RESEARCH — THE FILING TAPE #3

Five of 83: Micron's Superinvestor Count Rose. Its Biggest Holder Cut Shares 41%.

October 8, 2026

GetCoattail Research — Micron is the memory trade at the centre of the AI build-out: revenue that went from $37.4 billion to $133.2 billion in a year, a stock up roughly 273% in 2026, and search interest in DRAM names breaking out. We ran it through every filing lens we maintain. This time the filings partly agree with the story — and the parts that do not are specific.

Start with the narrative, because it is an unusually well-documented one. Micron, the US maker of DRAM and high-bandwidth memory (HBM) for AI accelerators, reported fiscal 2026 results on September 30, 2026: fourth-quarter revenue of $54.23 billion, full-year revenue of $133.19 billion against $37.38 billion a year earlier, and non-GAAP earnings of $33.42 per share against a $31.61 consensus. Guidance for the next quarter was $61.5 billion of revenue. Management says agreements already cover the vast majority of its calendar-2027 HBM supply, at higher prices. The shares closed at $1,063.96 on October 5, 2026, up 272.78% year to date on quote-provider figures; the MarketBeat consensus target on October 1 stood at $1,375.58 (40 Buys, five Holds). "DRAM stocks" is also a breakout investing search this October, with Micron named as the name at its centre.

Now the filings. GetCoattail tracks the portfolios, trades and disclosures of the investors with the most information about any given company: concentrated superinvestors, institutions as a whole, corporate insiders, members of Congress, and 5% holders. For Micron — the third Filing Tape audit, after IREN and CoreWeave — the record is more mixed than in either earlier audit.

Lens 1: the superinvestors — five names, one position

We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, five held Micron, up from three at March 31. Read the five closely and the headline count does most of the work. The only position of size belongs to Appaloosa Management: 975,000 shares worth $1,125,432,750 — 14.57% of Appaloosa's portfolio. The other four holders total 4,425 shares between them: Oakmark Funds with 180 shares (new), Maverick Capital with 1,673 shares (new, 0.02% of its portfolio), Mairs & Power with 410 shares, and Ruane Cunniff with 2,162 shares, unchanged. Combined, those four positions are worth $5,107,733 — about 0.45% of the Appaloosa position's reported value.

And the one position that matters shrank. Appaloosa held 1,665,000 Micron shares at March 31, 2026. At June 30 it held 975,000 — 41.4% fewer shares. Its reported value still doubled, from $562,503,600 to $1,125,432,750, because the share price went from a $337.84 close at the end of the first quarter to $1,154.29 at the end of the second in our price file. The filings do not say why a holder trims into a triple, and we do not guess. What they establish is the shape: in the quarter Micron became a consensus AI name, the superinvestor count rose from three to five while the cohort's share count, in its only material position, fell by two-fifths. For scale, 19 of the same 83 managers hold NVIDIA.

MU through six filing lenses
Chart 1: Signal presence by cohort. Superinvestors: 83 managers, 2026Q2 13F (as of Jun 30, 2026). Institutions: full-market 13F aggregation, same date. Insiders: Form 4 record through Oct 2, 2026. Congress: Senate and House PTR record through Oct 3, 2026. 13D/G: filings through May 14, 2026. Short interest: FINRA biweekly settlement data through Sep 15, 2026. Source: SEC EDGAR; FINRA; GetCoattail collections.

Lens 2: institutions — breadth, arriving fast, with heavy churn

Zoom out to the whole 13F market and the picture is unambiguous. At June 30, 2026, 3,914 institutions reported positions in Micron, up from 2,978 at March 31 — a 31.4% jump in one quarter — and 3,889 of them reported long positions. Reported share counts rose 18.81%, from 735,359,501 to 873,676,541 shares. The dataset's reported aggregate value rose 327.2%, from $295.61 billion to $1,263.0 billion; most of that increase is the share price itself, and the aggregate includes option rows, so we treat filer and share counts as the reliable series and the dollar figure as reported (see methodology).

The churn underneath is worth a sentence: 2,518 filers entered the register in the quarter and 1,582 left it. One plausible reading is that much of this breadth is mechanical — index baskets, ETF flows and benchmark rebalancing produce filer counts like this without any filer forming a view. The next lens shows who sits at the top of the register, and which way they have been moving.

Lens 3: the 5% register — passive, and the largest active name is stepping down

Five SC 13D/G filings cover Micron, and all five are 13G — the passive form. There is not one 13D, the filing an investor uses when it wants something from management. The largest reporter is Vanguard Capital Management at 7.47% (84,297,629 shares, as of March 31, 2026) — an index complex, filing passively. A separate Vanguard Group amendment reported 0 shares and 0.0% as of March 13, 2026; we record the filing without interpreting the internal reorganisation it appears to reflect.

The register's most informative line is Capital World Investors, the large active manager in Capital Group. It reported 6.3% (71,003,502 shares) at June 30, 2025, then 5.2% (58,472,522 shares) at December 31, 2025, then 3.7% (42,208,309 shares) at March 31, 2026 — two consecutive step-downs across three reports, the last below the 5% line, across exactly the period in which the stock multiplied. No activist has filed.

