Micron Technology, Inc. faces a worsening DRAM and NAND capacity crunch, with sufficiency ratios turning more negative and supporting sharp price increases and revenue growth in both segments. Multi-year strategic customer agreements with prepayments reduce net working capital needs and drive structurally higher operating cash flow margins for Micron. Gross margins are guided to climb to 81% in the May 2026 quarter, with further upside as memory shortages intensify into the second half of this year.