Micron Technology Inc

Micron FQ4 FY2024 / full year FY2024 (ended Aug 29, 2024). FY2024 total revenue: $25,111M. Q4 implied: $25,111M - $17,361M = $7,750M. CNBU FY2024: $9,513M. Data center and networking surged to 35% of FY2024 revenue (up from 25% in FY2023), a clear signal of HBM/AI-driven demand growth. Total DRAM revenue = $17.60B (vs $10.98B in FY2023). The filing describes HBM as 'A 3D stacked DRAM architecture that utilizes through-silicon via (TSV) connections for a more efficient communication between each stack giving it the ability to achieve a higher bandwidth while consuming less power compared to other memory types. This makes it ideal for applications that require high data throughput and energy efficiency, such as AI applications and high-performance computing.' The FY2024 10-K does not quantify HBM revenue specifically, but the data center revenue surge from 25% to 35% implies significant HBM ramp. FY2024 HBM revenue estimated at ~$500-600M (industry consensus). With HBM ramping through the year, FQ4 likely contributed ~$350M. Math: $350M / $7,750M = 4.5%. Ring 1 AI revenue = ~$350M (derived from segment mix shift and product ramp trajectory).