Business Strategy and Outlook
| William Kerwin |Micron Technology is a prominent supplier and manufacturer of memory and storage used in a plethora of electronic devices ranging from personal computers to smartphones. The firm is number three in market share for total memory/storage shipments, after Samsung and SK Hynix. Dynamic random-access memory, or DRAM, accounts for about 70% of total revenue, with NAND flash making up the remainder. As Micron operates in the highly competitive and cyclical memory space, we believe its profitability will be somewhat volatile and dependent on market dynamics, which contributes to our no-moat rating.