Major ClientsThin moat

Micron's concentration disclosure has changed faster than almost any in this collection. No customer accounted for 10% or more of revenue in 2023. In 2024 one did, at 10%, spread across the mobile, automotive and cloud segments. In 2025 one customer was 17% of total revenue, primarily inside the Cloud Memory Business Unit¹ — the segment that sells high-bandwidth memory to the accelerator makers.

The trajectory tells the story of the company. Micron's largest relationship went from nothing to a sixth of revenue in two years, and moved from phones and cars into the AI data centre while it did. Alongside it, more than half of total revenue came from the top ten customers in 2025, and approximately half of all revenue was concentrated in the data centre end market.

That is two concentrations stacked on each other: a small number of buyers, and a single demand driver behind most of them. Micron's own risk language is explicit that a disruption with any top customer, or a decline in data centre demand, could materially affect results.

There is a third development the filing flags quietly. As Micron sells more system-level products built to individual customers' specifications, it notes that this increases dependence on those specific customers. Commodity memory can be sold to anyone; a part designed for one accelerator cannot. The business is becoming more profitable and less fungible at the same time.