Business Strategy and Outlook| Abhinav Davuluri |
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. DRAM accounts for about 70% of total revenue, with NAND making up the remainder. As Micron operates in the highly competitive and cyclical memory space, we believe its long-term profitability will be somewhat volatile, though recent consolidation has helped mitigate the sharp swings Micron and its peers have experienced historically.