NEW YORK, January 2, 2026, 10:18 ET — Regular session
- Micron shares rose about 8% in early regular trading, outpacing the broader semiconductor sector.
- A renewed focus on AI-driven memory shortages and the high-bandwidth memory (HBM) race is back in play.
- Investors are watching next week’s U.S. jobs and inflation data for rate signals that can swing tech multiples.
Micron Technology Inc (MU.O) shares rose about 8% on Friday morning, leading U.S. memory and storage names higher in the first regular session of 2026. The stock was up $22.92 at $308.33 by 10:02 a.m. ET, after trading between $292.68 and $308.33.
The move comes as investors refocus on a tightening supply picture for memory chips, driven by heavy demand from AI infrastructure. IDC projected a 2026 contraction of up to 5.2% in smartphones and up to 8.9% in PCs in a pessimistic scenario as memory costs rise, Business Insider reported. 1
Macro catalysts are also piling up after the S&P 500 finished 2025 up more than 16%, Reuters reported. The U.S. jobs report is due Jan. 9 and CPI on Jan. 13, and investors are also watching for a Supreme Court decision on President Donald Trump’s tariffs and his choice of a new Fed chair; “The market is looking for direction,” said Matthew Maley, chief market strategist at Miller Tabak. 2
Micron outpaced the iShares Semiconductor ETF, up about 4.7%, while the Nasdaq-100 tracking Invesco QQQ added 1.2% and the SPDR S&P 500 ETF gained 0.7%. Nvidia rose about 3%.
The competition for high-end AI memory stayed in focus after Samsung Electronics’ chip chief said customers had praised its next-generation HBM4 chips, while SK Hynix’s CEO warned that competition was intensifying as AI demand becomes a given, Reuters reported. Counterpoint Research put SK Hynix’s share of the HBM market at 53% in the third quarter of 2025, followed by Samsung at 35% and Micron at 11%. 3
HBM, short for high-bandwidth memory, is a stacked form of DRAM that sits close to processors and moves data faster than conventional memory. It is used in advanced AI accelerators alongside GPUs, and shortages can ripple through the broader DRAM and NAND markets.
Micron and peers were among the market’s biggest winners last year: Reuters reported on Dec. 31 that storage-chip makers such as Micron, Western Digital and Seagate more than tripled in value in 2025. Western Digital was up about 6.6% on Friday morning and Seagate added 4.4%. 4
Micron’s own outlook has also fed the rally. In mid-December, the company forecast quarterly revenue and profit above Wall Street estimates on AI-driven demand and said it planned to lift 2026 capital spending to expand output. 5
Investors are now trying to gauge how long the current memory upcycle lasts. The industry has a history of sharp swings, and aggressive capacity additions can pressure pricing when supply catches up.
For Micron, traders will watch for fresh signals that demand for premium memory stays ahead of supply and that long-term supply agreements are sticking. Any read-through from Samsung and SK Hynix on qualification timelines for next-generation HBM could also swing sentiment.
The near-term backdrop is also about rates. Semiconductor stocks often trade like growth names, meaning a surprise in inflation or a jump in bond yields can quickly cap rallies, even when AI hardware demand stays solid.
For now, Micron’s early-2026 pop underscores that investors are still paying for exposure to the AI buildout — and for companies that can supply the memory those systems need.
