Overview
- At a Wolfe conference, Micron said demand across memory markets remains higher than industry supply and that conditions have strengthened since its last earnings update.
- HBM4 is in high‑volume production with customer shipments underway, with calendar Q1 volumes ramping earlier than guided and 2026 HBM capacity already sold out.
- Micron outlined capacity additions including a 1‑gamma DRAM ramp, the Idaho One fab targeted for mid‑2027, the Tongluo site closing expected in Q2 with supply late‑2027/2028, and a new Singapore NAND fab with first wafer in H2 2028.
- Morgan Stanley raised its Micron price target to $450, citing a strong DRAM outlook, noting DDR5 spot prices are up about 30% year to date and roughly 130% above January contract levels with further increases expected.
- Reports indicate Samsung is nearing Nvidia certification for next‑generation HBM4 and preparing earlier mass production, introducing potential competitive pressure for Micron.