New York, Feb 6, 2026, 10:03 EST — Regular session
- After a rocky open, Micron shares climbed about 0.5%
- Semianalysis cast doubt on Micron’s ability to supply Nvidia’s upcoming HBM4 memory
- Investors are focusing on Micron’s Wolfe Research conference on Feb. 11, looking for new details on HBM and demand trends
Micron Technology (MU) shares edged up 0.5% to $384.86 in early Friday action, bouncing between $371.27 and $401.50. Investors reacted to a bearish outlook on Micron’s next-gen AI memory. Semianalysis cut its forecast for Micron’s share of Nvidia’s HBM4 supply to zero, saying it sees “no indications of Nvidia ordering Micron HBM4,” according to a report on Investing.com.
The issue is critical because high-bandwidth memory, or HBM, refers to stacked DRAM inside AI chips that moves data swiftly while reducing power use. Nvidia dominates pricing in this market, so dropping ground here can quickly squeeze margins and shape contract talks down the line.
Chip and AI-hardware shares plunged Wednesday, sparking volatility on the tape. AMD’s cautious outlook spooked investors, raising doubts about near-term demand and lofty stock prices. That sent Micron tumbling over 9% in the broader selloff. 1
The memory shortage is spreading beyond data centers. Apple CEO Tim Cook told investors that memory chip prices are poised to “increase sharply.” Reuters highlighted that soaring AI infrastructure demand is draining supply and driving up DRAM costs — a crucial part for smartphones and PCs. Nabila Popal, senior research director at IDC, described it as “the biggest question for the industry now,” questioning whether Apple will hike prices or swallow the expense. 2
Insider trading has drawn attention after the stock’s recent rally. On Feb. 2, Micron Chief Business Officer Sumit Sadana sold 25,000 shares at prices ranging from $429 to $432, per a Form 4 filing. Following the transaction, Sadana’s stake stands at 248,021 shares. 3
Micron’s stock isn’t budging despite the broader market mood. U.S. equities edged higher Friday after a rough patch for tech, but Amazon took a hit. Reuters revealed it’s now the latest Big Tech firm ramping up AI infrastructure investments. 4
The longer-term bull case rests on tight supply and strong pricing power. In December, Micron forecast adjusted earnings near $8.42 per share for the current quarter, well above Wall Street’s expectations at that time. The jump comes as demand for memory in AI systems surges amid constrained supply. “Micron has strategically repositioned its production capacity for the AI sector,” eMarketer analyst Jacob Bourne said then. 5
The risk here is clear: HBM sockets are locked in step by step, and suppliers rotate depending on how well they perform, their yields, and customer sign-off. Should cloud spending slow down or supply come online faster than expected, those wide margins investors counted on could narrow quickly.
Investors are zeroing in on Micron’s presentation at Wolfe Research’s Auto, Auto Tech and Semiconductor Conference on Feb. 11. Key points expected include progress on HBM4 development, fresh customer agreements, and shifts in demand. 6
