Micron designs and manufactures semiconductor memory and storage products, primarily DRAM and NAND — the two dominant forms of memory and storage used across virtually every computing device. DRAM is volatile, fast-access memory used in servers, PCs, smartphones, and autos; NAND is non-volatile storage sold as components or integrated into SSDs and managed NAND solutions. Micron also produces HBM (High Bandwidth Memory), a 3D-stacked DRAM architecture for AI accelerators that has become the company's fastest-growing and highest-margin product. Micron sells under the Micron brand to enterprise and OEM customers and the Crucial brand through retail and online channels. Micron operates four segments: Cloud Memory (HBM and high-end data center DRAM), Core Data Center (mid-tier cloud and enterprise DRAM and SSDs), Mobile and Client (smartphones and PCs), and Automotive and Embedded. Data center products now represent the majority of revenue, driven by AI demand. Profitability is primarily driven by memory pricing, which is highly cyclical and commodity-like, and by product mix — HBM and high-capacity server DRAM carry materially higher margins than standard DRAM or NAND. Micron also continuously advances to newer manufacturing process nodes to lower per-bit costs. The business is capital-intensive, and Micron is investing heavily in leading-edge DRAM and HBM capacity, including new U.S. fabs supported by CHIPS Act grants.