Micron manufactures memory and storage chips used in data centers, computers, vehicles and mobile devices.
Hyperscalers are signing long-term supply agreements (LTAs) with memory vendors, prepaying for capacity with floor/ceiling pricing. Breaking an LTA risks permanent allocation loss in a cyclical industry where leverage shifts back to memory vendors. Memory is the single most important lever for token output per compute unit. Micron could become as strategically important as Anthropic or OpenAI.