Micron Pledges $25B FY2026 Capex After Surging HBM Share to 21%
Micron grew HBM market share from 9% in Q4 2024 to 21% in Q4 2025 and announced a $25 billion capital expenditure plan for FY2026 as the industry is sold out through 2026. SK Hynix holds 57% share while Samsung’s HBM3 packaging issues and Nvidia delays enabled Micron’s expansion.
1. Market Share Surge
Micron expanded its presence in the high-bandwidth memory (HBM) market from a 9% share in Q4 2024 to 21% by Q4 2025, capitalizing on doubled market size and full sell-through of HBM supply commitments through 2026.
2. $25B Capital Expenditure Plan
The company has outlined a $25 billion capex program for fiscal 2026 to increase wafer capacity and packaging lines dedicated to HBM, aiming to secure long-term supply contracts and meet multi-year customer commitments.
3. Competitive Landscape
SK Hynix remains the market leader with a 57% HBM share, while Samsung has encountered delays in HBM3 packaging qualifications with Nvidia, creating an opening for Micron to capture incremental volume.
4. Technological Edge
To address thermal challenges in next-generation HBM, Micron is deploying hybrid bonding—replacing solder bumps with copper-to-copper fusion—to reduce heat resistance across memory stacks and improve reliability.