Micron profitability HBM vs non-HBM
- Driven by pricing strength in conventional memory, Micron's Mobile & Client GM outperformed Cloud Memory (HBM) for the 3rd consecutive quarter. 79% vs 74% in Q2, 87% vs 83% in Q3, and 90% vs 83% in Q4 FY26.- Higher prices and a richer mix boosted Mobile & Client revenue by 14% q/q despite lower bit shipments. - HBM contracts have lagged the pricing cycle. Micron’s 2026 HBM prices were negotiated in 2025, and higher HBM mix held Cloud Memory GM flat at 83% in Q4.- 2027 should change the economics. Micron claims to have secured substantially higher HBM prices that kickoff at the start of CY27, likely helping it narrow the profitability gap with conventional DRAM.Source: Sravan Kundojjala
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