What smart money is saying about Micron Technology Inc
MU · Technology · Semiconductors · Market cap $1129.68B
8 funds in our archive have pitched Micron Technology Inc — most recently Artisan Partners Developing World Fund in September 2026.
Company profile
Micron Technology, Inc. is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions. Its operations are structured across four primary business segments: Compute and Networking, Mobile, Storage, and Embedded. The company's product portfolio encompasses a range of memory and data storage technologies. These include high-speed, low-latency Dynamic Random Access Memory (DRAM) components for rapid data retrieval; non-volatile, re-programmable NAND flash storage devices; and fast-read, non-volatile, re-writable NOR memory chips. These innovative solutions are offered under its well-known Micron and Crucial brands, as well as through private label partnerships. Micron's extensive offerings cater to a diverse array of markets and applications. This includes critical infrastructure like cloud servers and enterprise data centers, personal computing (client and graphics), mobile devices such as smartphones, networking equipment, automotive systems, industrial applications, and various consumer electronics. The company utilizes a multi-faceted approach to market its products, employing a direct sales force, independent sales representatives, and a network of distributors and retailers. Additionally, it leverages a web-based direct sales channel and collaborates with various channel and distribution partners. Founded in 1978, Micron Technology, Inc. is headquartered in Boise, Idaho.
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44
Reported positions
10
Bought
7
Sold
124
Letters
Position history
Between Q3 2025 and Q3 2026, 44 fund letters reported a position in Micron Technology Inc — 10 opened or added to the position, 7 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 8 | 1 | 0 | 1 |
| Q2 2026 | 33 | 9 | 6 | 7 |
| Q4 2025 | 2 | 0 | 0 | 0 |
| Q3 2025 | 1 | 0 | 1 | 0 |
Fund activity · 44 positions · 17 moves
- September 2026
“Bottom contributors to performance for the quarter included US-based memory supplier Micron, Southeast Asian mobility company Grab Holdings, British semiconductor design company ARM, Indian online travel company MakeMyTrip, and Indian online insurance marketplace PB Fintech. Micron fell during the quarter as investors debated AI industry capex sustainability while digesting the impact of significant investor leverage tied to AI investments across global markets.”
Micron Technology Inc - September 2026
“At the portfolio level, the strongest year-to-date contributors included several AI-related beneficiaries including South Korea-based Samsung Electronics, Taiwan Semiconductor Manufacturing Company (TSMC), Wiwynn, and U.S.-based Micron Technology.”
Micron Technology Inc - September 2026
“Bottom contributors to performance for the quarter included US-based memory supplier Micron, Southeast Asian mobility company Grab Holdings, British semiconductor design company ARM, Indian online travel company MakeMyTrip, and Indian online insurance marketplace PB Fintech. Micron fell during the quarter as investors debated AI industry capex sustainability while digesting the impact of significant investor leverage tied to AI investments across global markets.”
Micron Technology Inc - September 2026
“PORTFOLIO CHANGES Micron Technology entered the All Cap Plus Strategy this quarter, as part of the regular rebalancing to include the largest Russell 3000 Index holdings in the portfolio.”
Micron Technology Inc - September 2026
“Micron Technology is one of the world’s largest producers of DRAM and NAND memory, including the high - bandwidth memory used in AI accelerators. The Portfolio’s underweight position contributed to relative performance as shares underperformed during the quarter amid a sharp sell - off in memory stocks.”
Micron Technology Inc - July 2026
“Elsewhere in IT, the absence of both AMD and Micron from the portfolio helped relative returns and overcame the drag from our off-benchmark exposure to TSMC in Taiwan.”
Micron Technology Inc - July 2026
“Portfolio review The Fund underperformed the index in July as market rotations favoured value, which was a headwind for our growth-biased portfolios. This was exacerbated by sharp profit-taking in the best performing core AI infrastructure winners such as SK Hynix, Infineon, STM, Seagate and Micron where the portfolio maintained an overweight position.”
Micron Technology Inc - July 2026
“the portfolio maintained an overweight 3 position.”
Micron Technology Inc - June 2026
“In Q2, the fund closed eight positions and opened five new positions. The fund closed positions in Micron, Amplitech Group, Vertiv, Ouster, and MDA Space among others.”
Micron Technology Inc - June 2026
“With semiconductors becoming more than 30% of the RLG, we also initiated a position in Micron, a leading memory provider that we believe is well-positioned to benefit from growing AI infrastructure investment as AI data centers require significantly more memory than traditional computing systems.”
Micron Technology Inc - June 2026
“Our positions in leading semiconductor companies provided a tailwind to performance, led by Micron (MU), Advanced Micro Devices (AMD), Applied Materials (AMAT), and Intel (INTC).”
Micron Technology Inc - New positionClearBridge Investments Appreciation StrategyJune 2026
“Portfolio Highlights The ClearBridge Appreciation Strategy underperformed the benchmark S&P 500 Index in the second quarter of 2026. On an absolute basis, the Strategy had positive contributions from eight of 11 sectors. The IT sector was the main positive contributor, while energy was the main detractor. In relative terms, stock selection and sector allocation detracted. Stock selection in IT, industrials, communication services, financials and consumer discretionary, overweights to materials and energy and an IT underweight detracted the most. Conversely, stock selection in materials and a consumer discretionary underweight were beneficial. On an individual stock basis, the biggest relative contributors during the quarter were ASML, Palo Alto Networks, ASM International, an underweight to Microsoft and not owning Palantir. The biggest detractors were Netflix, underweights to Micron Technology and Advanced Micro Devices, and not owning Intel and Applied Materials. During the quarter, we initiated new positions in SpaceX in communication services, Micron Technology, Cisco Systems, Advanced Micro Devices and Texas Instruments in IT and Diamondback Energy in energy.”
