**Bullish Points:**
1. Revenue for the quarter ended November 27, 2025, was $13,643 million, a 57% increase compared to the same quarter in 2024.
2. DRAM sales increased by 69% due to a mid-30% range increase in average selling prices and a mid-20% range increase in bit shipments.
3. Net income for the quarter ended November 27, 2025, was $5,240 million, a significant increase from $1,870 million in the same quarter in 2024.
4. Gross margin improved to 56% for the quarter ended November 27, 2025, from 38% in the same quarter in 2024.
5. Operating income for the quarter ended November 27, 2025, was $6,136 million, compared to $2,174 million in the same quarter in 2024.
6. Long-term debt decreased to $11,187 million as of November 27, 2025, from $14,017 million as of August 28, 2025.
7. Net cash provided by operating activities increased to $8,411 million for the quarter ended November 27, 2025, from $3,244 million in the same quarter in 2024.
8. Declared and paid dividends of $0.115 per share for the quarter ended November 27, 2025.
9. Repurchased 1.3 million shares of common stock for $300 million during the quarter ended November 27, 2025.
**Bearish Points:**
1. NAND sales increased by 22% due to a high-20% range increase in bit shipments, partially offset by a mid-single-digit percent range decrease in average selling prices.
2. R&D expenses increased to $1,171 million for the quarter ended November 27, 2025, from $888 million in the same quarter in 2024.
3. SG&A expenses increased to $337 million for the quarter ended November 27, 2025, from $288 million in the same quarter in 2024.
4. Net cash used for investing activities was $4,594 million for the quarter ended November 27, 2025, primarily for expenditures on property, plant, and equipment.
5. Net cash used for financing activities was $3,745 million for the quarter ended November 27, 2025, primarily for debt repayments, repurchases of common stock, and dividend payments.
6. Income tax provision for the quarter ended November 27, 2025, was $829 million, compared to $283 million in the same quarter in 2024, with an effective tax rate of 13.7%.
**Summary:**
Micron Technology (MU) has shown strong financial performance for the quarter ended November 27, 2025, with significant increases in revenue, net income, and gross margin. The company has also reduced its long-term debt and increased its cash flow from operating activities. However, there are some concerns regarding increased R&D and SG&A expenses, as well as higher income tax provisions. Overall, the positive aspects of the financial report outweigh the negatives, indicating a strong position for the company moving forward.
For more information, you can read the original text of Micron Technology's financial report.
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