Micron Technology Inc (MU)
Official siteTECHNOLOGY • SEMICONDUCTORS • NASDAQ
Market Cap: $1.16T
Last updated: Sep 11, 2026 at 1:30 PM ET
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The $279 Billion Tell: The AI Trade Just Got A Lot Harder
Prices now pay for the magnitude and duration of AI, not correctness, so small errors in timing or sizing can produce severe losses Nvidia 2Q27 revenue $96.2B (+106% YoY), Data Center $89B (+117%), hyperscale $48.7B (+102%), AI clouds $40.3B (+138%), FY28 guide ~70%, 3Q27 $108B Microsoft, Amazon, Google and Meta spent $170B in the June quarter and guide ~$720-745B for 2026, AWS backlog $496B, Google Cloud backlog $514B, Amazon CapEx ~$220B A meaningful portion of hyperscaler CapEx buys higher-priced memory not more capacity - Amazon added ~$20B for memory, Micron stopped forecasting bit demand, signaling physical stagflation Nvidia supply commitments rose $119B to $279B, total commitments $366B, $92B hits FY27 remainder, $87B FY28, $88B FY29; guarantees include $3.5B and a 4.25GW 20-year lease
The mid-year 2026 Vulcan AI Spine Model Portfolio Update
Vulcan AI Spine is a 29-stock, 100% invested thematic model to be tracked six-to-nine months through Jan-Apr 2027, largest weight 5.6%, smallest 1.3%, weights used as primary risk control Portfolio allocations are 41.0% Core AI, 28.5% Physical Buildout, 25.0% Power & Utilities, and 5.5% GE Vernova as the bridge, with individual weights summing exactly to 100% Five backbone infrastructure names - NVDA, TSM, GOOGL, AVGO, ASML - comprise 25.1% of the portfolio and 61.2% of Core AI; NVDA interest coverage ~629x, TSM capex 33.5% of sales, ASML 41.5x forward PE Cyclical or expectation-dependent Core AI positions are sized conservatively - MU at 6.4x forward earnings and 80.4% operating margin (3.8% weight), MRVL is -41.1% from its 52-week high, ANET FCF conversion 54.4% Goldman baseline models $7.6tn AI capex 2026-31 - compute $5.1tn, data centers $2.1tn, power $0.358tn - portfolio intentionally overweights power and GEV to capture regulated, uncorrelated cashflows, construction backlog
The Forge After the Screen: Four Large-Cap Vulcan Garp Quant Strong Buys
Rules-based screen filtered US equities market cap > $10B, GNG Quant Strong Buy, analyst Buy+, ≥5% upside - output 43 candidates, tech-heavy bench with cyclicals, energy, materials presence Vulcan overlay imposed one-per-sector, GARP sanity, split raw vs investable scores, live-price cross-checks - narrowed 43 to 4 to preserve factor strength while limiting sector concentration Micron (MU): GNG Quant 76.3, analyst upside ~52%, forward P/E ~6x, PEG ~0.14, 12-month return >700%, $250B fab buildout, LT deals cover ~20% DRAM and ~30% NAND - staged entry advised Final four serve distinct portfolio roles - MU memory growth, GOOGL platform durability, STRL industrial infrastructure, EVR capital-markets anvil - construct a cross-sector GARP basket Risk and execution guidance - avoid momentum chases, favor staged buys and live-price validation, cap single-name exposure, prioritize quality and balance-sheet-backed growth over stale upside
Big Tech's $725 Billion AI Bet Isn't The Risk - It's The Moat
Exponential AI token demand meets linear supply, creating persistent scarcity and pricing power - Goldman models token consumption rising 24x as autonomous agents run continuously Real-economy adoption is accelerating, Dylan Patel’s firm scaled enterprise API spend from $100k to ~$11M annualized, and customers are cutting legacy software to fund AI FCF margins compressed 8-11pp - MSFT 33%->23%, GOOGL 26%->15%, META 33%->22%, AMZN ~0% - operating margins MSFT 46%, GOOGL 36%, META >40%, AMZN 13%, ROICs 27/29/23/16 Capital intensity is now a moat, securing compute costs ~$200B/year and only 4-5 firms can self-fund ~$190B annual CapEx; hyperscaler RPO backlog $2.1T, growing 185% YoY Buildout funded from internal cash not debt - net debt MSFT $8B, GOOGL $39B, AMZN $17B, META $38B, interest coverage 29x-140x; primary risk is backlog concentration, ~50% tied to OpenAI/Anthropic
Code or Gold: The Only Barbell That Makes Sense Right Now
Macro thesis - market structure is bifurcating, forcing capital to choose sides, with the economic middle at risk of structural decline from H2 2026 through 2030 and beyond Alphabet data shows token processing rose from 9.7 trillion to 3.2 quadrillion monthly, a >300x increase, underscoring explosive AI demand and compute-energy economics Market phase shift - after 18 months of broad AI outperformance we are in a digestion phase where firms must prove utilization, pricing power and ROI, raising stock selection risk Macro tension - AI-driven deflation and labor displacement clash with sovereigns running it hot via fiscal spending, subsidies and security budgets, creating uneven inflation pressures Portfolio action - adopt a barbell: overweight AI application leaders with proven unit economics and pricing power, plus real assets or energy producers, underweight leveraged legacy mids
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Frequently Asked Questions About MU
- What is MU's current dividend yield?
- Micron Technology Inc (MU) has a current dividend yield of 0.06%.
- Does MU pay dividends?
- Yes, Micron Technology Inc pays dividends with a current yield of 0.06%.
- What is MU's P/E ratio?
- Micron Technology Inc has a price-to-earnings (P/E) ratio of 21.77.
- What is MU's market cap?
- Micron Technology Inc (MU) has a market capitalization of $1.16T with a current stock price of $977.41.
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