Micron Shares Jump 2% Despite Analyst Predicting Zero Nvidia HBM4 Orders
An analyst at Susquehanna cut Nvidia’s projected HBM4 orders with Micron to zero, citing design shifts in Nvidia’s Grace series. Micron shares nevertheless rose over 2% after forecasts of stronger PC DRAM pricing and commentary on potential new data center and AI memory wins.
1. Analyst Cuts Nvidia HBM4 Projections
Susquehanna analyst Christopher Rolland downgraded Nvidia’s expected HBM4 orders with Micron from prior forecasts to zero, pointing to divergent design choices in Nvidia’s Grace CPU–GPU chips. This marks a significant reversal given Nvidia’s prior status as a key high-bandwidth memory customer.
2. Stock Rises on DRAM Outlook
Micron shares climbed more than 2% in response to updated industry forecasts projecting a rebound in PC DRAM pricing through mid-2026 and signs of improving memory market supply–demand balance. Investors also cited potential enterprise and AI segment wins beyond Nvidia as bullish catalysts.
3. Revenue and Diversification Implications
Loss of Nvidia HBM4 volume may reduce Micron’s near-term revenue by an estimated $500 million–$700 million, but diversified exposure across client PCs, mobile DRAM and graphics markets may offset the shortfall. Management commentary on March’s fiscal-second-quarter guidance will be closely watched for updated sales and margin outlook.