Micron Technology Inc - June 2026
“Headwinds were comparatively modest. The largest relative detractor was our limited exposure to a handful of exceptionally strong-performing technology companies, which collectively reduced relative performance by approximately 275bps (gross). Micron was among the most significant individual detractors within this group.”
Micron Technology Inc - June 2026
“Top 10 holdings Weighting (%) Alphabet Inc. Class A 6.43 Apple Inc. 3.55 Micron Technology, Inc. 3.08 Microsoft Corporation 2.87 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR 2.85 JPMorgan Chase & Co. 2.30 Cisco Systems, Inc. 2.15 AbbVie, Inc. 2.10”
Micron Technology Inc - June 2026
“Performance commentary The trust outperformed its benchmark over the quarter. This was the result of positive stock selection, with holdings in the information technology and healthcare sectors performing particularly well. Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in the Intel and Micron Technology were among the fund's strongest contributors.”
Micron Technology Inc - June 2026
“Performance commentary The fund outperformed its benchmark over the quarter, which was mainly the result of positive stock selection. Holdings in the healthcare and information technology sectors proved particularly beneficial. Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in the Intel, SK Hynix, Micron Technology and TSMC were among the fund's strongest contributors.”
Micron Technology Inc - June 2026
“The fund outperformed its benchmark over the quarter. This was the result of positive stock selection, with holdings in the information technology and healthcare sectors performing particularly well. Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in the Intel and Micron Technology were among the fund's strongest contributors.”
Micron Technology Inc - June 2026
“Performance commentary The performance of the fund was behind the benchmark over the quarter. The relative high weighting in the energy sector contributed to the underperformance during a period in which energy stocks gave back some gains from the previous quarter, after agreement appeared to have been struck to end the US conflict with Iran and the ‘war premium’ in commodity prices faded. Some of the fund’s best performers over the quarter were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in Micron, Applied Materials, KLA Corp and Lam Research were among the main positive contributors.”
Micron Technology Inc - June 2026
“Headwinds were comparatively modest. The largest relative detractor was our limited exposure to a handful of exceptionally strong-performing technology companies, which collectively reduced relative performance by approximately 275bps. Micron was among the most significant individual detractors within this group.”
Micron Technology Inc - June 2026
“Portfolio Positioning Our marginal positioning in Korea and Taiwan has driven divergence with the MSCI Emerging Markets Index in recent periods. While we have not endeavored to replicate this exposure, we have a long record of disproportionate equity outcomes in the semiconductor sector which has allowed for reasonable participation with less capital at risk. This record includes a 2019 investment in NVIDIA, which has contributed 3,274bps to performance since inception. NVIDIA was harvested in part to seed an investment in ARM Holdings in 2024, which we believed could play a critical role in custom chip development and AI chip proliferation. While disproportionate equity outcomes are seldom linear (and our investment in ARM certainly has not been), ARM started to season in Q1 as the AGI CPU chip came to fruition and rose an additional 134.4% in Q2 as the role of CPUs in the datacenter was reassessed and revalued. ARM in turn helped to provide the seed capital for our March 2026 investment in Micron, which we made during the depths of the Iran war and which rose 241.7% during Q2. Micron now represents 6.5% of our portfolio in large part due to appreciation, and despite recent trims.”
Micron Technology Inc - June 2026
“Within IT, stock selection was beneficial, led by Micron Technology, the Strategy’s best-performing holding for the quarter.”
Micron Technology Inc - TrimmedMD SASS Concentrated ValueJune 2026
“We owned MU for only a portion of the second quarter, but its impact was significant, as the stock appreciated approximately 50% during our holding period. Although MU had already experienced a massive run before we initiated our investment, most of the share price appreciation was driven by positive earnings revisions rather than multiple expansion. In fact, with the stock trading at approximately 6x our earnings estimate for the next 12 months, the market clearly signaled that MU was overearning and that a significant decline in earnings was imminent. We believed this assumption, although consistent with previous memory boom and bust cycles, was erroneous. We believed this cycle would remain stronger for much longer for three primary reasons. First, high bandwidth memory (“HBM”) is growing rapidly, is less commodity oriented, and requires significantly more wafer capacity than traditional DRAM. Second, MU has established firm, multiyear supply agreements that provide unusually strong visibility and downside protection. Third, industry supply growth appears insufficient to accommodate the rapid increase in memory demand created by inference and agentic AI applications, which require substantial memory capacity and bandwidth. We sold our position during the first week of Q3 after both Micron and Sandisk (SNDK) shifted from the Russell 1000 Value Index to the Russell 1000 Growth Index as part of the late June reconstitution.”
Micron Technology Inc - AddedBaron Technology ETFJune 2026
“Among others, during the second quarter we initiated or added to the following positions: Space and satellite communications: Space Exploration Technologies Corp.”
Micron Technology Inc - June 2026
Listed in Gabelli Funds Shareholder Commentary: Open-End Funds’s reported holdings.
Micron Technology Inc - June 2026
“Micron Technology, Inc., one of the three largest memory chip manufacturers globally and a stock we added to the Strategy during the quarter, appreciated 242%, vaulting it into the trillion-dollar market-cap club alongside fellow semiconductor giants NVIDIA Corporation and Broadcom Inc.”
Micron Technology Inc - June 2026
“TOP CONTRIBUTORS AND DETRACTORS Information Technology was the largest sector contributor as the fund benefited from strong stock selection across AI infrastructure, memory, storage, semiconductors, and related supply-chain companies. NVIDIA, Micron, Broadcom, AMD, Applied Materials, Seagate, Western Digital, Corning, SiTime, TSMC, ASML, and Sandisk were among the positions that contributed to the quarter’s technology-led gains. Energy was the most notable detractor from fund results during the period. The market discounted a potential end to the Iran conflict and lower risk to global crude supply which pushed oil prices lower. This pressured Exxon Mobil, APA, and Shell, which detracted from the fund’s absolute and relative performance during the quarter. Several positions stood out as the largest contributors to absolute performance during the quarter. NVIDIA remained the portfolio’s largest absolute contributor, adding approximately 205 basis points to return. The company continued to benefit from strong demand for accelerated computing, AI training and inference, and the broader data- center infrastructure cycle. Alphabet contributed approximately 176 basis points, supported by improving investor confidence in the company’s AI positioning, cloud opportunity, and core advertising franchise. The company remains a central holding within our view of durable large-cap growth franchises with expanding AI monetization opportunities. Micron was one of the most powerful contributors, adding approximately 124 basis points.”
