Micron Technology, Inc. (Nasdaq: MU) news follows a Boise, Idaho memory and storage company whose DRAM, NAND and NOR products serve cloud, data center, mobile, client, automotive and embedded markets. The quarterly earnings releases report revenue, gross margin and operating margin for the Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded business units, along with GAAP and non-GAAP results and a business outlook, and Micron announces its earnings call dates in advance and webcasts the calls.
Product and technology announcements cover server memory and packaging, such as high-capacity modules built from vertically stacked DRAM dies connected by through-silicon vias for AI, analytics and in-memory database workloads. Research and investment news covers Micron Research Labs, the company’s long-horizon research institution in Boise, and Micron Ventures, whose Paradigm Fund backs AI startups across the technology stack.
Other recurring items include executive and research leadership appointments, workforce programs such as the Micron training center and registered apprenticeship program in Boise, and capital actions such as cash tender offers for the company’s senior notes.
Micron Technology (Nasdaq: MU) has released its results for the third quarter of fiscal 2024, ending May 30, 2024. The company reported a significant revenue increase of $6.81 billion, up from $5.82 billion in the previous quarter and $3.75 billion in the same period last year.
GAAP net income stood at $332 million, or $0.30 per diluted share, while non-GAAP net income was $702 million, or $0.62 per diluted share. Operating cash flow reached $2.48 billion, a substantial rise from $1.22 billion in the prior quarter and $24 million the previous year.
Driven by robust AI demand, Micron experienced a 50% sequential growth in data center revenue. The company's data center SSD revenue achieved a record high. Investments in capital expenditures were $2.06 billion, resulting in adjusted free cash flows of $425 million. Micron ended the quarter with $9.22 billion in cash and marketable investments.
Looking ahead, Micron provided guidance for the fourth quarter of 2024, forecasting revenue at $7.60 billion ± $200 million and a gross margin of 33.5% ± 1.0% on a GAAP basis.
Micron Technology (Nasdaq: MU) has announced a $4M deposit with Clarity Credit Union, reaching its $20M commitment with the Economic Opportunity Coalition (EOC). The deposit aims to boost financial services and education in Idaho's rural areas. Over the past year, Micron has also deposited $10M with Carver Federal Savings Bank, $3M with Syracuse Cooperative Federal, and $3M with Locus. The initiative is part of Micron's broader efforts to support underserved communities through diverse financial institutions. The company recently received $6.1B from the U.S. CHIPS and Science Act and plans significant investments in U.S. memory manufacturing, which includes creating thousands of jobs in Idaho.
Air Liquide has announced a significant investment of over $250 million to build a new industrial gas production facility in Idaho, USA. This facility will support the new fab of Micron Technology (MU) and other local customers, producing ultra-pure nitrogen and other gases essential for manufacturing memory chips. The plant is expected to be operational by the end of 2025, creating hundreds of jobs in the region. The facility will integrate advanced digital technologies, aiming to optimize reliability and energy efficiency. This project aligns with Air Liquide's commitment to technological innovation and environmental sustainability, targeting 100% renewable energy use within five years. The initiative is part of Air Liquide's 2025 strategic plan, ADVANCE, which emphasizes financial and extra-financial performance.
Micron Technology (Nasdaq: MU) has announced the sampling of its next-generation GDDR7 graphics memory at Computex, Taipei. Leveraging 1β DRAM technology, GDDR7 offers 32 Gb/s high-performance with over 1.5 TB/s bandwidth, a 60% increase compared to GDDR6. It also boasts a 50% power-efficiency improvement and up to 70% reduced standby power. GDDR7 enhances gaming and AI applications by increasing throughput by 33% and reducing response times by 20%, with anticipated 30% FPS improvement in graphics cards. It completes Micron's product portfolio for edge AI and high-performance computing. Cadence and AMD have collaborated with Micron on this launch, with product availability set for the second half of 2024.
Micron Technology (Nasdaq: MU) will report its fiscal third-quarter results on June 26, 2024. The earnings conference call will be held at 2:30 p.m. Mountain time and will be available via webcast on their Investor Relations website. Replays of the call will be accessible for one year following the event.
Micron Technology has announced a strategic expansion in workforce development to address the growing demand for semiconductor talent in the U.S. The company is partnering with GlobalFoundries, the U.S. National Science Foundation, and various Minority Serving Institutions (MSIs) to increase access to STEM education and career opportunities. Initiatives include launching the MSI Semiconductor Network and collaborating with Kenyan universities to create pathways for STEM students. The project is supported by significant funding, including $6.1 billion from the U.S. CHIPS and Science Act. Micron aims to build a diverse talent pipeline, important for its planned $50 billion investment in U.S. semiconductor manufacturing.
Micron Technology, Inc. (Nasdaq: MU) executives will participate in fireside chats at two upcoming investor events: J.P. Morgan’s conference on May 21 and Goldman Sachs’ conference on May 30. The presentations will be accessible via webcasts on Micron's Investor Relations website.
Micron announced the availability of Crucial LPCAMM2, a next-generation laptop memory form factor featuring LPDDR5X mobile memory for professionals and creators. The LPCAMM2 delivers higher bandwidth, dual-channel support, and 1.3 times faster performance compared to DDR5 SODIMMs, while consuming up to 58% less active power and saving 64% space. It is suitable for AI PC and complex workloads and compatible with Lenovo ThinkPad P1 Gen 7. The LPCAMM2 enables speeds of up to 7,500MT/s, reduces power consumption, extends battery life, and provides up to 80% less standby power than DDR5 SODIMMs. It is upgradeable, offers 32GB and 64GB densities, and comes with a lifetime warranty.
Micron Technology, Inc. (Nasdaq: MU) has validated and shipped the industry's first 128GB DDR5 RDIMM memory, utilizing high-capacity monolithic 32Gb DRAM die-based technology. This memory offers enhanced bit density, energy efficiency, and lower latency compared to competitors' products. The collaboration with industry leaders has led to widespread adoption of these high-performance modules in various data center applications, including AI, ML, HPC, and IMDBs. Micron's 128GB DDR5 RDIMM memory is supported by a strong ecosystem and will be available through global distributors in June 2024. This launch signifies Micron's continued leadership in providing high-capacity RDIMMs for memory-intensive workloads.
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