Micron Technology is one of the world's largest manufacturers of DRAM and NAND flash memory, and one of three companies—alongside SK Hynix and Samsung—capable of producing high-bandwidth memory (HBM). HBM is a stacked DRAM product mounted directly on AI accelerators, providing memory bandwidth orders of magnitude higher than standard DDR memory. Every Nvidia, AMD, and Google AI accelerator deployed in a data center includes HBM, making Micron a direct participant in AI accelerator production.

Micron's HBM business grew from a minor contributor to a primary revenue driver in less than two years. Data center DRAM revenue—conventional DDR used in AI servers for host memory—tripled YoY as AI server deployments expanded the installed base of memory-intensive systems. Gross margins improved from approximately 22% in FY2024 to above 50% in FY2025, reflecting the shift in revenue mix toward higher-value HBM and data center products.

HBM3E supply sold out through 2026, and Micron has begun pricing HBM4 capacity agreements. Q1 FY2026 revenue was $13.64B, up 57% YoY, with continued growth guided for subsequent quarters. Micron's position as one of three HBM manufacturers gives it structural participation in AI accelerator production volumes—every GPU built requires HBM, and the HBM content per GPU grows with each generation as AI models require more memory bandwidth.