Micron Technology Inc

Micron FQ1 FY2026 (ended Nov 27, 2025). Revenue: $13,643M (record, up 57% YoY). New segment structure effective: CMBU $5,284M, CDBU $2,379M, MCBU $4,255M, AEBU $1,720M. CMBU ('Focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers') was the largest segment. CMBU includes BOTH hyperscale cloud memory (DDR5, LPDDR for data center) AND all HBM -- it is NOT purely AI/HBM revenue. CMBU doubled YoY ($5,284M vs $2,648M recast). One customer was 17% of revenue (primarily CMBU) -- consistent with NVIDIA as the largest HBM buyer. CMBU gross margin was 65.6% ($3,467M/$5,284M), far above company average of 56.1%, indicating HBM premium pricing. To isolate Ring 1 HBM-only revenue from CMBU: CMBU includes hyperscale memory that is NOT HBM (standard DDR5 DIMMs, LPDDR for cloud). Prior year CMBU was $2,648M when HBM was smaller. Growth from $2,648M to $5,284M = $2,636M incremental, primarily HBM-driven. Conservative HBM estimate: ~$2,700M (accounting for some hyperscale DDR5 growth). Math: $2,700M / $13,643M = 19.8%, rounded to 20.0%. Ring 1 AI revenue = ~$2,700M.