Lens 4: insiders — ninety days, $134 million sold, zero bought

In the 90 days through October 2, 2026, Micron insiders filed 11 reports covering 90 sale transactions totalling $134,325,384.10 — 135,904 shares sold by five insiders, 89 of the transactions by officers. Open-market purchases in the same window: zero.

Widen the window and the asymmetry persists, with one small exception. Over the full year through October 2, 2026, the record shows exactly three open-market purchase transactions — 23,200 shares worth $7,821,723.40, all by a single buyer, and none of them by an officer — against 338 sale transactions totalling $383,735,389.16 by twelve sellers. Across the entire parsed Form 4 record (134 filings), purchases remain those same three transactions, against 399 sales worth $435,587,204.06. Some selling is mechanical — vesting and tax withholding generate filings regardless of anyone's view — and we assign no motives. But the purchase side has no mechanical explanation: during a year in which the stock rose from a $181.60 closing low (October 10, 2025) to above $1,200, no Micron officer bought a single share at market price.

Lens 5: Congress — the lens that, for once, is lit

Across the Senate and House transaction record we maintain (as of October 3, 2026), four members of Congress have traded Micron: four purchases and two sales, with the most recent purchase on July 10, 2026, and buyers from both parties. The House accounts for three members (three buys, two sells); the Senate for one member (one buy, no sells, on June 25, 2026). Micron is the first name in this series where the political-money lens is not dark — both IREN and CoreWeave recorded zero congressional trades. The counts are small, and congressional disclosures report ranges rather than exact values, so we record direction only: on this lens, unusually, the filings lean the same way as the narrative.

Lens 6: short interest — the scepticism is not in the borrow

As of September 15, 2026 — the most recent FINRA settlement date — 27,633,780 Micron shares were sold short: 2.45% of the 1,129,393,151 shares the company most recently reported outstanding, with days-to-cover of 1.10. That is a different world from our first two audits — roughly 23% of the share count in IREN, roughly 10% in CoreWeave.

Short interest in MU, January 2021 to September 2026
Chart 2: Shares sold short in MU at each FINRA biweekly settlement, Jan 15, 2021 – Sep 15, 2026 (n = 137 settlements). The series peaked at 42,739,272 shares on Jan 15, 2025 and has since fallen 35.3%. Source: FINRA Equity Short Interest files; GetCoattail collection.

The series peaked at 42,739,272 shares on January 15, 2025 — before the AI-memory re-rating — and the latest reading sits 35.3% below that peak, though 9.0% above its year-ago level of 25,357,200 shares. Within 2026 it spiked to 41,592,382 shares at June 15, then dropped 23.86% in a single settlement to 31,669,690 at June 30. Memory stocks attract cyclical scepticism by habit; whatever that scepticism amounts to in commentary, it is not currently expressed as a large short position.

The gap, stated plainly

Line the narrative up against the tape and Micron is neither IREN nor CoreWeave. Institutional breadth (Lens 2) and Congress (Lens 5) genuinely support the story — the sponsorship is broad, and it arrived in one quarter. But the conviction cohorts point the other way on the specific measures this series exists to check: the only material superinvestor position was cut by 41.4% in shares during the stock's best quarter; the largest active 5% holder stepped down at successive reports; insiders sold $134.3 million in ninety days and officers have never, in the parsed record, bought. And the short side — the usual fingerprint of a crowded, doubted rally — is nearly empty at 2.45% of shares outstanding. The filings describe a stock the whole market now owns a little of, that its best-informed holders are trimming at the edges, and that almost nobody is betting against.

What would change the picture

Nothing above is a recommendation. It is a record. These are the filings that would change the description, in the order the data will arrive:

Until one of those prints, the filing record describes the market's favourite memory stock as broadly owned, lightly shorted, bought by Congress — and trimmed, on the record, by the holders with the most information about it.

Related reading: Zero of 83: The Superinvestors Aren't in IREN — Filing Tape #1; One of 83: The Superinvestors Barely Own CoreWeave — Filing Tape #2; 80% Overlap, No Copycat Signal: Congress vs. the Superinvestors. Micron's own page: Micron (MU) on GetCoattail.

Methodology and data notes

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history

MORE RESEARCH

One of 83: The Superinvestors Barely Own CoreWeave
Exactly one of the 83 superinvestors we track holds CoreWeave — a new holder, Appaloosa, as Viking exited — while insiders sold $1,097,314,668 in 90 days with zero open-market purchases, and short interest unwound by a third from its June peak.
80% Overlap, No Copycat Signal: Congress vs. the Superinvestors
Four of five congressional stock buys land in a stock the superinvestors hold — 688 shared names. But ticker by ticker, how often Congress buys a stock has almost nothing to do with how many managers hold it (ρ = 0.099), and the shared names did not pay better.