MU Micron Technology, Inc.

Micron's 2026 10-K introduces a new labor-disruption risk factor, materially escalates ASP volatility and data-center concentration risks amid AI-driven demand, and adds supply-chain and capacity-expansion concerns.

• medlabor disputes, union activity, work stoppages, or other disruptions at our manufacturing facilities — New risk factor added to the Risk Factor Summary in the current filing with no counterpart in the prior filing.

• highVolatility in average selling prices for our semiconductor memory and storage products may adversely affect our business. — The disclosed five-year ASP swing range widened dramatically from approximately plus 40% / minus 40% (prior) to an increase of approximately 200% / decrease of approximately 50% (current), with current demand outpacing supply.
• highA significant portion of our revenue is concentrated with certain customers and end markets. — Data center revenue concentration increased from approximately one-half to approximately 60%, with extensive new disclosures on data center build-out risks, strategic customer agreements with pricing bands and deposits, and supply allocation disputes.
• highOur future success depends on our ability to develop, produce, and supply new and competitive memory and storage technologies and products in a dynamic market environment. — Title and scope expanded to include supply; new content describes inability to scale supply when demand exceeds forecast, customer allocation decisions, strained relationships, downstream disruptions, and potential legal or regulatory focus.

Current 10-K · Prior 10-K