Micron Technology announced in December that it has pre-sold its entire inventory of high-bandwidth memory (HBM) and advanced DRAM for calendar year 2026, completing price and volume contracts before the end of 2025. This record order book reflects supply constraints across the DRAM and HBM markets, where only three suppliers—Micron, Samsung and SK Hynix—serve global demand. In Q1 of its fiscal 2026 year, which ended November 27, Micron reported revenue of $13.6 billion, up 57% year-over-year, driven primarily by AI-related memory sales. The company also delivered earnings per share of $4.78, a 167% increase from the prior year, and gross margin expanded by more than 17 percentage points to 45.5%.

To address the chronic supply shortage and capitalize on AI growth, Micron has laid out more than $200 billion in planned U.S. capital expenditures over the coming years. Investments will expand its existing facility in Virginia and fund two new fabrication plants in Idaho and New York. Additionally, Micron signed a letter of intent to acquire a Taiwanese wafer fab for $1.8 billion. Despite a more than tripling of its share price over the past year, the stock trades at just 5.5 times forward sales and 11 times forward earnings—well below the peer group average—offering investors exposure to an AI-driven memory bottleneck at an attractive multiple.