Micron designs and manufactures semiconductor memory and storage products. The company's core technologies are DRAM, including high-bandwidth memory (HBM), DDR5, and low-power DRAM for computing devices and artificial intelligence accelerators, and NAND flash memory for solid-state drives. Micron organizes its operations into four business units: Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded. The company sells directly to hyperscale cloud providers, artificial intelligence accelerator developers, consumer device makers, and automotive and industrial equipment manufacturers. Micron's capital-intensive manufacturing model carries high fixed costs, creating substantial operating leverage. Company earnings depend on bit shipment volumes, market-determined average selling prices, manufacturing yields, and product mix. To reduce per-bit production costs, Micron transitions its fabrication facilities to denser process nodes. To manage historical pricing volatility, Micron secures multi-year, take-or-pay customer supply agreements with defined price floors and ceilings.