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Fact Summary
In its FY2026 Q3 (period ended 2026-05-28) results announced on 2026-06-24, Micron Technology reported revenue of $41.46 billion (+345.8% year-over-year) and GAAP diluted EPS of $24.67, beating the consensus EPS estimate of $20.28. The company guided Q4 revenue to $50.0 billion (±$1.0 billion) and Non-GAAP gross margin of approximately 86%.
Price-Change Context Note
Between 2026-07-15 and 2026-07-17, reports of China's CXMT pursuing an $8.5~8.6 billion IPO coincided with reports that the U.S. government was reviewing tighter export restrictions on high-bandwidth memory to China, and the semiconductor sector broadly pulled back as a result. During the same period, the company announced it had signed long-term strategic customer agreements with seven automotive-sector partners.
Valuation (Factual Multiples)
Trailing PER is -30.42% versus its 12-month average and approximately 15% above its 10-year median (16.78x) — source: gurufocus.com (as of 2026-07-17, A)
5-Year Revenue Trend
FY2023 was a down-cycle year in which the company posted a gross margin of -9.11% and swung to a loss; following the FY2024~FY2025 recovery, FY2026 Q3 single-quarter revenue ($41.46 billion) expanded to roughly 2.7x FY2023's full-year revenue.
FY2026 Q3 Revenue by Market Segment
| Segment | Revenue | YoY |
|---|---|---|
| Cloud Memory | $13.77 billion | +306% |
| Core Data Center | $11.52 billion | +652% |
| Mobile & Client | $11.52 billion | +254% |
| Automotive & Embedded | $4.63 billion | +311% |
As of FY2026 Q3 (period ended 2026-05-28) · Source: Micron earnings release (GlobeNewswire, 2026-06-24, A)
Competitor Comparison — DRAM Market Share
Micron ranks No. 3 in DRAM (low-22% range), No. 3 in HBM (21~22% range), and No. 4 in NAND (low-13% range), placing it behind Samsung and SK hynix in the overall memory market. China's CXMT has raised its DRAM share from around 3% a year earlier to approximately 8%.
Supply and Demand Trends
| Short Interest Settlement Date | Short Interest | % of Float | Change from Prior |
|---|---|---|---|
| 2026-06-30 | 31,669,690 shares | 2.81% | -23.86% |
| 2026-06-15 | 41,592,382 shares | 3.70% | +10.8% |
| 2026-05-29 | 37,549,121 shares | 3.30% | +6.6% |
Source: MarketBeat MU Short Interest (third-party aggregated estimate; not individually cross-checked against FINRA source data)
As of the 2026-06-30 settlement date, short interest declined 23.86% from the prior period (6/15). Based on the Q2 2026 13F cohort (730 funds), shares held increased 7.49% quarter-over-quarter, though offsetting cases are also observed at the individual-fund level, such as Y Intercept Hong Kong Ltd.'s full liquidation of its position. Volume on 2026-07-17 (approximately 63.3 million shares) was roughly 22% above the 3-month average (approximately 51.77 million shares).
Governance & Shareholder Returns
As of 2026-06-09, the Board of Directors comprises 9 members (1 inside director, 8 independent directors); Alexis Black Björlin was newly appointed following the 2025-11-25 annual shareholder meeting, as disclosed in an 8-K. Sanjay Mehrotra serves concurrently as Chairman of the Board and President & CEO.
Recent executive equity dispositions (Form 4, code S) were mostly executed as multiple small-lot transactions, a pattern generally consistent with routine sales under pre-established trading plans or vesting of stock-based compensation. Within the same review scope (filings from 2026-01 through 2026-07), no open-market acquisition transactions by executives were identified; the only new acquisitions identified were director compensation-related RSU grants (code A).
Macro Environment
| Factor | Current Value | Notes |
|---|---|---|
| U.S. Federal Funds Rate | 3.50~3.75% | FOMC held rates on 2026-06-17; next meeting 2026-07-28~29 |
| DRAM Contract Price (Q3 Outlook) | QoQ +13~18% | TrendForce; supply remains tight |
| NAND Contract Price (Q3 Outlook) | QoQ +10~15% | TrendForce |
| Combined Capex of the Big Four Hyperscalers | approximately $725 billion | 2026, +77% YoY (estimate) |
| SIA Global Semiconductor Sales (2026-05) | $120.6 billion | +104.1% YoY, 15th consecutive month-over-month increase |
| Micron China Revenue Share | 7.06% | As of FY2025 (secondary source; not cross-checked against original 10-K) |
As of 2026-07-19 · Sources: Federal Reserve, TrendForce, SIA, bullfincher.io, et al. (see also research/macro.md)
Recent News Timeline
- 2026-06-24 · FY2026 Q3 results announced (revenue $41.46 billion, GAAP EPS $24.67) and Q4 guidance issued (revenue $50.0 billion ± $1.0 billion)
- 2026-06-25 · Closed at an all-time high of $1,213.37
- 2026-07-13~14 · Pre-market pullback (down approximately 5%)
- 2026-07-15~16 · Reports of China's CXMT's planned $8.5~8.6 billion IPO coincided with reports of a review of tighter high-bandwidth memory export restrictions to China, and the semiconductor sector pulled back 5~7% over two trading days
- 2026-07-17 · Amid a third consecutive trading day of a broad global semiconductor sector pullback, the company announced long-term strategic customer agreements with seven automotive-sector partners; closed at $848.95 (-0.50% from prior day)
- 2026-07-27 (scheduled) · CXMT's planned listing date on Shanghai's STAR Market (per sources; not yet confirmed)
Risk Factors
- The market is closely watching China's CXMT IPO (scheduled for 2026-07-27, sized at $8.5~8.6 billion), as capacity expansion resulting from it could affect the DRAM supply structure if realized.
- Reports have indicated the U.S. government is reviewing tighter export restrictions on high-bandwidth memory to China (at the review stage as of 2026-07-19), but whether it will be finalized and its implementation timing are not yet confirmed.
- The memory industry is structurally exposed to supply-demand cycles; in FY2023 revenue fell 49.5% year-over-year and the company swung to an operating loss. Industry reports indicate new production capacity from multiple manufacturers is expected to come online in stages starting in 2027.
- Continued large-scale investment by Chinese state-owned and state-backed semiconductor companies (CXMT, YMTC, and others) is cited as a factor that could reshape the competitive landscape.
- Micron operates in numerous countries and is exposed to changes in exchange rates, import/export regulations, and tariffs (as stated in the company's 10-Q risk factors).
- FY2026 Q3 data center-directed revenue exceeded $25.0 billion, reflecting a structure with growing reliance on a small number of large customers, though individual customer revenue concentration figures are not available.
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR