Micron Technology has 26 long-term customer agreements carrying more than $150 billion in remaining performance obligations, up from 16 agreements in the prior quarter, as customers secure DRAM supply years in advance. Customer deposits increased to $32 billion from $22 billion, while the commitments represent more than 35% of projected revenue through 2030 and some agreements extend to 2031. Micron said the contracts include take-or-pay volume commitments, and RBC reported that about 75% have pricing structures with floors and ceilings. RBC said the downside protection offered by those arrangements has not been verified during a memory downturn. Micron expects DRAM supply and demand to remain tight through fiscal 2028. Citi expects higher inventory, compensation and launch costs to pressure gross margins in the November quarter before higher high-bandwidth memory prices support an increase in January. Ratings from Morgan Stanley, J.P. Morgan, RBC, Bank of America and Citi remained favorable. Investors will focus on margin recovery, additional customer agreements and potential capital returns as Micron moves into fiscal 2027.