Micron Technology Inc
MUQ4 2024Derived8% AI
AI Revenue %
8%
AI Fair Value
$25.8B
AI Revenue (Q)
$696.7M
Total Revenue (Q)
$8.7B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Micron FQ1 FY2025 (ended Nov 28, 2024). Revenue: $8,709M. CNBU: $4,395M (up 153% YoY from $1,737M). Data center and networking surged to 55% of revenue (up from 20% in the prior year quarter), the most dramatic shift in Micron's history. One customer was 13% of revenue, primarily in CNBU -- consistent with NVIDIA as Micron's largest HBM buyer. The CNBU segment includes data center memory, PC, graphics, and networking; the 55% data center mix combined with the enormous CNBU growth indicates HBM was the primary growth driver. The filing does not disclose specific HBM revenue. Derived estimate: CNBU grew by $2,658M YoY; data center share increased from ~$945M (20% of $4,726M) to ~$4,790M (55% of $8,709M), an increase of ~$3,845M. A substantial portion of this increase is HBM. Conservative estimate: ~$700M in HBM3E revenue. Math: $700M / $8,709M = 8.0%. Ring 1 AI revenue = ~$700M.
Analyzed by claude-opus-4-6
Quoted Figures
Revenue $8,709M for quarter ended November 28, 2024
10-Q filed 2024-11-28, Consolidated Statements of Operations
CNBU revenue $4,395M (vs $1,737M prior year)
10-Q filed 2024-11-28, Segment Data
Data center and networking 55% of revenue (vs 20% prior year quarter)
10-Q filed 2024-11-28, Certain Concentrations
Revenue from one customer was 13% (primarily included in the CNBU segment)
10-Q filed 2024-11-28, Certain Concentrations
CHIPS Act: entered into direct funding agreements for up to $6.1 billion
10-Q filed 2024-11-28, CHIPS Act Funding Agreements
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