Overview
- At a Wolfe Research event, Micron said HBM4 is in high-volume production with shipments ramping ahead of plan.
- Micron shares rose about 5% to 6% on Wednesday following the update on next-generation HBM.
- Morgan Stanley raised its price target to $450 with an Overweight rating, and Deutsche Bank lifted its target to $500 while increasing its 2026 EPS estimate to $46.50.
- Analysts and management pointed to persistently tight HBM and DRAM supply, with much of 2026 capacity locked under long-term agreements tied to AI accelerators such as Nvidia’s.
- To meet AI-driven demand, Micron is expanding manufacturing capacity and pursuing partnerships including work with Powerchip to scale output.