What the changes say
- Data-center exposure rose to approximately 60% of revenue, with third-party component shortages potentially disrupting finished-product sales.
- Capacity expansion risk now emphasizes delayed returns, cost overruns, labor shortages, and inability to meet demand.
- Labor organizing and possible strikes threaten concentrated fab output, customer deliveries, and strategic-contract obligations.
- AI dependence now includes third-party providers, while AI-driven memory demand supports current product demand.
What changed since the prior 10-K
New
- NewRisks Related to Our Business, Operations, and Industry
We may not be able to achieve expected returns from capacity expansions
U.S. and international fab expansions may face shortages, higher costs, delays, and inadequate returns before capacity supports demand.
- NewRisks Related to Our Business, Operations, and Industry
33 | 2026 10-K accelerated computing and AI adoption, which could have a material adverse effect on our business, results of operations, and financial condition
Changing customer mixes, inventory strategies, end-market demand, product qualification, consolidation, and contract pricing could reduce sales or margins.
- NewRisks Related to Our Business, Operations, and Industry
We rely on a large, skilled workforce to operate our semiconductor manufacturing facilities worldwide. A substantial portion of our global production capacity is concentrated in several of our manufacturing facilities, and our wafer fabrication output depends on their continued, uninterrupted operation
Union organizing, collective bargaining, strikes, or other labor actions could interrupt concentrated fab production and delay strategic-customer deliveries.
Dropped
- DroppedRisks Related to Our Business, Operations, and Industry
We have commenced expansion of our production capacity in the United States and in other regions where we operate. Semiconductor fabs are complex, capital-intensive projects and require specialized knowledge, expertise, experience, and skill sets to construct and operate
- DroppedRisks Related to Our Business, Operations, and Industry
27 | 2025 10-K construction talent with requisite expertise and experience in these regions. As such, expanding production capacity in the United States and certain other regions may introduce more challenges than we would experience in geographies with more established ecosystems
Reworded
- 87% rewrittenRisks Related to Our Business, Operations, and Industry
A significant portion of our revenue is concentrated with certain customers and end markets
Data-center concentration increased from approximately one-half to 60% of revenue, adding customer-partner build-out delays and third-party component shortages.
- 72% rewrittenRisks Related to Our Business, Operations, and Industry
Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business
The five-year DRAM and NAND ASP range widened to approximately plus 200% through minus 50%, with added supply-demand explanations.
- 64% rewrittenRisks Related to Our Business, Operations, and Industry
We may be adversely impacted by any of the multiple uncertainties and outcomes associated with the use and evolution of AI
The risk now highlights dependence on third-party AI providers and says AI-driven memory demand has increased product demand.
- 46% rewrittenRisks Related to Laws and Regulations
Tax-related matters could have a material adverse effect on our business, results of operations, or financial condition
The tax risk is substantively unchanged, with minor wording changes such as “expansion” replacing “expanding.”
- 42% rewrittenRisks Related to Our Business, Operations, and Industry
We must attract, retain, and motivate highly skilled employees
The risk now emphasizes intensified industry competition and poaching of specialized talent, while omitting immigration and public-health travel restrictions.
- 39% rewrittenRisks Related to Our Business, Operations, and Industry
We may incur restructure charges in future periods and may not realize expected savings or other benefits from restructure plans
The restructuring risk now includes meeting other objectives and slightly reframes the company’s past and potential future initiatives.
- 38% rewrittenRisks Related to Our Business, Operations, and Industry
Our gross margins may be adversely affected by a range of factors
Gross-margin risk is reframed around controlling per-gigabit costs rather than achieving continuing cost decreases; the listed manufacturing challenges remain.
- 34% rewrittenRisks Related to Capitalization and Financial Markets
We may be unable to generate sufficient cash flows or obtain access to external financing necessary to fund our operations, make scheduled debt payments, and make adequate capital investments
Financing risk now cites banking-system and debt-market constraints, cash-flow volatility, and potential credit-rating effects, while omitting several prior debt-specific factors.
Was: We may be unable to generate sufficient cash flows or obtain access to external financing necessary to fund our operations, make scheduled debt payments, pay our dividend, and make adequate capital investments
- 32% rewrittenRisks Related to Our Business, Operations, and Industry
Our future success depends on our ability to develop, produce, and supply new and competitive memory and storage technologies and products in a dynamic market environment
Was: Our future success depends on our ability to develop and produce new and competitive memory and storage technologies and products
- 31% rewrittenRisks Related to Capitalization and Financial Markets
The trading price of our common stock has been and may continue to be volatile
- 30% rewrittenRisks Related to Our Business, Operations, and Industry
Acquisitions and/or strategic transactions, including strategic investments, involve numerous risks
Was: Acquisitions and/or strategic transactions involve numerous risks
- 28% rewrittenRisks Related to Laws and Regulations
We and others are subject to a variety of complex and evolving laws, regulations, or industry standards, including with respect to environmental, health, safety, and product considerations, which may have a material adverse effect on our business, results of operations, or financial condition
- 21% rewrittenRisks Related to Our Business, Operations, and Industry
The semiconductor memory and storage markets are highly competitive
All 36 risk factors
Headings as the filing states them, in filing order.
