Micron Technology (MU): what its 10-K says it depends on

Customers

Top ten customers

concentrated in · over half of our total revenuenamed as a risk

In 2025, over half of our total revenue came from our top ten customers.Risk factors (Item 1A)

Also named by BGC, CBOE, CVLG, ENTG, FBIN, HUBB, LPX, MEDP and 9 more

Data center end market

concentrated in · approximately one-half of our total revenuenamed as a risk

Among our end markets, approximately one-half of our total revenue was concentrated in the data center end market.Risk factors (Item 1A)

Also named by MRVL

Suppliers

Photolithography equipment

depends onnamed as a risk

For certain key types of equipment, including photolithography tools, we are sometimes dependent on a single supplier.Risk factors (Item 1A)

Competitors

Samsung Electronics Co., Ltd.

competes withnamed as a risk

We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. (“CXMT”); and Yangtze Memory Technologies Co., Ltd. (“YMTC”).Risk factors (Item 1A)

Also named by IDCC, LRCX, ONTO, Q, SNDK

SK hynix Inc.

competes withnamed as a risk

We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. (“CXMT”); and Yangtze Memory Technologies Co., Ltd. (“YMTC”).Risk factors (Item 1A)

Also named by LRCX, SNDK

Sandisk Corporation

competes withnamed as a risk

We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. (“CXMT”); and Yangtze Memory Technologies Co., Ltd. (“YMTC”).Risk factors (Item 1A)

Also named by WDC

Kioxia Holdings Corporation

competes withnamed as a risk

We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. (“CXMT”); and Yangtze Memory Technologies Co., Ltd. (“YMTC”).Risk factors (Item 1A)

ChangXin Memory Technologies (CXMT)

competes withnamed as a risk

As a result, we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC.Risk factors (Item 1A)

Yangtze Memory Technologies (YMTC)

competes withnamed as a risk

As a result, we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC.Risk factors (Item 1A)

Places

Taiwan

concentrated in · A majority of our DRAM production output in 2025named as a risk

A majority of our DRAM production output in 2025 was from our fabrication facilities in Taiwan, and any loss of output could have a material adverse effect on us.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

Customers outside the United States

earns from · approximately 80% of our revenue in 2025named as a risk

In 2025, approximately one-third of our revenue was from sales to customers who have headquarters located outside the United States, while approximately 80% of our revenue in 2025 was from products shipped to customer locations outside the United States.Risk factors (Item 1A)

Also named by CW, VSH

China

depends onnamed as a risk

China has in the past restricted export of certain of these materials and may in the future continue to restrict, expand restrictions, or stop exporting these or other materials, and as a result, our suppliers’ ability to obtain such supply may be constrained, and we may be unable to obtain sufficient quantities, or obtain supply in a timely manner or at a commercially reasonable cost.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Singapore

operates in

For our locations in Singapore and Taiwan, this is also a combination of bringing fabrication and back-end manufacturing together.Business (Item 1)

Also named by A, AAPL, ALAB, AMAT, ANET, APP, AVGO, DLR and 12 more

Commodities and inputs

DRAM

exposed to its price · $28.58 billion in 2025named as a risk

In the past five years, annual percentage changes in DRAM average selling prices have ranged from plus low 40% to a minus high 40% range.Risk factors (Item 1A)

Also named by P, SNDK

New Taiwan dollar

exposed to its price · approximately $572 millionnamed as a risk

Based on monetary assets and liabilities and investments in debt instruments denominated in foreign currencies, we estimate that a hypothetical 10% adverse change in exchange rates versus the U.S. dollar would result in losses of approximately $572 million as of August 28, 2025, and $480 million as of August 29, 2024.Market risk (Item 7A)

Also named by AAOI, CPNG

NAND

exposed to its price · $8.50 billion in 2025named as a risk

In the past five years, annual percentage changes in NAND average selling prices have ranged from plus low 30% to a minus low 50% range.Risk factors (Item 1A)

