-42.8+444.2
Kulicke & Soffabenef2+92.4-25.8+25.5-13.2-0.3+150.1
MKS Instrumentsbenef2+16.4-51+22.6+2.2+54.4+131
Advanced Energy Industriesbenef2-5.7-5.4+27.5+6.6+81.6+47.2
Advantestbenef2+17-2.3+155.7+49.5+196+17.1
Wonik QnCbenef2+26.2+2+11.9-33.7+53.4+9.3
TCK (Tokai Carbon Korea)benef2-10.1-16.9+2.8-28.7+225.7-2.5
Hana Materialsbenef2+106-30.5+26.1-47.4+173.9-15.7
SFA Engineeringbenef2-7.8+13-26.9-28.9+84.8-32.7

YTD as of 2026-07-10 · source: Yahoo Finance

Micron's thesis is that HBM changed the character of the memory cycle itself. Unlike commodity DRAM, HBM consumes far more wafers and process steps per unit of capacity, structurally tightening supply and lifting price and mix — hence FY revenue jumping from $15.5B (FY23) to $25.1B to $37.4B. Supplying HBM3E to NVIDIA H200 and AMD MI350, it joined the AI-memory three-way race with SK hynix and Samsung, adding cost competitiveness via EUV (1γ). Risks are a traditional cyclical reversal in commodity DRAM/NAND and HBM-capacity competition. Graph propagation: NVIDIA/AMD accelerator demand pulls HBM, while upstream ASML/AMAT tools and materials govern capacity.

Analysis generated from returns as of 2026-07-10

Analyst ratings

Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target $1,540 · Price $982.75 (07-11) · Upside +57%

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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