Micron

Micron in the enterprise

As of November 5, 2026. Every figure links to its source; company-reported numbers are labeled as such.

Micron makes the memory and storage chips that AI systems run on. Its most important AI product is high-bandwidth memory (HBM), stacked memory chips packaged right next to AI processors from Nvidia and AMD. It also sells server memory and data-center flash drives to the large cloud companies. Micron does not sell AI software. Its business customers are chipmakers, cloud operators and AI labs that buy memory in bulk, increasingly under multi-year contracts.

The AI boom has transformed Micron's results. Fiscal 2026 revenue reached a record $133.19 billion, up from $37.38 billion the year before. In the fourth quarter alone, revenue was $54.23 billion, about 4.8 times the year-earlier figure. Its two data-center units, Core Data Center and the HBM-heavy Cloud Memory unit, brought in $34.29 billion of that quarter's revenue. Micron no longer reports HBM sales separately; The Next Platform estimates them at about $14.3 billion for the quarter. Demand is locked in for years ahead. Micron says it has agreed terms for most of its 2027 HBM supply, has taken $32 billion in customer prepayments and has $150 billion in contracted backlog. It also has 26 multi-year Strategic Customer Agreements that cover about 35% of revenue through fiscal 2030.

Micron is in high-volume production of its newest HBM generation (HBM4) and other memory for Nvidia's Vera Rubin platform. It is also co-developing a custom version of the following generation (HBM4E) with Nvidia. Its AMD wins include the Instinct MI350 accelerators, and it signed a supply agreement with Anthropic in June 2026. Micron still ranks third in HBM, behind Samsung and SK hynix. What to watch: whether Micron gains HBM market share, whether the long-term contracts keep prices firm when supply catches up, and its revenue guidance of about $61.5 billion for fiscal Q1 2027.