Micron Technology Inc - June 2026
“Micron Technology, Inc. is an industry leader in innovative memory and storage solutions that enable advances in AI applications.”
Micron Technology Inc - New positionGabelli Funds Open-End FundsJune 2026
Listed in Gabelli Funds Open-End Funds’s reported holdings.
Micron Technology Inc - June 2026
“Memory remains a key bottleneck in the AI infrastructure supply chain and Micron, Seagate are ongoing beneficiaries of the unprecedented AI capex by hyperscalers, reporting strong multi-year order books at historically high prices.”
Micron Technology Inc “Information technology (+23% vs. +32%), energy (-19% vs. -13%) and consumer discretionary (+6% vs. +9%) contributed to the relative underperformance. Information technology relative performance was negatively impacted by our lack of exposure to Intel, +136%, and a below-benchmark weighting in memory stocks, despite our position in Micron, +241%.”
Micron Technology Inc- June 2026
“We initiated Micron Technology on the view that the memory industry has entered a structurally longer and stronger upcycle than the historical two- to three-year pattern, with signs pointing to a four- to five-year duration.”
Micron Technology Inc - June 2026
“Portfolio review The Fund's semiconductor and AI-related memory holdings performed well, as technology sector exposure drove gains due to ongoing investor enthusiasm around AI infrastructure spending and improving fundamentals of the broader memory market. Memory remains a key bottleneck in the AI infrastructure supply chain and both Micron and SK Hynix are ongoing beneficiaries of the unprecedented AI capex by hyperscalers, reporting strong multi-year order books at historically high prices.”
Micron Technology Inc - June 2026
Listed in Liontrust GF Global Technology Fund’s reported holdings.
Micron Technology Inc - June 2026
“The Fund's semiconductor and AI-related memory holdings performed well, as technology sector exposure drove gains due to ongoing investor enthusiasm around AI infrastructure spending and improving fundamentals of the broader memory market.”
Micron Technology Inc - June 2026
“Discipline matters after 3 moves of this scale: triple digit re-ratings narrow the gap between price and value, and we acted, cutting our unit holdings in SanDisk by roughly three quarters and in Micron, SK Hynix and Kioxia by more than half, banking substantial profits while keeping meaningful exposure.”
Micron Technology Inc - June 2026
“Information technology relative performance was negatively impacted by our lack of exposure to Intel, +136%, and a below-benchmark weighting in memory stocks, despite our position in Micron, +241%.”
Micron Technology Inc - June 2026
“Key contributors to performance for the quarter included Advanced Micron Devices (AMD), Micron Tech and Applied Materials.”
Micron Technology Inc - June 2026
“The investment committee also divested our holding in memory semiconductor company Micron. We initiated the investment in 2022 as an anticipated downturn in memory demand pressured the shares. In our view, the market was overly focused on the short-term cyclical risk, underappreciating both potential structural improvements within the industry and Micron’s own strengthening competitive position. Industry consolidation had reduced the DRAM market to just three players, fostering more disciplined supply behavior and potentially improved through-cycle economics relative to history. At the time, we believed Micron had meaningfully narrowed the technology and cost gap with peers while being in a good position to benefit from long-term secular tailwinds, including data growth, cloud computing, and increasing memory intensity across devices. Despite these improvements, the stock traded near trough-level valuations, offering what we considered an attractive margin of safety. Our investment case played out better than initially anticipated. Micron benefited from both cyclical recovery and powerful secular drivers, most notably the rapid expansion of AI, which increased memory demand and supported industry profitability. Accordingly, we raised our intrinsic value estimates over time as the durability and magnitude of these tailwinds became clearer. However, the share price appreciated even more dramatically, driven by strong sentiment and the stock’s emergence as a leading beneficiary of the AI buildout this year as investors focus on memory stocks as direct beneficiaries of AI-related capital spending. While its earnings- or cash flows-based valuation multiples do not appear excessive, we believe the current level of earnings may prove difficult to sustain over a full cycle. On broader and more stable valuation metrics such as enterprise value-to- sales, the company now trades near record multiples relative to its through-cycle economics. With the shares reaching our revised intrinsic value estimate, we exited the position.”
Micron Technology Inc - June 2026
“Top Contributors Micron Technology continues to benefit from robust, AI- driven demand for DRAM and high-bandwidth memory.”
Micron Technology Inc - HoldsHomestead Advisers Value FundJune 2026
“The largest individual detractors were: Micron Technology, Inc., a manufacturer of memory solutions, is a recent addition to the portfolio.”
Micron Technology Inc - TrimmedBurke Wealth Management Focused Growth StrategyJune 2026
“We trimmed Micron twice during the quarter for risk management purposes, once near the beginning of the period and once towards the end.”
Micron Technology Inc - December 2025
“The holding in semiconductor manufacturer Micron Technology continued to provide a positive contribution to returns.”
Micron Technology Inc - December 2025
“The fund outperformed the benchmark over the quarter. This was driven almost entirely by stock selection, especially within the communication services and information technology sectors. The fund’s largest active position, Alphabet, contributed strongly to performance as the market continued to appreciate its differentiated positioning in AI, while shares of Micron Technology and Samsung Electronics further benefitted from an AI-induced tight semiconductor memory market.”
