Micron Technology Inc. (MU): Very strong quarter, with detail on strategic customer agreements a significant positive

Research evidence excerpt

Micron Technology Inc. (MU): Very strong quarter, with detail on strategic customer agreements a significant positive

Equity Research

24 June 2026 | 10:00PM EDT

Micron Technology Inc. (MU): Very strong quarter, with detail on

strategic customer agreements a significant positive

Key stock takeaways: We expect the stock to trade higher following a very strong James Schneider, Ph.D.

+1(212)357-2929 |

quarter with guidance that was well ahead of the Street, set against elevated investor jim.schneider@gs.com

Goldman Sachs & Co. LLC

expectations heading into the quarter. Importantly, Micron disclosed additional

Khalil Fenina

details regarding its strategic customer agreements - which we see as a significant +1(212)357-6392 |

positive. The company has signed 16 agreements across a range of end markets, khalil.fenina@gs.comGoldman Sachs & Co. LLC

most of which contain both floor and ceiling prices. The company currently has Anmol Makkar

signed agreements representing about 20% of its anticipated DRAM volume (30% in +1(212)357-1366anmol.makkar@gs.com|

NAND), and expects to cover ~50% of its expected revenue over time. We believe Goldman Sachs & Co. LLC

Youthese agreements are a significant positive for the stock which could help increase Luya +1(212)902-5297 | luya.you@gs.com

the multiple on “peak” earnings investors are willing to pay for the stock. At the Goldman Sachs & Co. LLC

same time, the industry continues to accelerate supply additions to help satisfy

customer demand - although we believe this will not be enough to drive any

meaningful slack in the market until 2028 at the earliest. We remain Neutral-rated

on the stock given our view of roughly balanced risk/reward at current levels, but

would consider being more constructive on the stock if we see continued supply