Overview
- Micron outlines roughly $200 billion in expansion with two Boise fabs budgeted at about $50 billion and a roughly $100 billion complex near Syracuse, with initial Boise output targeted for mid‑2027 and full Boise operations by late 2028, plus a $9.6 billion build in Hiroshima.
- Executives report HBM3e and HBM4 inventory is sold out through 2026, and the company is currently able to satisfy only about half to two‑thirds of some customer orders, driving multi‑year supply agreements.
- Memory pricing has spiked, with DRAM contract prices up more than 170% over the past year and DDR5 prices up nearly 500% since September 2024, reinforcing near‑term pricing power for suppliers.
- Micron shares have surged about 315% over 12 months to roughly $412–$414 and are up about 44% year to date, as Morgan Stanley and Deutsche Bank lifted price targets to $450 and $500.
- A report that Micron’s HBM4 lost Nvidia slots is disputed by the company, which says it is already shipping HBM4 and expects additional shipments next quarter.