Over the past 12 months, Micron Technology has achieved a remarkable turnaround, with operating margins climbing from 25% to 45% as of Q4 2025. This surge reflects tight memory supplies and premium pricing for high-bandwidth memory (HBM) chips used in artificial intelligence applications. Memory shortages have driven average selling prices up by more than 40% year-over-year, allowing Micron to report a return on invested capital exceeding 30%. Analysts now forecast fully diluted earnings per share of $41.40 within the next 18 months, underpinning a consensus fair value estimate near $600 per share.

In mid-January 2026, Micron signed an exclusive Letter of Intent to acquire Powerchip Semiconductor Manufacturing Corporation’s 300 mm P5 fabrication site in Tongluo, Taiwan, for $1.8 billion in cash. The deal covers a 300,000 square-foot cleanroom facility adjacent to Micron’s existing Taichung campus. Regulatory approvals and final agreements are expected by Q2 2026, with phased DRAM wafer production slated to begin in the second half of 2027. Management projects the Tongluo site will add approximately 120,000 DRAM wafers per quarter at full ramp, bolstering Micron’s capacity to meet accelerating global memory requirements.

Micron has broken ground on a multi-fab campus in Clay, New York, representing a planned $100 billion investment over the next decade. The first of up to four fabrication units is scheduled to commence initial production phases by 2030, with cleanroom installations and tool deployments occurring through 2032. The site will employ more than 5,000 engineers and technicians and is expected to produce 150,000 DRAM wafers per quarter at maturity. U.S. Commerce Secretary Howard Lutnick attended the ceremony, highlighting the project’s significance for domestic semiconductor supply resilience.