Micron Technology Inc - September 2025
“We exited the position in Micron Technologies with the view that we are at, or near, cycle-high earnings and valuation with Micron adding more capacity over the coming years.”
Micron Technology Inc
Also mentioned · 78
These funds discuss Micron Technology Inc — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedVltava FundSeptember 2026
“Every dollar that Microsoft, for example, pays for a GPU, networking equipment, or data center construction becomes someone else’s revenue. For companies such as NVIDIA, Broadcom, TSMC, SK Hynix, Micron, Samsung, Arista, Vertiv, or construction and energy firms, their customers’ investments today translate into revenue today and, under current conditions, often very high profits.”
Micron Technology Inc - MentionedOakmark FundSeptember 2026
“with Micron’s projected 2027 EBIT margins above 80% vs. its historical high-single digits.”
Micron Technology Inc - MentionedBaillie Gifford US Equity GrowthSeptember 2026
“Enormous demand for computing capacity has produced shortages across parts of the semiconductor supply chain. In some cases, scarcity has generated extraordinary profits. Memory company Micron’s recent growth has been driven almost entirely by pricing rather than volume.”
Micron Technology Inc - MentionedGoodhart Partners European FundSeptember 2026
“The Four Horsemen of the Apocalypse When this tide goes out then, what are the areas to avoid? I think this is a very relevant discussion for clients not least as the AI trade has blurred value and growth styles (Micron is a value stock that has 1000x (!) its cash flow over last 3 years, as are banks and telcos that have benefitted from the volume growth – and obviously many large funds are growth style and tech”
Micron Technology Inc - MentionedOpal Capital CIOSeptember 2026
“Micron fiscal 2026 results and investment plans illustrate exceptionally strong equipment supplier profits and capacity expansion.”
Micron Technology Inc - MentionedAntipodes Global Fund LongSeptember 2026
“Today’s cluster is the “AI Big 10”: the Magnificent Seven plus Broadcom, AMD and Micron.”
Micron Technology Inc - MentionedMatthews Emerging Markets Sustainable Future FundSeptember 2026
“The top three detractors to performance during the quarter included SK Square, a South Korean investment company, Micron Technology, a U.S. semiconductor manufacturer and Samsung Electronics, a South Korean semiconductor and consumer electronics maker.”
Micron Technology Inc - September 2026
“1. Our underweight position in Information Technology was the primary detractor to performance as it was the best-performing sector this in the first half of the year within the Russell 3000® Value benchmark, up almost 90 percent year to date. In particular, the Technology Hardware, Storage & Peripherals industry was up more than 315 percent through the end of the third quarter and the Semiconductors & Semiconductor Equipment industry was up almost 140 percent. This has been led by strong price appreciation in Sandisk Corporation (SNDK), Western Digital Corporation (WDC), Micron Technology, Inc. (MU), and Intel Corporation (INTC), none of which we owned.”
Micron Technology Inc - MentionedAntipodes Global Value FundSeptember 2026
“Yet, on a market-cap-per-unit-of-DRAM-capacity basis, Samsung trades at a 45% discount to Micron and only a 20% premium to SK Hynix, despite its additional foundry and consumer-electronics assets.”
Micron Technology Inc - MentionedAristotle Value Equity StrategySeptember 2026
“Concentrated capital, driven by speculative enthusiasm and drawing attention away from fundamentally stable, predictable businesses; we’ve spoken about this at length. More recently, significant changes in the composition of our primary benchmark, the Russell 1000 Value, have reshaped the Index. Seven of the Index’s ten largest contributors to returns during the first half of the year were removed at the end of June: Micron, Caterpillar, Applied Materials, AMD, Sandisk, Western Digital and Marvell Technology.”
Micron Technology Inc - MentionedAurora Investment Counsel Investment ManagementSeptember 2026
“In today’s market, stocks like Corning, Micron Technology, and Western Digital (all stocks that blew both up and down in the early 2000’s) are up 200-300% and more in the last 12 months. These valuations can move just as quickly in reverse if there is a drop off in demand.”
Micron Technology Inc - MentionedGuinness Asian Equity Income FundAugust 2026
“Korea’s equity market is led by Samsung Electronics and SK Hynix, two of the three main players in global DRAM market (a specific memory type that is currently necessary in the AI data centre build out), in which Micron Technology is the third.”
Micron Technology Inc - August 2026
Named in a table in Harding Loevner Global Developed Markets Equity’s letter.
Micron Technology Inc - MentionedHarding Loevner Global EquityAugust 2026
“By geography, our weakest relative performance was in the US. There and globally, most of our underperformance has been in IT and Communication Services. Notably, the absence of Micron from the portfolio dragged on relative returns.”
Micron Technology Inc - MentionedGeneration IM Global Equity StrategyJuly 2026
“Consider the episodes that most closely resemble today – 1973 and 2000. Each featured low unemployment, strong prior equity returns and concentration rising alongside momentum. Each, for a time, made passive strategies look unbeatable. And on both occasions a severe reversal followed, with the companies the momentum trade had ignored making up ground. We believe many of the companies currently driving returns are unlikely to sustain high profitability. Micron Technology is attracting significant interest on the back of extraordinary near-term earnings revisions.”
Micron Technology Inc - MentionedBronte Capital Amalthea FundJuly 2026
“Year to date Micron has tripled.”
Micron Technology Inc - MentionedHarding Loevner Global Equity ADRJuly 2026
Named in a table in Harding Loevner Global Equity ADR’s letter.
Micron Technology Inc - MentionedGuinness Global Quality Mid Cap FundJuly 2026
“Whilst hyperscaler capex is clearly a key focus area for markets, foundry and memory capex are becoming increasingly important in a semiconductor rally that is being driven by both supply constraints and huge AI-led demand, given the critical role of semiconductors in AI applications. The memory cycle remains highly cyclical and commoditised: when capacity is tight, pricing rises quickly; when new supply arrives too fast or demand weakens, pricing can fall just as quickly. This cycle is therefore being supported by AI-driven demand for HBM, DRAM and NAND, but also by the fact that supply cannot be added immediately. Memory player Micron has explicitly pointed to cleanroom constraints, long construction lead times and limited DRAM/NAND supply, all constraining server demand.”
