Here is Micron Technology's annual operating margin (FY ending August):

Fiscal Year	Operating Margin
FY21	22.7%
FY22	31.5%
FY23	-37.0%
FY24	5.2%
FY25	26.4%

Micron swung from a strong 31.5% operating margin in FY22 (memory upcycle peak) to a -37.0% loss in FY23 during the memory downturn, before recovering to 26.4% in FY25 as pricing normalized.

The chart above shows Micron's quarterly operating income trend, which mirrors the margin swing (peak FY22, trough FY23, recovery FY25).

Only MU returned. Let me search for the actual tickers for Samsung and SK Hynix (Korean ADRs).

Samsung and SK Hynix are not in the local coverage. Let me load the US-listed memory names available: Micron (MU), Western Digital (WDC), and Sandisk (SNDK, the spinoff from WDC).

Let me build a wide DataFrame with quarterly operating income for all three, using calendar-quarter-end alignment so each company lands on the same x-axis bucket.

The chart above plots quarterly operating income for Micron (MU), Western Digital (WDC), and Sandisk (SNDK) on a common calendar-quarter axis. A few notes:

• Samsung Electronics and SK Hynix are not available in this dataset (Korean-listed names not covered).
• All three US-listed memory/storage names show the same pattern: a peak around CY22, a deep trough in CY23, and a recovery into CY24–CY25. Micron is by far the largest in absolute dollars (peaked near $3B/quarter in 2022, lost ~$2.3B/quarter in mid-2023, back to multi-billion-dollar operating income in recent quarters).
• WDC and SNDK (SNDK was spun out of WDC in early 2025) followed the same cycle but at a smaller scale, with SNDK only showing data from late 2023 onward.

So yes — the jump from peak to trough to recovery is a sector-wide memory cycle, not a Micron-specific story.