High Bandwidth Memory is the defining investment question for Micron. The company went from zero HBM revenue to over $5 billion per quarter in roughly two years, transforming from a cyclical commodity supplier into an AI infrastructure oligopolist. Only three companies in the world can manufacture...

Conventional DRAM is Micron's bread and butter, generating the majority of revenue across server, mobile, and PC applications. The current upcycle is unusually strong because AI reallocation is tightening supply across all DRAM segments -- manufacturers are shifting advanced wafer capacity to HBM...

NAND Flash is Micron's smallest and most challenged segment. While enterprise SSDs are benefiting from AI data center buildouts, consumer NAND remains commoditized with thin margins and increasing competition from Chinese manufacturers. Micron's strategy is to shift toward high-performance...