Micron Technology Inc - MentionedGuinness Global Equity Income FundJuly 2026
“Foundry Capex While hyperscaler capex is clearly a key focus area for markets, foundry and memory capex are becoming increasingly important in a semiconductor rally that is being driven by both supply constraints and huge AI-led demand due to the critical role of semiconductors in AI applications. The memory cycle remains highly cyclical and commoditised: when capacity is tight, pricing rises quickly; when new supply arrives too fast or demand weakens, pricing can fall just as quickly. This cycle is therefore being supported by AI-driven demand for high-bandwidth memory (HBM), DRAM and NAND, but also by the fact that supply cannot be added immediately. Memory player Micron has explicitly pointed to cleanroom constraints, long construction lead times and limited DRAM and NAND supply all constraining server demand.”
Micron Technology Inc - MentionedGuinness Global Innovators FundJuly 2026
“While hyperscaler capex is clearly a key focus area for markets, foundry and memory capex are becoming increasingly important in a semiconductor rally that is being driven by both supply constraints and huge AI-led demand due to the critical role of semiconductors in AI applications. The memory cycle remains highly cyclical and commoditised: when capacity is tight, pricing rises quickly; when new supply arrives too fast or demand weakens, pricing can fall just as quickly. This cycle is therefore being supported by AI-driven demand for high-bandwidth memory (HBM), DRAM and NAND, but also by the fact that supply cannot be added immediately. Memory player Micron has explicitly pointed to cleanroom constraints, long construction lead times and limited DRAM and NAND supply all constraining server demand.”
Micron Technology Inc - MentionedLongriver Partners FundJuly 2026
“Most leading- edge logic is manufactured by TSMC, while SK hynix, Samsung and Micron supply the memory.”
Micron Technology Inc - MentionedBrasada CM Brasada Private AccountsJune 2026
“the example below of Micron (a historically cyclical memory business) and Mastercard (a historically secular payments company) may help explain the different concepts here:”
Micron Technology Inc - MentionedHarding Loevner Global EquityJune 2026
“That’s why a shortage of memory chips over the past several months has translated into substantial pricing power for Samsung Electronics, SK hynix, and Micron Technology.”
Micron Technology Inc - MentionedHarding Loevner International EquityJune 2026
“For decades, the business model of memory makers such as Samsung Electronics and SK hynix has been far less admired than that of TSMC. The memory industry has historically been less consolidated than advanced logic manufacturing, and rivalry has been more intense. Memory makers, too, have invested in advanced production and economies of scale, yet the three dominant producers have historically had far less profit to show for it. While many of the most advanced logic chips can only be produced cost-effectively by TSMC, if at all, leaving TSMC with more than 85% market share among the most advanced chips, the most advanced memory chips can be produced by three large competitors, Samsung, SK hynix, and Micron.”
Micron Technology Inc - June 2026
“ASML has benefited from a related but distinct dynamic. For some time, leading edge EUV tools looked like a two-buyer market: only TSMC and Samsung could afford to purchase at the scale required. Improving fundamentals across both logic and memory now mean Micron, SK Hynix, Intel, Tesla and others can all afford to pay up for the tools they need to stay competitive.”
Micron Technology Inc - MentionedGuinness Global Equity Income FundJune 2026
Named in a table in Guinness Global Equity Income Fund’s letter.
Micron Technology Inc - MentionedBaillie Gifford Global Income GrowthJune 2026
“our aversion to deeply cyclical stocks meant we sat on the sidelines as memory stocks SK Hynix and Micron surged”
Micron Technology Inc - June 2026
“our aversion to deeply cyclical stocks meant we sat on the sidelines as memory stocks SK Hynix and Micron surged as investors searched for the next AI bottleneck.”
Micron Technology Inc - June 2026
“that’s why a shortage of memory chips over the past several months has translated into substantial pricing power for Samsung Electronics, SK hynix, and Micron Technology.”
Micron Technology Inc - MentionedHarding Loevner Global Equity ADRJune 2026
“The semiconductor boom greatly benefited chipmakers the portfolio doesn’t hold, including AMD, Intel, Micron, and SK hynix, all of which posted triple-digit gains.”
Micron Technology Inc - MentionedBaillie Gifford US Equity GrowthJune 2026
“Performance The portfolio delivered strong low-double-digit absolute returns this quarter but lagged the S&P 500 and Russell Growth indices. The attribution shows that the market has shifted from one form of narrow leadership to another: from the Magnificent Seven in 2023 and 2024 to semiconductors and memory today. Not owning memory companies such as Micron and Sandisk, whose share prices rose sharply (in the range of 200 percent plus in just three months), detracted from relative performance.”
Micron Technology Inc - MentionedHosking PartnersJune 2026
Named in a table in Hosking Partners’s letter.
Micron Technology Inc - June 2026
“More recent demand signals from customers - including Nvidia, Broadcom, and even Micron - indicate AI-related growth of over 50% per annum through 2029.”
