HBM4 ramp accelerating with Nvidia Vera Rubin
Key Questions
What is Micron's timeline for HBM4 volume production?
Micron plans mass production of 36/48GB HBM4 in Q1-Q2 2026, ramping twice as fast as initially expected. These products target NVIDIA's Vera Rubin platform.
Is Micron's HBM supply sold out for coming years?
Management confirmed HBM is fully sold out through 2026, with long-term agreements extending into 2027-2028. Demand continues to outpace available capacity.
How has Micron grown its HBM market share?
Micron's HBM market share rose from low single digits in 2024 to 21% by mid-2025. This positions the company alongside Samsung and SK Hynix as a key supplier.
What constraints does Micron face beyond 2026?
Management expects supply constraints to persist into 2027 and beyond due to overwhelming AI-driven demand. Enterprise SSD share gains also support the outlook.
How does HBM4 production benefit Micron's position with NVIDIA?
Verified production for NVIDIA Vera Rubin solidifies Micron's role in the AI supply chain. Long-term agreements provide revenue visibility through 2028.
HBM4 volume ramp twice as fast as expected; 36/48GB mass prod Q1-Q2'26 sold out to 2028. SSD share to 15%. Confirmed sold out through 2026+.