Micron Technology is the only American manufacturer of both DRAM and NAND memory chips, the components that store and feed data in everything from phones to servers. Memory is a commodity-like market where prices swing with supply cycles, so Micron's earnings oscillate between feast and famine. High-bandwidth memory for AI accelerators added a premium product line where qualification hurdles limit competition. Founded in Boise in 1978, the company invests billions per year in fabrication plants to stay among the three firms that control global DRAM supply.