--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/42164587.md" description: "$Micron Tech(MU.US) | Micron Technology - Fiscal Q3 2026 Post-Earnings Call Summary๐‚๐…๐Ž (Mark Murphy)โžค "We're really pleased with the financial trajectory of the business."โžค "The last two quarters we've generated as much cash flow as any period in the company's history."โžค "We expect that cash flow growth will increase in the fourth quarter."โžค "We feel good about the durability of the performance of the business given the secular growth demand drivers."โžค "We intend to increase our capital return beginning after the second anniversary of our CHIPS agreement."โžค "We expect market tightness to continue beyond 2027."โžค "The HBM TAM now easily exceeds $100 billion in 2027."โžค "Startup costs will begin to increase meaningfully in the fourth quarter and continue through the first half of next year."โžค "FY2027 CapEx will increase substantially, with more than half directed toward construction."๐‚๐ก๐ข๐ž๐Ÿ ๐๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐Ž๐Ÿ๐Ÿ๐ข๐œ๐ž๐ซ (Sumit Sadana)โžค "Demand for HBM products continues to be well above our ability to supply."โžค "Even beyond 2027 into 2028, customer demand is far in excess of what we can support."โžค "The same supply-demand imbalance is also true for non-HBM DRAM."โžค "Shipment growth is increasingly determined by supply rather than demand."โžค "Strategic Customer Agreements are designed as take-or-pay agreements."โžค "Customers cannot walk away from these agreements."โžค "The current agreements include over $22 billion in customer cash and financial commitments."โžค "We expect LPDRAM to continue increasing as a percentage of data-center memory."โžค "Both DRAM and NAND remain highly supply constrained."โžค "The combination of AI demand, structural supply challenges and Strategic Customer Agreements is completely transformative for our business."" datetime: "2026-06-24T23:25:47.000Z" locales: - [en](https://longbridge.com/en/topics/42164587.md) - [zh-CN](https://longbridge.com/zh-CN/topics/42164587.md) - [zh-HK](https://longbridge.com/zh-HK/topics/42164587.md) author: "[Hardik Shah](https://longbridge.com/en/profiles/27423834.md)" --- # $Micron Tech(MU.US) | Micron Technology - Fiscal Qโ€ฆ