BOISE, Idaho, April 2, 2026, 10:15 AM MDT
Micron Technology reported that holders tendered over $4.3 billion in senior notes as part of its cash tender offer, a debt buyback that closed late Tuesday. The chipmaker sees settlement happening April 3. Shares slipped roughly 1.8% early Thursday. Micron Technology
Micron’s latest balance-sheet shift comes just as the company boosts investment to keep pace with booming artificial-intelligence demand, once again drawing attention to its cash flow and debt levels. Along with Samsung Electronics and SK Hynix, Micron stands as one of just three major players supplying high-bandwidth memory (HBM)—the crucial, high-speed memory chips powering AI hardware. Reuters
Micron’s tender targeted six different note series maturing from 2031 to 2035. Depending on which series holders had, the company offered anywhere from $1,048.11 up to $1,079.93 per $1,000 of principal. Micron Technology
Micron wrapped up February sitting on $16.7 billion in cash, marketable investments and restricted cash, while long-term debt totaled $9.56 billion. Revenue? It hit an all-time high of $23.86 billion. “Memory has become a strategic asset,” Chief Executive Sanjay Mehrotra said at the time. For the third quarter, Micron is projecting revenue at $33.5 billion, give or take $750 million. Micron Technology
Chief Business Officer Sumit Sadana pointed to “construction activity” as the main force behind a “very significant increase” in capex, speaking with Reuters following the March earnings release. Ben Bajarin, CEO at Creative Strategies, said the uptick in spending “makes sense,” given that demand isn’t letting up. Reuters
Some of the expansion plans are already taking shape. Back in mid-March, Micron announced it’s putting up a second manufacturing plant at its recently acquired Tongluo site in Taiwan, aiming to boost output of advanced DRAM—the memory powering servers and crucial for HBM chips tied to AI growth. Reuters
There are still bulls in the crowd. Mizuho analyst Vijay Rakesh, sticking with an outperform call and a $530 target, told investors Thursday to “buy the pullback.” He pointed out that improved model efficiency could actually boost—rather than limit—memory demand over the long haul. Investors
Doubts linger. On March 31, Citi lowered its Micron price target to $425 from $510. Analyst Atif Malik pointed to a nearly 6% slide in mainstream DDR5—a key DRAM standard—since Micron reported earnings. He still maintained a buy rating. The move highlights how fast sentiment can shift when memory pricing slips or customers pull back on their demand outlook. Investors
Micron, in its 8-K, left the door open to tweak or end the tender offers, as they’re still hinging on certain conditions. The company plans to settle up for all notes properly tendered and not withdrawn by April 3. Micron Technology
