Quick Read

• Micron (MU) CEO Sanjay Mehrotra sold $37 million in shares a month before announcing $22 billion in deposits and demand outpacing supply by 50%.

• Three Micron executives sold shares at prices reaching $1,095 in July, even as take-or-pay contracts locked in roughly $100 billion in minimum revenue.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today.

From a construction site at Micron Technology's (NASDAQ:MU) Boise fab on Wednesday night, CEO Sanjay Mehrotra delivered the most bullish demand statement of his tenure. He told Jim Cramer that customers have put down $22 billion in cash deposits on take-or-pay contracts and still want 50% more memory than Micron can commit. Cramer called the Boise site "exhibit A" that America still has manufacturing.

One month earlier, Mehrotra was a seller. On July 24, 2026, he disposed of 40,000 shares at prices ranging from roughly $906 to $966, worth about $37 million. The insider filing shows the sale executed across 40 separate lots, with reported execution prices between $906.48 and $965.85.

The stock has kept climbing. Micron closed at $974.33 on August 20, meaning Mehrotra left money on the table if the sale was discretionary. Shares are up 241.59% year to date and 732.62% over one year. That is the tension worth studying.

What the $22 Billion Actually Is

On the fiscal Q3 call, Mehrotra told analysts: "Under the SEAs we have signed so far, we project to receive cash deposits and related financial commitments of $22 billion." CFO Mark Murphy clarified that roughly $18 billion of that is cash deposits, with the balance in letters of credit, and that about $10 billion of deposits are expected to land in fiscal Q4.

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Murphy framed the structure directly: "It's not a prepayment. It's a separate commitment by the customers and a reflection of the fact that we have a binding agreement and these are take or pay agreements." Fourteen of the 16 signed agreements represent roughly $100 billion in cumulative revenue at minimum prices over the term. Floor pricing supports gross margins "well above our peak quarterly margins in any past cycle."

Fiscal Q3 revenue hit $41.46 billion, a 17.60% beat and 345.72% year-over-year growth, with non-GAAP EPS of $25.11. Q4 guidance calls for $50.0 billion in revenue and $31.00 EPS.