Ava Harter

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Micron's Customers Paid $32 Billion Up Front. Lam's Order Line Hasn't Moved.

Micron's customers have put $32 billion down, mostly in cash, to hold their place in the memory line, and Lam Research's rally priced it as tool orders already won. The deposits still sit with Micron; the deferred-revenue line that would carry them at Lam is still 11% below a year ago, and 21 October is where the gap gets tested.

October 2, 2026 · 3 min read