- Micron has sold out its HBM through 2027 with approximately $100 billion in take-or-pay contracts and $22 billion in customer deposits.
- HBM scarcity is the primary bottleneck for NVIDIA's accelerator shipments, constraining the entire AI buildout.
- Micron shares closed at $1,015.80, up 502.43% over the past year, with a market cap near $1.147 trillion, record fiscal Q3 revenue of $41.46 billion and 84.9% non-GAAP gross margin.
- CEO Sanjay Mehrotra claims AI has structurally transformed the memory industry, ensuring supply tightness beyond 2027.
- The bear case points to rival capacity expansion by Samsung, SK Hynix, and China's CXMT, recalling past commodity supercycles.
Quotes
“AI has structurally transformed the memory industry”
“it can only fulfill half of its AI customers' demand”