Micron Sells Out 2026 AI Memory Supply Amid Growth

Micron Technology has completely sold out its volume and pricing for high-bandwidth memory (HBM) through the 2026 calendar year, driven by unprecedented demand from AI hyperscalers expanding data center capacity. The company reported fiscal first-quarter revenue of $13.64 billion, a 56% to 57% year-over-year increase, and provided second-quarter guidance forecasting revenue of approximately $18.7 billion.

To support this growth, Micron is increasing its 2026 capital expenditure budget from $18 billion to $20 billion. This expansion includes breaking ground in January 2026 on a $100 billion megafab in upstate New York, the largest manufacturing facility of its kind in the United States, funded in part by the CHIPS Act. The company also plans to open additional domestic and international plants between 2027 and 2030.

CEO Sanjay Mehrotra predicts the total addressable market for HBM will reach $100 billion by 2028, accelerating previous projections that estimated this milestone by 2030. Mehrotra asserts that memory has become a strategic asset essential for AI functions, distinguishing the current cycle from previous industry gluts. Despite these gains, analysts warn that the stock's rapid ascent—which saw its valuation exceed $400 billion by late January—may exceed sustainable growth prospects if supply eventually catches up to demand.