Rare earth elements

depends onnamed as a risk

Constrained supply of rare earth elements, minerals, and metals may restrict our ability to manufacture certain of our products and make it difficult or impossible to compete with other semiconductor memory and storage manufacturers who are able to obtain sufficient quantities of these materials from China.Risk factors (Item 1A)

Also named by BBY, GM, ISRG, KLAC, LRCX, MCHP, RTX, VRT

Electrical power

depends onnamed as a risk

Any power shortages, capacity constraints, prolonged outages, or significant or unexpected increases in the cost of power could have a material adverse effect on our business, results of operations, or financial condition.Risk factors (Item 1A)

Also named by MSFT

Virtual power purchase agreements

exposed to its pricenamed as a risk

Achieving these goals may entail significant costs, for example we have entered into several virtual power purchase agreements to obtain renewable energy credits at a cost that will vary based on future prices for electrical power.Risk factors (Item 1A)

Regulators

U.S. Department of Commerce

subject tonamed as a risk

In June 2025, such agreements were subsequently amended to expand our investments, and we entered into a direct funding agreement to provide funds to expand and modernize our fab in Virginia.Risk factors (Item 1A)

Also named by AIR, ALAB, AMKR, AXON, DELL, DLTR, ENTG, FSLR and 9 more

Bureau of Industry and Security (BIS)

subject tonamed as a risk

Sales of our memory and storage products, and the transfer of related technical information and know-how, including support, are subject to laws and regulations governing international trade, including, but not limited to, export control, customs, and sanctions regulations administered by U.S. government agencies, such as the Bureau of Industry and Security (“BIS”) of the U.S. Department of Commerce and the Office of Foreign Asset Control of the U.S. Department of the Treasury.Business (Item 1)

Also named by AAOI, AMD, APH, CRWV, EXTR, GLW, GTLB, LITE and 5 more

Cyberspace Administration of China (CAC)

subject tonamed as a risk

Following the May 2023 decision of its cybersecurity review of our products sold in China, the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong, including direct sales as well as indirect sales through distributors.Risk factors (Item 1A)

Also named by GTLB, MSCI, WMT

Laws and programs

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

The aggregate impact of the OBBBA remains uncertain.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

U.S. Section 232 semiconductor investigation

subject tonamed as a risk

On April 14, 2025, the U.S. Bureau of Industry and Security announced the initiation of investigations into the industry on the effects on U.S. national security of imports of semiconductors under Section 232 of the Trade Expansion Act of 1962.Risk factors (Item 1A)

Also named by ADI, KLAC, LITE, MRVL

CHIPS Act

subject tonamed as a risk

For example, in December 2024, we entered into direct funding agreements, providing funds for the construction of fab facilities in Idaho and New York, with the United States Department of Commerce (the “Department”) under the Department’s CHIPS Incentives Program established pursuant to the CHIPS Act.Risk factors (Item 1A)

Also named by INTC, MPWR, MTSI

Per- and polyfluoroalkyl substances (PFAS) regulations

subject tonamed as a risk

This includes increasing regulations on a class of chemicals known as per- and polyfluoroalkyl substances (PFAS).Risk factors (Item 1A)

Also named by FERG, LRCX

Pillar Two Model Rules

subject tonamed as a risk

On November 27, 2024, Singapore enacted legislation to implement Pillar Two, which will apply to us starting in 2026.Risk factors (Item 1A)

California climate change disclosure rules

subject tonamed as a risk

We also are or may become subject to new sustainability laws and regulations, such as the State of California’s new climate change disclosure rules.Risk factors (Item 1A)

Technology

High-Bandwidth Memory (HBM)

earns fromnamed as a risk

If demand for HBM weakens and suppliers shift capacity from HBM to conventional DRAM, this could result in a significant increase in conventional DRAM supply.Risk factors (Item 1A)

EUV lithography

depends on

In 2025, we began shipping the 1γ production node, which is our first DRAM node incorporating EUV lithography.Business (Item 1)