BOISE, Idaho, March 16, 2021 (GLOBE NEWSWIRE) – Micron Technology, Inc. (Nasdaq: MU), today announced updates to the company’s portfolio strategy to further strengthen its focus on innovations in terms of memory and storage for the data center. Micron will increase its investment in new memory products that leverage the Compute Express Link ™ (CXL ™), the industry standard interface recently introduced that enables a flexible connection between compute, memory and storage. Effective immediately, Micron will cease development of 3D XPoint ™ and reallocate resources to focus on accelerating the market introduction of CXL compatible memory products.
“Memory and storage are critical to the data economy, and the need for innovation in data center memory has never been greater,” said Micron President and CEO, Sanjay Mehrotra. “As a leader in memory and storage, Micron is committed to being at the forefront of innovation to unlock the next generation of data centers. Today’s announcement reflects our commitment to investing in high value solutions for clients that also deliver strong returns to shareholders.
The wide proliferation of artificial intelligence and advancements in data analytics are driving workload demands that require change in compute architectures. The CXL interface opens up new avenues for innovation and platform optimization in the data center. Micron sees immense promise in new classes of memory-centric solutions that use CXL to scale the capacity, performance, and content required by applications to run on infrastructure with greater architectural freedom.
Additionally, Micron has now determined that market validation is insufficient to justify the high levels of continued investment required to successfully commercialize 3D XPoint at scale to meet the changing memory and storage needs of its customers. The changes to Micron’s portfolio do not impact the company’s overall technology investment levels as its focus on emerging memory solutions remains unchanged. Micron plans to apply the knowledge gained from the breakthroughs achieved through its 3D XPoint initiative, along with the associated engineering expertise and resources, to new types of memory-centric products that target the memory-storage hierarchy.
In line with this new strategic focus, Micron is engaged in discussions for the sale of its plant in Lehi, Utah, currently dedicated to 3D XPoint production. The company aims to close a sale agreement in calendar year 2021.
These actions today may result in some non-recurring items in the Company’s GAAP financial results, but are expected to have a positive impact on Micron’s short- and long-term non-GAAP financial performance.
Micron will host an investor conference call today at 3:00 p.m. MT at http://investors.micron.com. Replays of the webcast are available on Micron’s investor relations website and will be available for approximately one year after the call.
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions that are transforming the way the world uses information to enrich lives. for everyone. With a relentless focus on our customers, technological leadership, and excellence in manufacturing and operations, Micron offers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® brands and Crucial®. Every day, innovations created by our employees fuel the data economy, enabling advancements in artificial intelligence and 5G applications that unlock opportunity – from the data center to the smart edge and across the customer and user experience. mobile. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.
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