Micron Technology Inc
MUQ2 2025Derived16% AI
AI Revenue %
16%
AI Fair Value
$41.5B
AI Revenue (Q)
$1.7B
Total Revenue (Q)
$10.6B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Micron FQ3 FY2025 (ended May 29, 2025). Revenue: $9,301M. CNBU: $5,069M (up 97% YoY from $2,573M). Data center and networking = 55% of 9-month revenue. One customer was 16% of total revenue (primarily CNBU). CNBU operating income was $2,182M (vs $442M prior year). The filing also disclosed that Micron was reorganizing into new market-focused segments (CMBU, CDBU, MCBU, AEBU) effective Q4 FY2025, with CMBU described as 'Focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers.' The filing does not quantify HBM revenue. Derived: with continued HBM ramp toward the Q4 FY2025 'nearly $2B' figure, FQ3 HBM revenue estimated at ~$1,500M. Math: $1,500M / $9,301M = 16.1%, rounded to 16.0%. Ring 1 AI revenue = ~$1,500M.
Analyzed by claude-opus-4-6
Quoted Figures
Revenue $9,301M for quarter ended May 29, 2025
10-Q filed 2025-05-29, Consolidated Statements of Operations
CNBU revenue $5,069M (vs $2,573M prior year)
10-Q filed 2025-05-29, Segment Data
Data center and networking 55% of nine-month revenue
10-Q filed 2025-05-29, Certain Concentrations
Revenue from one customer was 16% (primarily included in the CNBU segment)
10-Q filed 2025-05-29, Certain Concentrations
Cloud Memory Business Unit (CMBU): Focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers
10-Q filed 2025-05-29, Segment Reorganization
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