Memory Power Shift: Micron’s Contracts Give AI-Era Pricing Edge Over Apple

Micron posted a record quarter with an 84.9% gross margin and disclosed 16 strategic customer agreements covering roughly $100 billion of DRAM/NAND volume, with floor margins well above prior peaks. This signals AI-era pricing power in memory that could pressure Apple’s hardware margins as the iPhone 17/18 cycle hits a tight memory market, while Apple’s Services and large buyback cushion mitigate some risk.