Micron Technology

Micron is America's only major memory-chip maker and one of just three that matter worldwide. It manufactures DRAM, the fast working memory in every computer and phone, and NAND flash, the storage in SSDs, competing head to head with Samsung and SK Hynix. Memory is the most commodity-like corner of the chip industry, which makes Micron's earnings famously cyclical: prices boom when supply is tight and collapse when it is not, dragging the stock through violent swings. The current cycle has a new twist in high-bandwidth memory, the specialized DRAM that sits next to AI accelerators, where surging demand has tightened supply and lifted prices. Founded in 1978 and based in Boise, Idaho, Micron is a pure-play bet on the memory cycle, now with an AI tailwind that the market hopes will smooth out its notorious ups and downs.

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