Core Insights - Micron Technology reported Q3 2025 earnings with $9.3 billion in revenue, a 39% gross margin (non-GAAP), and adjusted EPS of $1.91, all exceeding guidance [1] - The company forecasts Q4 revenue (non-GAAP) at $10.7 billion with a 42% gross margin midpoint, driven by ongoing AI-driven demand [1] Group 1: Revenue and Market Position - Data center revenue more than doubled year over year, with HBM revenue experiencing a nearly 50% sequential increase, running at over a $6 billion annualized rate [2] - Micron became the 2 global data center SSD brand by market share during calendar Q1 2025, indicating strong cross-platform execution [2] - HBM revenue is projected to grow from approximately $18 billion in 2024 to about $35 billion in 2025, with significant demand growth expected to exceed overall DRAM industry demand growth in 2026 [3] Group 2: Investment and Capacity Expansion - Micron announced a $200 billion multi-decade U.S. investment plan, including $150 billion for manufacturing and $50 billion for R&D over the next twenty-plus years [4][5] - The investment plan includes building a second leading-edge memory fab in Boise, Idaho, and expanding the existing fab in Manassas, Virginia, to support automotive, aerospace, defense, and industrial markets [5] - The first customer DRAM wafer output at Idaho's new ID1 fab is scheduled for H2 CY2027, enhancing scale and time-to-market [4] Group 3: Financial Performance and Inventory Management - Free cash flow surpassed $1.9 billion, the highest in six years, supported by lean inventories and operating income reaching $2.5 billion (26.8% margin) [6] - Ending inventory for fiscal Q3 was $8.7 billion or 139 days, down $280 million sequentially, indicating strong bit shipment growth in both DRAM and NAND [7] - Management guides Q4 revenue (non-GAAP) to a record $10.7 billion (+15% sequentially) and expects non-GAAP EPS for Q4 to be $2.50 (± $0.15) [7]