Micron's 23% Revenue Collapse and 30% Capex Cut Signal Extended Memory Downcycle

Micron Technology reported Q4 FY2022 revenue of $6.6 billion, down 23% quarter-over-quarter and 20% year-over-year. The company announced FY2023 capex would fall over 30% year-over-year to approximately $8 billion, and would selectively reduce manufacturing utilization across DRAM and NAND. Both price and volume declined simultaneously—a classical oversupply signature. Management's dual response signals no expectation of near-term demand recovery.