Micron Taiwan and US DRAM/HBM expansions; Clay fab accelerated; Japan $9.3B plant groundbreaking; 40% US DRAM target by 2030
Key Questions
What are Micron's key DRAM and HBM expansion projects?
Manassas has started 1α DRAM production while Tongluo is on track for late-2026 with over 10% capacity. The company confirmed $25B FY26 capex and a $200B overall expansion plan targeting 40% US DRAM share by 2030.
What progress has been made on Micron's Japan HBM plant?
Micron broke ground on the $9.3B Hiroshima fab with ¥536B in subsidies to produce HBM4E on 1γ/1δ nodes. Shipments are expected in 2028 to support NVIDIA's Vera Rubin platform, with equipment installation in 2H28.
How is the Clay fab timeline advancing?
The Clay fab foundation pour was accelerated four months ahead of schedule as part of the GM SCA modernization of the Manassas site. This supports broader US expansion goals alongside New York megafab plans with Bechtel.
What does SEMI forecast for memory fab equipment spending?
SEMI projects record $50B+ in 2026 memory equipment spending, with DRAM at $37B (+29% YoY) and 2027 rising to $57B. This reflects sustained investment by Micron, Samsung, and SK Hynix.
How many LTAs has Micron secured and what is their value?
Micron has 16 LTAs with $22B in commitments, including the recent Ford and GM SCAs. These agreements help lock in supply for automotive and other sectors amid tight markets.
What role is Japan playing in Micron's AI memory strategy?
Japan is backing the Hiroshima expansion with major subsidies to position itself as an AI memory production base. This complements Micron's global footprint across the US, Taiwan, Singapore, and other sites.
What is SK Hynix's planned US listing size?
SK Hynix is pursuing a $14B US listing to fund its expansions. This occurs alongside Micron's $200B US plan and broader industry investments in memory capacity.
How do the Ford and GM deals support Micron's diversification?
Both SCAs secure long-term memory supply for vehicles and software-defined platforms, backed by Manassas fab upgrades. They reduce reliance on pure AI demand while expanding automotive exposure.
Manassas 1α DRAM production started; Tongluo late-2026 >10% capacity. $25B FY26 capex confirmed; $200B expansion plan. Bechtel selected for New York megafab. SK Hynix $14B US listing. SEMI forecasts record $50B+ memory fab equipment spending in 2026 (DRAM $37B, +29% YoY), with 2027 projected at $57B. 16 LTAs with $22B commitments. Clay fab foundation pour accelerated 4 months ahead of schedule; GM SCA includes Manassas fab modernization. Micron breaks ground on $9.3B Japan HBM plant with ¥536B subsidy, 1γ/1δ nodes, HBM4E production, shipments 2028. Hiroshima fab will produce HBM4 for NVIDIA Vera Rubin, equipment 2H28. Micron global expansion: US, Singapore, Taiwan, Japan, Malaysia, China, India—$200B US plan, 40% US DRAM target by 2030. TheStreet piece on Tokyo's ¥500B subsidy adds geopolitical angle and ties to Burry's short. Ford SCA also backed by Manassas fab expansion.