Micron Technology Inc - June 2026
“At the end of June, Korean memory giants Samsung Electronics and SK Hynix both announced massive investment plans stretching through 2040, likely coerced by the strong invisible hand of the Korean government, with a mandate to spread their newfound memory-driven wealth across the nation. Samsung announced plans to invest 2,450 trillion won (US$1.6 trillion) between 2026 and 2040, of which 2,100 trillion is related to semiconductor production (though this seems to consolidate previously announced long-term investment plans). SK Group, the chaebol under which SK Hynix sits, announced 2,100 trillion won of investments, of which 1,100 trillion would be for semiconductor production and 1,000 trillion for AI data centre investments. The most concrete incremental capital investment appears to be 800 trillion won (400 trillion each) to develop a new semiconductor cluster in the southwest of the country. Spread over a decade, this translates to 80 trillion won of incremental capex per year. Sell-side consensus already has Samsung and . Bristlemoon Global Fund | Quarterly Report | June 2026 www.bristlemoon.com 12 Bristlemoon Global Fund SK Hynix spending north of 150 trillion won in each of the next two years – figures that are likely to increase – and these new investment plans should be largely incremental. However, we’d note that incremental capex over the next few years under these expansion plans will most likely go towards site preparation and fab construction, with equipment installation (when ASML recognises revenue) following thereafter. We also recognise that when/if this memory supercycle ends with a bang, these quadrillion-won plans will inevitably get shelved. In terms of nearer-term upside to expectations for ASML, we highlight that Samsung and SK Hynix have both pulled forward the completion of currently under construction fab projects: Pyeongtaek P5 Fab 1 for Samsung and Yongin Fab 1 for SK Hynix, both targeting wafer production in 2027/28, which means equipment installation commencing in 2027. Micron, the third member of the memory oligopoly, guided to north of $45 billion capex for FY27, which would exceed the cumulative capex spent from FY22-FY25.”
Micron Technology Inc - June 2026
“Micron and Intel were two of the three largest detractors, because we did not own them and each returned more than +200% as constituents of our benchmark.”
Micron Technology Inc - June 2026
“Earlier this year Bank of America notes that the “AI Big Ten” – the Magnificent Seven plus Broadcom, AMD, and Micron – represented roughly 40% of the total U.S. market capitalization.”
Micron Technology Inc - MentionedEast72 Dynasty TrustJune 2026
“Given the deliberate restrictions and discipline of where we invest, the two and three year numbers are more acceptable and have been created with a fraction of the volatility of many other funds and wider indices from a long only, ungeared, unhedged portfolio. At this stage, any mild disappointment is not from major business or valuation errors within the portfolio but from omission. Not just in memory chips where Samsung Electronics (005930.KS) is within our universe of controlled companies. We attended a fabulous morning debate on the industry with back-to-back presentations1 on Micron Technologies (MU), TSMC and ASML”
Micron Technology Inc - June 2026
“Market Overview After a challenging first quarter that saw the S&P 500 Index decline 4.3%, markets rebounded sharply in the second quarter. The S&P 500 climbed 15.2%, driven by a surge in information technology (IT) stocks, particularly semiconductor stocks, which soared 44.0%. The ClearBridge Dividend Strategy rose nicely but lagged the exuberant gains of S&P 500 mainly due to our lower technology exposure. While no one likes to trail in sharp market rallies, diversified dividend growth portfolios tend to lag in these narrow, momentum driven markets. Our research shows, however, that these periods tend to be followed by periods of broader market participation in which diversified dividend-growth portfolios shine. Semiconductor memory stocks were the standout performers. Shares of Micron, the largest producer of storage chips, skyrocketed 240%, adding over $900 billion of market cap — more than the entire market capitalization of Exxon Mobil, Johnson & Johnson or JPMorgan Chase.”
Micron Technology Inc - June 2026
“Many semiconductor stocks, and other parts of the AI complex, such as hardware and storage, recorded returns in excess of 100%. Micron, Intel, and SanDisk—which together comprised a Russell 1000 Value weight of more than 4%—each more than tripled during the quarter.”
Micron Technology Inc - MentionedHotchkis & Wiley Value OpportunitiesJune 2026
“Micron was the largest detractor, because we did not own it, and it returned more than +200% as constituents of our benchmark.”
Micron Technology Inc - June 2026
“the most advanced memory chips can be produced by three large competitors, Samsung, SK hynix, and Micron.”
Micron Technology Inc - MentionedWarden Capital War CapJune 2026
“Micron has only spent ~$125 billion in capex in its entire history”
Micron Technology Inc - MentionedLatitude Global FundJune 2026
“These astounding performance figures are very similar to those seen today in semiconductor companies like Micron, with earnings up roughly ten-fold and a share price to match.”
Micron Technology Inc - June 2026
“Much of the negative attribution over the quarter came from stocks that we do not own, especially those related to the AI-memory boom. Not holding Micron Technology or Advanced Micro Devices hit relative returns.”
Micron Technology Inc - June 2026
“Much of the negative attribution over the quarter came from stocks that we do not own, especially those related to the AI-memory boom. Not holding Micron Technology or Advanced Micro Devices hit relative returns.”
Micron Technology Inc - MentionedCDT Capital (CDT)June 2026
“The Bust. A decline in forecasted AI spending will no doubt sober semiconductor investors as weakened demand for accelerators, servers, networking equipment and high-bandwidth memory significantly affect the earnings of these companies. From our perspective, this is going to be a hard pill for the market to swallow. In the top ten of the S&P 500 constituents, Nvidia and Micron alone now represent approximately 8.6% of the total market index, while the rest of the semiconductor sector as a group represents a record high of 19.7% of the market index’s weightings (Article).”
Micron Technology Inc - MentionedCDT CapitalJune 2026
“The Bust. A decline in forecasted AI spending will no doubt sober semiconductor investors as weakened demand for accelerators, servers, networking equipment and high-bandwidth memory significantly affect the earnings of these companies. From our perspective, this is going to be a hard pill for the market to swallow. In the top ten of the S&P 500 constituents, Nvidia and Micron alone now represent approximately 8.6% of the total market index, while the rest of the semiconductor sector as a group represents a record high of 19.7% of the market index’s weightings (Article).”
Micron Technology Inc - MentionedArtisan Partners Global Value FundJune 2026
Named in a table in Artisan Partners Global Value Fund’s letter.
