New York, February 12, 2026, 10:21 (ET) — Regular session
- Micron shares climbed at the open, with executives discussing the upcoming launch of next-generation HBM4 memory.
- Who’s actually able to deliver high-bandwidth memory for AI hardware—without missing on timing or yield—has become a central concern for investors.
- Now, the focus shifts to the upcoming earnings release, with investors scanning for fresh clues on concrete shipments and price moves.
Shares of Micron Technology, Inc. jumped roughly 5% to $429.11 early Thursday, with volume at 13.6 million after the memory-chip company confirmed it’s already shipping HBM4 to customers.
HBM — that’s high-bandwidth memory, a stacked DRAM (dynamic random-access memory) tech that sits alongside AI processors — has turned into a real bottleneck for data-center gear. Suddenly, it’s not just the hardware blueprints under scrutiny; HBM4 ramp timelines are shifting share prices, too.
Speaking Wednesday at a Wolfe Research investor event, CFO Mark Murphy made it clear: “Demand is significantly higher than our ability to supply.” Murphy added that the industry doesn’t see the supply-demand picture loosening up anytime soon—conditions are likely to remain tight past 2026 as Micron pursues multi-year supply agreements. Seeking Alpha
Analysts wasted no time. Morgan Stanley bumped Micron’s price target up to $450 from $350 and reiterated its “overweight” call. Joseph Moore at the firm expects Micron to join SK Hynix as an HBM supplier to Nvidia by the second quarter. BNP Paribas’ Karl Ackerman, for his part, pointed out Nvidia’s efforts to broaden its memory supplier base. Barron’s
Competition is getting fierce. Samsung Electronics on Thursday announced it has sent out its HBM4 chips to clients, while SK Hynix, for its part, doubled down, saying it plans to hold onto its lead as the market pivots to this new generation.
Deutsche Bank’s Melissa Weathers is calling for Micron to hit $500, pointing to AI-fueled demand running into a bottleneck as DRAM supply tightens while manufacturing pivots to HBM. Her note flagged a risk, too: if memory prices spike faster than customers can handle, “demand destruction” could follow. MarketWatch
Micron now faces an execution challenge. Investors are eyeing the HBM4 ramp, looking for signs it can proceed smoothly—and watching to see if pricing stays firm across DRAM and NAND. If AI server demand shows even a slight dip, memory stocks could feel it right away.
Micron hasn’t set a date for its upcoming quarterly report, though Yahoo Finance’s earnings calendar shows March 18, after the bell. What traders want: new figures on HBM shipments, supply deals, and pricing.
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