Risks Related to Our Business, Operations, and Industry
- 01Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business72% rewritten
- 02Our gross margins may be adversely affected by a range of factors38% rewritten
- 03We face geopolitical and other risks associated with our international operations that could materially adversely affect our business, results of operations, or financial condition
- 04If we or our customers, suppliers, or vendors are impacted by any of these risks, it could have a material adverse effect on our business, results of operations, or financial condition
- 05The semiconductor memory and storage markets are highly competitive21% rewritten
- 06Our future success depends on our ability to develop, produce, and supply new and competitive memory and storage technologies and products in a dynamic market environment32% rewritten
- 07We may not be able to achieve expected returns from capacity expansionsnew
- 08Our incentives from various governments are conditioned upon achieving or maintaining certain outcomes and satisfying compliance requirements and are subject to reduction, termination, or clawback, and could impose certain limitations on our business
- 09Our business, results of operations, or financial condition could be adversely affected by the availability and quality of materials, supplies, electrical power, gas, water, and capital equipment, or dependency on third-party service providers
- 10Downturns or ongoing adverse conditions in regional or worldwide economies may harm our business
- 11If our manufacturing process is disrupted by operational issues, natural disasters, or other events, our business, results of operations, or financial condition could be materially adversely affected
- 12A significant portion of our revenue is concentrated with certain customers and end markets87% rewritten
- 1333 | 2026 10-K accelerated computing and AI adoption, which could have a material adverse effect on our business, results of operations, and financial conditionnew
- 14Increases in sales of system solutions may increase our dependency upon specific customers and our costs to develop, qualify, and manufacture our system solutions
- 15Products that fail to meet specifications, are defective, or are otherwise incompatible with end uses could impose significant costs on us
- 16Breaches of our security systems or products, systems failures, interruptions, delays in service, catastrophic events, and resulting interruptions in the availability of our systems or those of our customers, suppliers, or business partners, could expose us to losses
- 17Any such event, or the perception it has occurred, may result in significant losses and damage our reputation with customers and suppliers and may expose us to claims, demands, or litigation
- 18We may be adversely impacted by any of the multiple uncertainties and outcomes associated with the use and evolution of AI64% rewritten
- 19We must attract, retain, and motivate highly skilled employees42% rewritten
- 20We rely on a large, skilled workforce to operate our semiconductor manufacturing facilities worldwide. A substantial portion of our global production capacity is concentrated in several of our manufacturing facilities, and our wafer fabrication output depends on their continued, uninterrupted operationnew
- 21Compliance with responsible sourcing requirements and any related regulations could increase our operating costs or limit the supply and increase the cost of certain materials, supplies, and services, and if we fail to comply, customers may reduce purchases from us or disqualify us as a supplier
- 22Evolving sustainability and governance expectations or standards or failure to achieve our related goals could adversely affect our business, results of operations, financial condition, or stock price
- 23Acquisitions and/or strategic transactions, including strategic investments, involve numerous risks30% rewritten
- 24We may incur restructure charges in future periods and may not realize expected savings or other benefits from restructure plans39% rewritten
Risks Related to Intellectual Property and Litigation
- 25We may be unable to protect our intellectual property or retain key employees who are knowledgeable about and develop our intellectual property
- 26Legal, regulatory, and administrative investigations, inquiries, proceedings, and claims could have a material adverse effect on our business, results of operations, or financial condition
- 27Claims that our products or manufacturing processes infringe or otherwise violate the intellectual property rights of others, or failure to obtain or renew license agreements covering such intellectual property, could materially adversely affect our business, results of operations, or financial condition
Risks Related to Laws and Regulations
- 28Government actions and regulations, such as export restrictions, tariffs, and trade protection measures, may limit our ability to sell our products to certain customers or markets, or could otherwise restrict our ability to conduct operations
- 29Tax-related matters could have a material adverse effect on our business, results of operations, or financial condition46% rewritten
- 30We and others are subject to a variety of complex and evolving laws, regulations, or industry standards, including with respect to environmental, health, safety, and product considerations, which may have a material adverse effect on our business, results of operations, or financial condition28% rewritten
Risks Related to Capitalization and Financial Markets
- 31We may be unable to generate sufficient cash flows or obtain access to external financing necessary to fund our operations, make scheduled debt payments, and make adequate capital investments34% rewritten
- 32Debt obligations could adversely affect our financial condition
- 33Changes in foreign currency exchange rates could materially adversely affect our business, results of operations, or financial condition
- 34We are subject to counterparty default risks
- 35The trading price of our common stock has been and may continue to be volatile31% rewritten
- 36There can be no assurance that we will continue to declare cash dividends in any particular amounts or at all
Other Micron Technology 10-Ks
- FY2025 10-K risk factors
35 risks, 1 new, 19 reworded since the prior year. Fab expansion now highlights funding, CHIPS Act incentives, permits, construction, talent, production ramp, costs, and customer-demand risks.
Filed Oct 03, 2025 - FY2024 10-K risk factors
34 risks. Micron’s risks are dominated by sharp DRAM pricing swings and intense competition in semiconductor memory and storage.
Filed Oct 04, 2024
About this page
Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.