Micron Technology

Business Context

• Raised fiscal 2026 capex to approximately $20 billion, up from prior estimate of $18 billion, primarily supporting HBM supply capability and 1-gamma DRAM.
• HBM capacity completely sold out through calendar 2026, with pricing for the vast majority of volume already locked in.
• Approximately $200 billion broader U.S. expansion includes two leading-edge fabs in Idaho, up to four in New York, Virginia fab expansion, and advanced HBM packaging capabilities.
• Forecasting HBM TAM CAGR of approximately 40% through 2028, from $35 billion in 2025 to around $100 billion in 2028.

Commitments

• Net zero emissions in operations and energy use by 2050, with 42% absolute Scope 1 reduction by 2030 from 2020 baseline.
• On track to source 100% renewable electricity in the U.S. by the end of 2025.

Energy Strategy

A geographically diversified procurement approach anchored by three PPAs since 2022, with the largest deal supporting the 2025 U.S. renewable target.

• Signed 15-year virtual PPA with Terra-Gen in 2023 for 178 MW wind, avoiding ~280,000 MTCO2e annually and supporting 100% renewable energy for U.S. operations by 2025.
• Deployed 15 MW onsite solar PPA at Singapore facilities between 2021–2023, generating 2,937 MWh in FY2023 per CDP filing.
• Signed first corporate PPA in Taiwan in 2022, though capacity, counterparty, and technology type remain undisclosed.
• Portfolio reflects a site-by-site approach driven by local market structures—virtual PPA in the U.S., onsite solar in Singapore, and regulatory-enabled contract in Taiwan—rather than a unified global procurement model.