MU News
R40 coverage for Micron Technology, Inc. (MU).
R40 Coverage
China's Largest Memory Maker Earned a 49% Margin. It Is Profiting From the Memory Cycle.
CXMT's IPO prospectus is the first hard number: CNY 50.8bn of revenue in the March quarter at a 49% net margin — a company inside the price spike, not under it.
Cerebras Shipped a 132GB Wafer-Scale Inference Machine Without HBM. Its Models Need 50,000.
Cerebras' CS-4 proves inference silicon can skip HBM: 750 PFLOPS and no high-bandwidth memory. But its 132 GB of SRAM faces models needing 25,000-100,000 GB.
SK hynix Approved ₩54T of Fabs Before a ₩40T Buyback. That Is Not Capacity Discipline.
SK hynix's ₩40T buyback reads as capacity discipline — but its board approved ₩54.3T of fabs on August 7, and that capacity lands in 2028, the bear-case year.
Micron's Rule of 40 Swung From −884 to 388. The Same Metric Failed at Both Ends.
Micron's gross margin ran from −32.66% to 84.56% in fourteen quarters. A score built on year-over-year growth reads whatever the price cycle was doing.
Micron's HBM Gross Margin Rose From 37.7% to 84.6%. The Cyclical Thesis Is Broken.
In February we argued Micron's sold-out HBM capacity made it look more like a foundry than a commodity memory maker, then cited that call again in July without ever checking it. The quarter ended 2026-05-28 answers it: revenue up 4.46× year over year while cost of goods rose 10.5%. Our own series stops one quarter short of all of it.
Micron Just Sold Out Its Entire 2026 HBM Capacity
Micron's HBM4 enters volume production ahead of schedule, 2026 capacity is 100% sold out, and the stock hit a record $410. Here's what it means for the AI memory race.
The $700B AI Bet: Inside the Mag 7's Record 2026 CapEx Arms Race
The Magnificent Seven are set to spend $700B+ on AI infrastructure in 2026, up 60% from 2025. We break down who's spending what, the supply chain winners, and why the market is spooked.