Micron Technology has begun production of 1-Alpha DRAM at its Manassas, Virginia facility - the first time in history that the most advanced memory technology is being manufactured on U.S. soil. In fact, this is the first physical evidence that Micron is fulfilling one of the most ambitious industrial plans in the history of the US semi-wildlife industry - a $200 billion investment by the end of the 1930s, with the goal of producing 40% of all the world's DRAM on US soil. And that's a story worth breaking down in more detail.

The timing couldn't be better. Micron is experiencing arguably the strongest demand environment in its history: all of its 2026 HBM4 capacity is sold out in long-term contracts, server DRAM prices are up 60-70% year-over-year, revenue jumped 57% last quarter, and EPS grew 412%.

Top points of analysis

• Micron has started production of the most advanced memory technology made on US soil - 1α (1-alpha) DRAM - at its Manassas, Virginia facility; expects full production…