Micron Technology

Micron Technology Inc. was founded on October 5, 1978. It started as a four-person semiconductor design company in the basement of a Boise, Idaho dental office.

Micron faced struggles in the memory chip market, as success was determined by the size and memory capabilities of the chip. The company's entreaties for financing were met with disdain, as investors believed that no new U.S. memory chip manufacturer could succeed in the late 1970s.

Micron Technology went public in 1980, and its initial public offering turned a $1,000 investment into nearly $57,000 over the years.

In 1981, Micron achieved a milestone by shipping its first 64K DRAM product, marking the company's entry into the dynamic random-access memory (DRAM) market. This event laid the foundation for Micron's future advancements in memory technology.

After introducing its first DRAM chip, Micron Technology went public in 1982, further establishing its presence in the semiconductor and memory chip market.

In 1983, Micron became a publicly traded company, allowing for increased investment and expansion opportunities.

In 1984, Micron became a publicly traded company on NASDAQ, signifying a major development in its corporate history. This event marked a significant step in the company's growth and market presence.

The aggressive pricing strategy in 1985 led to a disastrous effect for Micron, as the price of 64K chips plummeted from approximately $4 to 25 cents, and the price of 256K chips fell from $20 to $2.50. This resulted in a significant decline in Micron's earnings and revenue, leading to layoffs and financial losses.

In 1987, Micron brought 1-Megabit DRAM to the market, expanding its product range beyond traditional DRAM and entering the realm of differentiated memory types.

In 1988, Micron made a breakthrough by introducing the first Video RAM and Fast Static RAM products, marking a significant advancement in the field of memory technology.

Micron Technology introduced NAND flash memory in 1989, which has become an essential component in electronic devices such as smartphones, computers, and data centers. This innovation has significantly impacted the semiconductor industry.

In 1991, Micron entered the personal computer market by establishing Edge Technology, Inc., aiming to manufacture personal computers at competitive prices to stabilize revenues amidst fluctuation in the memory chip market.

In 1992, Micron introduced the 16-megabit DRAM, a significant advancement in density that replaced the 4-megabit DRAM lineup. This higher capacity chips aligned with the release of Windows 3.1 by Microsoft, which increased the minimum PC RAM requirements to 1 megabyte.

In 1993, Micron experienced rapid growth with a 63 percent increase in revenues and a remarkable 1,470 percent increase in profits. This led to expansion projects in both the semiconductor and computer divisions, with a significant increase in stock value.

Micron earned a spot on the Fortune 500 in 1994, signifying its remarkable progress and establishment as a prominent industry player.

In late 1995, a surplus of memory chips led to a drastic drop in prices, causing a significant impact on Micron's profits.

A 1996 3-way merger among ZEOS International, Micron Computer, and Micron Custom Manufacturing Services (MCMS) increased the size and scope of Micron Technology, Inc.

In 1997, Micron Technology, Inc. acquired NetFrame Systems, signaling its entry into the mid-range server industry.

Pseudo-Static SRAM (PSRAM) delivered the high bandwidth, capacity, and low power necessary to replace SRAM in mobile devices, paving the way for future low-power DRAM products used in mobile devices today.

In 1999, Micron Technology made history by developing the first 1GB DDR SDRAM chip, showcasing its leadership and pioneering role in the memory chip industry.

Gurtej Singh Sandhu and Trung T. Doan at Micron initiated the development of atomic layer deposition high-k films for DRAM memory devices, which led to cost-effective implementation of semiconductor memory, starting with 90 nm node DRAM.

In 2001, Micron Technology, founded in 1978 and headquartered in Boise, Idaho, entered the Chinese market to serve its growing customer base in the country as multinational businesses rushed to set up manufacturing facilities. Micron’s first office was in Xiamen, a coastal city in southeastern Fujian province, and one of China’s special economic zones.

In 2002, Micron showcased the world’s first 1-gigabit DDR DRAM product, solidifying its position as a leader in memory industry in terms of density and interface performance.

In 2003, Micron successfully developed a 1.3-megapixel CMOS image sensor, demonstrating their expertise in sensor technology.

In 2004, Micron achieved a significant milestone by shipping the first 2-gigabit NAND flash product, showcasing their technological advancement in memory production.

In 2005, Micron and Intel created a joint venture, IM Flash Technologies, which was a significant collaboration in the semiconductor industry.

In 2006, Micron acquired Lexar Media, a significant move that impacted the company's position in the memory and storage market.

In June 2007, COO Mark Durcan became president of Micron, bringing about a change in the company's leadership.

The C300 SSD was launched as the industry’s fastest SSD for notebook and desktop PCs, delivering 6 Gb/s throughput speeds for data transfers, application loads, and boot times with support for the SATA III interface.

