Micron Projects $100 Billion HBM Market by 2028 Amid Ongoing Supply Constraints Until 2026
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 17 2025
0mins
Source: SeekingAlpha
Management Performance: Micron Technology reported a strong start to fiscal Q1 2026, with record revenue, gross margin, and EPS exceeding guidance, driven by high demand and tight supply in the DRAM and NAND markets.
Market Outlook: The company anticipates significant growth in the HBM total addressable market, projecting it to reach $100 billion by 2028, two years earlier than previously expected, while also increasing fiscal 2026 CapEx to $20 billion.
Financial Results: Fiscal Q1 revenue reached $13.6 billion, marking a 21% sequential increase and a 57% year-over-year rise, with DRAM and NAND revenues also showing substantial growth.
Risks and Challenges: Despite strong performance, Micron faces ongoing supply constraints and challenges in meeting customer demand, with management acknowledging risks related to cleanroom space and potential tariffs impacting future operations.
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Analyst Views on MU
Wall Street analysts forecast MU stock price to fall
26 Analyst Rating
24 Buy
2 Hold
0 Sell
Strong Buy
Current: 895.880
Low
235.00
Averages
336.12
High
500.00
Current: 895.880
Low
235.00
Averages
336.12
High
500.00
About MU
Micron Technology, Inc. provides memory and storage solutions. The Company delivers a portfolio of high-performance dynamic random-access memory (DRAM), NAND, and NOR memory and storage products through its Micron and Crucial brands. The Company's products enable advancing in artificial intelligence (AI) and compute-intensive applications. Its segments include Cloud Memory Business Unit (CMBU), Core Data Center Business Unit (CDBU), Mobile and Client Business Unit (MCBU) and Automotive and Embedded Business Unit (AEBU). CMBU is focused on memory solutions for large hyperscale cloud customers, and high bandwidth memory (HBM) for all data center customers. CDBU is focused on memory solutions for mid-tier cloud, enterprise, and OEM data center customers and storage solutions for all data center customers. MCBU is focused on memory and storage solutions for mobile and client segments. AEBU is focused on memory and storage solutions for the automotive, industrial, and consumer segments.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