Micron Technology Inc - MentionedHinde Group 1578 PartnersJune 2026
“If the conflict in the Middle East was in the driver's seat during the second quarter, the AI investment boom was riding shotgun. Planned investment in AI data centers continued to march steadily higher despite growing external funding requirements as well as acute supply bottlenecks and soaring prices for various essential components. Companies positioned at those bottlenecks are seeing their earnings explode to unprecedented levels. Take Micron Technology, a leading manufacturer of memory and storage solutions, for example.”
Micron Technology Inc - MentionedAntipodes Global FundJune 2026
“As covered above, the Strategy's underweight to Semiconductors & Semiconductor Equipment and Technology Hardware & Equipment detracted on a relative basis over the Quarter, most notably not owning Micron Technology, SK Hynix, AMD, Samsung Electronics and Apple.”
Micron Technology Inc - MentionedAntipodes Global Value Fund (Hedged)June 2026
“• As covered above, the Strategy's underweight to Semiconductors & Semiconductor Equipment and Technology Hardware & Equipment detracted on a relative basis over the Quarter, most notably not owning Micron Technology, SK Hynix, AMD, Samsung Electronics and Apple.”
Micron Technology Inc - MentionedCambiar Investors Small Cap FundJune 2026
“Valuation should be an additional (primary?) consideration; for example, Micron is trading at 10-12x book value vs. trailing 10-year median of 2.0x.”
Micron Technology Inc - MentionedCambiar Investors Opportunity FundJune 2026
“Valuation should be an additional (primary?) consideration; for example, Micron is trading at 10-12x book value vs. trailing 10-year median of 2.0x.”
Micron Technology Inc - MentionedAristotle Value Equity StrategyJune 2026
Named in a table in Aristotle Value Equity Strategy’s letter.
Micron Technology Inc - MentionedBuffalo funds Mid Cap Growth FundJune 2026
“In the previous quarterly commentary, we highlighted the stark dichotomy being driven by AI innovation, with a massive capital expenditure boom in physical infrastructure on one side and the looming threat of technological disruption on the other. The second quarter marked the clear next phase in this paradigm-shifting AI megatrend. First, we experienced the market realization of the growing importance and shortage of high- bandwidth memory. Although larger cap memory manufacturers like SK Hynix Inc. (SKY) and Micron Technology, Inc. (MU) grabbed the headlines,”
Micron Technology Inc - MentionedHosking Partners StrategyJune 2026
“We are experiencing one of the biggest momentum markets in the modern history of equities. AI spending beneficiaries have produced 85% of the market’s return this year. Based on analysts’ expectations, they will generate nearly half the S&P 500’s earnings growth this year, and four stocks – Nvidia, Micron, Broadcom, and Sandisk – will account for 40 percentage points of that. (1) In this environment, the strategy underperformed”
Micron Technology Inc - MentionedOakmark FundJune 2026
Named in a table in Oakmark Fund’s letter.
Micron Technology Inc - MentionedHamlin Capital Management Equity and High Yield Municipal Bond StrategiesJune 2026
“Stocks exposed to the AI-driven surge in demand for memory and CPUs rose significantly, with Micron, Intel, and SanDisk all up over 200% in the quarter and accounting for nearly 5% of Value's quarterly return.”
Micron Technology Inc - June 2026
“One of the defining trends over the past year has been the resurgence of the Memory companies given their importance to AI workloads. Micron, for example, has risen roughly nine-fold in three years, yet investors may recall that it took the company more than twenty years to reclaim its summer 2000 share price.”
Micron Technology Inc - June 2026
Named in a table in Aristotle Value Equity Wealth Management Strategy’s letter.
Micron Technology Inc - MentionedLiontrust Global Dividend FundJune 2026
Named in a table in Liontrust Global Dividend Fund’s letter.
Micron Technology Inc - June 2026
“Macro Recap One of the defining trends over the past year has been the resurgence of the memory companies given their importance to AI workloads. Micron (which was added to the Russell 1000 Growth Index during the Index reconstitution process in June) has risen roughly nine-fold in three years, yet it took the company more than twenty years to reclaim its summer 2000 share price.”
Micron Technology Inc - June 2026
“A good case in point is Micron who reported right before the end of the quarter.”
Micron Technology Inc - June 2026
“Similar to recent quarters, the Fund’s technology exposure— companies we do not own, and to a lesser extent, companies we do own—continued to be the most notable detractor from relative performance. However, the magnitude was even greater with the sector driving a majority of the Fund’s underperformance in 2Q26. Not having exposure to a wide range of technology companies benefiting from AI-related capital expenditures, such as Micron, Sandisk, Western Digital and many others, was a very meaningful headwind to relative performance.”
Micron Technology Inc - MentionedDiamond Hill Large Cap FundJune 2026
“Similar to recent quarters, the Fund’s technology exposure— companies we do not own, and to a lesser extent, companies we do own—continued to be the most notable detractor from relative performance. However, the magnitude was even greater with the sector driving nearly all the Fund’s underperformance in 2Q26. Not having exposure to a wide range of technology companies benefiting from AI-related capital expenditures, such as Micron, Sandisk, Western Digital and many others, was a very meaningful headwind to relative performance.”
Micron Technology Inc - MentionedDiamond Hill Long-Short FundJune 2026
“includes astounding returns for companies such as Micron, Advanced Micro Devices, Intel, Sandisk and many others, where we have little exposure.”
Micron Technology Inc - MentionedSound Shore FundJune 2026
“The concentration of returns within the S&P 500 has received a lot of attention lately, but notably, it wasn’t just the growth-oriented S&P that benefited from AI. A very narrow band of companies drove performance within the Russell Value as well. Information technology (IT) contributed 9.4 percentage points of the Russell Value’s 13.8% second quarter return, with just two names—Micron Technology and Intel—accounting for 4.3 percentage points of that total.”
