Micron Technology announced that its entire 2026 production of high-bandwidth memory (HBM) is fully pre-sold, reflecting surging demand from AI and data center customers. To capitalize on this momentum, the company is phasing out its Crucial consumer SSD and DRAM product lines, reallocating production capacity and R&D resources toward AI-grade HBM chips. Executives noted that HBM bookings exceeded available wafer starts by 20% during initial allocation rounds, underscoring tight supply conditions.

After more than doubling from its November trough, Micron shares declined over 3.5% in a single session as investors realized gains. Trading volumes rose by 45% versus the 30-day average, with options open interest spiking nearly 60%. Market participants cited concerns over the company’s elevated capital-expenditure plan—Micron is earmarking roughly $25 billion for wafer fab expansions through 2028—and the risk of diminishing returns if memory prices soften.

In the fourth quarter, Micron reported revenue of $13.64 billion, a 56.7% increase year-over-year, and non-GAAP EPS of $4.78, beating consensus by $1.01. The firm exited the period with a net margin of 28.2% and return on equity of 22.7%. For Q2 FY2026, management provided non-GAAP EPS guidance in a range of $8.22 to $8.62, implying sequential growth of approximately 80%; analysts collectively expect full-year EPS to reach $6.08.

In the latest 13F disclosures, Convergence Investment Partners acquired 1,502 shares of Micron, representing a $251,000 investment. Other funds such as Cullen Frost Bankers and AlphaQuest also increased positions by 79.3% and 13,250%, respectively. On the sell side, EVP April Arnzen sold 15,000 shares for $4.16 million, trimming her stake by 8.3%, while CAO Scott Allen divested 2,000 shares, a 4.97% ownership reduction. Insiders net sold 37,923 shares over the past quarter, valuing their dispositions at $11.7 million.