In 2009, Micron shipped RealSSD™ C300, which was recognized as the industry’s fastest client SSD at that time. This marked a milestone in the advancement of solid-state drive technology.

In February 2010, Micron agreed to buy flash-chip maker Numonyx for $1.27 billion in stock, expanding its semiconductor capabilities.

In 2011, Micron introduced a 128Gb MLC memory that could store 1Tb of data in a single fingertip-size package with just eight die, setting a new storage benchmark. It was also the first to use an innovative planar cell structure that overcame the scaling constraints of standard floating-gate NAND.

On 3 February 2012, CEO Steve Appleton died in a plane crash, leading to a change in leadership with Mark Durcan replacing him as the CEO.

Micron achieved a milestone by delivering the world's smallest 16nm NAND flash device, demonstrating technological advancement and innovation.

Micron introduced the first monolithic 8Gb DDR3 SDRAM, providing a significant density increase and enabling cost-effective, high-capacity solutions for data-intensive workloads.

In 2015, Micron and Intel unveiled 3D NAND, the highest-density flash memory developed at that time, marking a significant advancement in memory technology.

In December 2016, Micron finished acquiring the remaining 67 percent of Inotera, making it a 100 percent subsidiary of Micron, consolidating its position in the memory market.

On 5 December 2017, Micron sued rivals United Microelectronics Corporation and Fujian Jinhua Integrated Circuit Co. in the United States District Court for the Northern District of California, alleging infringement on its DRAM patents and intellectual property rights, marking a significant legal action.

On May 21, 2018, Micron launched the QLC-class category with the first ION drive, the Micron 5210, marking a milestone in storage technology.

In February 2019, Micron announced the first microSD card with a storage capacity of 1 terabyte (TB), which was a notable advancement in storage technology.

In April 2020, a press release highlighted that a majority of the world’s OEMs had qualified QLC products for replacing legacy 10K RPM hard disk drives (HDDs). This indicated that many customers were willing to make tradeoffs and adopt QLC products.

In September 2020, Micron introduced the world's fastest discrete graphics memory solution in collaboration with NVIDIA, debuting GDDR6X in the new NVIDIA GeForce RTX 3090 and GeForce RTX 3080 graphics processing units (GPUs), marking a significant advancement in graphics technology.

In November 2020, Micron unveiled a new 176-layer 3D NAND chip, offering improved read and write latency and slated to be used in the production of a new generation of solid-state drives, marking a significant advancement in storage technology.

On 22 October 2021, Micron closed the sale of IM Flash's Lehi, Utah fab to Texas Instruments for a sale price of US$900 million, marking a significant divestment and business transaction.

Micron Technology reported a total of 7,421 Kt of CO2 emissions (direct and indirect) for the twelve months ending 31 December 2021, showing a 3.9 percent increase year-on-year.

In January 2022, Micron said it would close its DRAM design operations centre in Shanghai by the end of 2022, and offered to relocate some of the 150 Chinese engineers to its facilities in the US or India.

In September 2022, Micron announced they would invest $15 billion in a new facility in Boise, Idaho, signaling a significant commitment to expansion and growth.

In October 2022, Micron announced a $100 billion expansion in Clay, New York, marking a significant investment in new manufacturing facilities.

Micron announced the closure of its DRAM design operations center in Shanghai by the end of 2022. This decision had implications for the company's operations and talent in China.

The Cyberspace Administration of China (CAC) launched a national security probe into Micron products, marking the first time a foreign semiconductor company was put under a cybersecurity review. This had significant implications for Micron's operations in China.

In March 2023, the Cyberspace Administration of China (CAC) launched a national security probe into Micron products to “safeguard key information infrastructure supply chain security” and “prevent cyberspace security risks due to problematic products”.

In May 2023, the Cyberspace Administration of China barred major Chinese information infrastructure firms from purchasing Micron products, citing significant national security risks, leading to geopolitical tensions and market impact.

In November 2023, Chinese chipmaker Yangtze Memory Technologies Corp (YMTC) filed a lawsuit against Micron alleging infringement of eight of its patents, leading to legal disputes and intellectual property challenges.

On February 27, 2024, Judge Maxine Chesney of the U.S. Federal District Court in San Francisco acquitted Fujian Jinhua Integrated Circuit, whom Micron had sued for IP theft, of the charge in a non-jury verdict, marking a significant legal development.

The American memory chipmaker is predicted to have a bright future despite the current price of $109.03.

The market cap of Micron is not expected to reach a trillion dollars over the next six years, but it is still considered a solid investment for long-term growth in various markets such as PC, mobile, AI, industrial, and automotive sectors.

Micron is currently valued at about 4 times this year's sales. If this valuation remains steady, it could be worth $168 billion by 2030, indicating a potential nearly doubling of its stock from current levels.