Micron Technology Inc - MentionedScharf Investments Quality Value StrategyJune 2026
“Earnings Durability of AI Capex Winners? Among the most immediate, direct beneficiaries of the hyperscalers’ capital expenditures are semiconductor companies. For example, per the chart below, Micron earnings per share are expected to increase +9x in 2026 to $73 per share, compared to $7.59 per share in calendar year 2025.”
Micron Technology Inc - MentionedBristolgate U.S. Equity StrategyJune 2026
“On a relative basis, three of the largest detractors that we did not own were Micron Technology (MU), Advanced Micro Devices (AMD) and Intel (INTC).”
Micron Technology Inc - MentionedPolen Capital Global GrowthJune 2026
“the largest relative detractors were Zoetis, Micron Technology (not held), and Tencent Holdings.”
Micron Technology Inc - June 2026
“The fund outperformed its benchmark over the quarter. This was the result of positive stock selection. Holdings within communications services and industrials performed particularly well and enhanced relative returns. Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in the Intel, Samsung and TSMC were among the fund's strongest contributors. Other top contributors included Alphabet, which rose following the release of encouraging results, which also gave investors confidence about its direction of AI integration. The holding in Steel Dynamics performed well. The company primarily uses electric arc furnaces fed by scrap steel, rather than traditional coal-fired blast furnaces. This gives it lower production costs and a lower-carbon footprint than many competitors. It is benefiting from stronger US steel demand, improving steel prices and infrastructure spending in sectors such as construction and data centres. On the downside, much of the negative attribution over the quarter came from stocks that we do not own, especially those related to the AI-memory boom. Not holding Micron Technology or SK Hynix had a negative impact on relative returns.”
Micron Technology Inc - MentionedBaillie Gifford Global AlphaJune 2026
“Not owning the two other major players, Micron and SK Hynix, detracted from relative performance.”
Micron Technology Inc - June 2026
“The sound of bagpipes in Boston from Scotland’s Tartan Army will live long in the memory. Unfortunately, Scotland’s campaign is just that: a memory. And memory defined the quarter in US equities. High-bandwidth memory became the market’s hottest bottleneck. AI compute demand overwhelmed fixed supply, prices surged and sent companies like Micron and Sandisk up to 200% and beyond.”
Micron Technology Inc - MentionedBrasada CM Private AccountsJune 2026
“A phrase readers might have heard more often the past year in financial news is something along the lines of: “Memory companies are cyclical” or “The AI revolution will be a secular story for decades to come.” For visual learners, the example below of Micron (a historically cyclical memory business) and Mastercard (a historically secular payments company) may help explain the different concepts here:”
Micron Technology Inc - MentionedHL Global Developed Markets EquityMay 2026
“Portfolio The portfolio’s underperformance—both for May and the year to date— has been especially acute in the IT sector, where a small cohort of stocks have been responsible for most of the market’s strength this year. Indeed, 20 stocks contributed 83% of the MSCI World Index’s total return in May; of these 20 stocks, 16 were in IT. We own five of these strongly performing stocks, among them ASML in the Netherlands and Microsoft in the US. But the absence of others from our portfolio, particularly memory chip maker Micron and chip designer Advanced Micro Devices, has hurt relative returns.”
Micron Technology Inc - MentionedHL Global EquityMay 2026
“Portfolio The portfolio’s underperformance—both for May and the year to date—has been especially acute in the IT sector, where a small cohort of stocks have been responsible for most of the market’s strength this year. Indeed, 20 stocks contributed 78% of the MSCI ACWI Index’s total return in May; of these 20 stocks, 18 were in IT. We own seven of these strongly performing stocks, among them ASML in the Netherlands and Samsung Electronics in South Korea. But the absence of others from our portfolio, particularly memory chip makers Micron and SK hynix, has hurt relative returns.”
Micron Technology Inc - MentionedCDTMay 2026
“Keeping up with the chronology of the 90s Internet Bubble, we are at the Cisco hitting a record $550B market capitalization phase as mania has gone from a fringe market phenomenon in the pre-2026 world to becoming mainstream. Today, our Cisco is Micron, a manufacturer of memory chips used in all forms of modern computing from your phone and laptop to large data centers.”
Micron Technology Inc - MentionedYackman AM AMG Yacktman FundMarch 2026
“Samsung Electronics continued its strong share price performance in the first quarter after having been a substantial drag on returns. Samsung’s memory business remains among the top three players in the industry alongside SK Hynix and Micron Technology, Inc.”
Micron Technology Inc
Fund coverage · 8 theses
- Artisan Partners Developing World FundSeptember 2026
Micron could benefit from agentic AI demand for DRAM and broader compute needs.
Read the full thesis Micron Technology is positioned for improving profits from memory market recovery, AI demand and margin expansion.
Read the full thesis- Baron Technology ETFJune 2026
Micron Technology, Inc. is a memory leader benefiting from AI demand, long-term supply agreements, and a more strategic, less cyclical memory market.
Read the full thesis Micron Technology is a leading memory provider positioned to benefit from AI infrastructure investment and offers differentiated exposure to the AI buildout.
Read the full thesis- Baron Opportunity FundJune 2026
Micron Technology, Inc. is increasingly central to AI through memory bottlenecks, long-term demand tailwinds, and a more defensible product structure.
Read the full thesis - Burke Wealth Management Focused Growth StrategyJune 2026
Micron benefits from AI-driven HBM demand and a tighter, more contractual memory market that reduces cyclicality and supports more stable earnings.
Read the full thesis - Homestead Advisers Value FundJune 2026
Micron Technology, Inc. is a memory manufacturer benefiting from constrained supply, AI-driven demand, longer contracts, and a valuation that may not reflect higher earnings power.
Read the full thesis Micron Technology benefits from a structurally stronger AI-driven memory upcycle, tight supply, rising HBM demand and improved margins from long-term supply agreements.
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