Micron’s 2026 high-bandwidth memory capacity is sold out, fueling margin growth amid $725 billion AI infrastructure spending plans.
Micron Technology (MU) has exceeded a $1 trillion valuation as demand for high-bandwidth memory (HBM) chips surges, driven by artificial intelligence applications. The company’s entire 2026 HBM production capacity is already sold out, enabling higher pricing power and margins compared to traditional DRAM cycles.
Hyperscalers including Meta, Microsoft, Amazon, and Alphabet are collectively planning over $725 billion in 2026 capital expenditures for AI infrastructure expansion. This spending is expected to sustain demand for advanced memory chips, which must scale alongside increasingly complex AI models.
Unlike past semiconductor cycles, AI demand is outpacing new manufacturing capacity, creating a structural supply-demand imbalance. This positions Micron at the center of a technology infrastructure expansion, diverging from historical cyclical downturns in the memory-chip sector.