Micron Technology Inc
MUQ1 2025Derived12.5% AI
AI Revenue %
12.5%
AI Fair Value
$28.2B
AI Revenue (Q)
$590.8M
Total Revenue (Q)
$4.7B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Micron FQ2 FY2025 (ended Feb 27, 2025). Revenue: $8,053M. CNBU: $4,564M (up 109% YoY from $2,185M). Data center and networking = 55% of 6-month revenue. One customer was 15% of revenue (primarily CNBU). CNBU operating income surged to $1,919M (vs $28M prior year) showing massive margin expansion driven by HBM premium pricing. The filing does not quantify HBM revenue specifically, but the continued 55% data center mix and CNBU dominance indicate sustained HBM ramp. Derived from segment trajectory: FQ1 FY2025 CNBU was $4,395M and FQ2 was $4,564M, both far above historical levels due to HBM. Conservative estimate: ~$1,000M in HBM revenue. Math: $1,000M / $8,053M = 12.4%, rounded to 12.5%. Ring 1 AI revenue = ~$1,000M.
Analyzed by claude-opus-4-6
Quoted Figures
Revenue $8,053M for quarter ended February 27, 2025
10-Q filed 2025-02-27, Consolidated Statements of Operations
CNBU revenue $4,564M (vs $2,185M prior year)
10-Q filed 2025-02-27, Segment Data
Data center and networking 55% of six-month revenue
10-Q filed 2025-02-27, Certain Concentrations
Revenue from one customer was 15% (primarily included in the CNBU segment)
10-Q filed 2025-02-27, Certain Concentrations
CNBU operating income $1,919M (vs $28M prior year)
10-Q filed 2025-02-27, Segment Data
AI Products Identified (Ring 1)
HBM3E
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Data center DDR5 for AI server platformsData center SSDs for AI workloads
Confidence Tier
DerivedCalculated from reported segments primarily serving AI