The demand for AI chips has triggered a shortage of memory chips, bringing Micron Technology into the spotlight.
Micron Technology will announce its second-quarter earnings for fiscal year 2026 after the U.S. stock market closes on Wednesday, with analysts expecting a year-on-year revenue increase of up to 148%.
The stock price of this memory chip manufacturer has risen approximately 62% year-to-date, making it the only company among the ten largest technology companies in the U.S. by market capitalization to record an increase this year, with a market value rising to $520 billion, surpassing Oracle's current market value of $445 billion.
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The direct driver of the memory chip shortage is the procurement competition among major tech giants for AI computing power. According to LSEG data, analysts expect the average selling price of DRAM in Micron's second fiscal quarter to rise nearly 32% quarter-on-quarter, and this price surge has begun to spread to the PC and smartphone markets, prompting industry research institutions to lower their forecasts for terminal device shipments.
<h2>Supply-Demand Imbalance Boosts Performance Expectations</h2>
The accelerated construction of AI infrastructure is the core driving force behind this round of memory shortages. Jensen Huang stated at the company's GTC conference on Monday that he expects the procurement orders for Blackwell and Vera Rubin GPUs to reach $1 trillion by 2027.
Cloud service giants Amazon and Google are also continuously raising their capital expenditure forecasts, as their data centers require a large number of NVIDIA GPU racks equipped with memory chips.
According to estimates by RBC analysts in their research report, the DRAM requirement for NVIDIA's Vera Rubin NVL72 system is about three times that of the Grace Blackwell GB300 NVL72 rack, and a single Rubin Ultra GPU will be equipped with 1TB of HBM4e high-performance memory, which is also more than three times that of a single Rubin GPU.
Micron stated last December that its high-bandwidth memory (HBM) capacity for 2026 has been fully sold out. The chairman of Micron's competitor SK Hynix's parent company, Choi Tae-won, stated at NVIDIA's GTC conference this week that this round of memory shortages will last for four to five years.
Regarding the outlook for the third fiscal quarter, analyst expectations compiled by StreetAccount indicate that Micron's adjusted gross margin will exceed 71%, with revenue expected to reach $23.8 billion, a year-on-year increase of nearly 156%.
<h2>Expansion Plans Take Time to Materialize</h2>
In response to strong demand, Micron has initiated several capacity expansion plans, but the actual release of new supply still requires waiting.
In January of this year, Micron held a groundbreaking ceremony in northern New York, planning to build up to four wafer manufacturing plants at that location; in February, the company opened a packaging and testing factory in India to process memory wafers into finished products.
Micron's CEO defined memory as a strategic asset in the AI era during an interview with CNBC in January. &#34;Memory is the core enabler of AI,&#34; he stated, &#34;it is today a strategic asset, not just a component in the system.&#34;
&#34;Just like your brain, you need more storage, you need faster storage.&#34;
Micron will hold an analyst conference call at 4:30 PM Eastern Time, during which investors will focus on the company's performance guidance for the upcoming quarters and the latest progress on HBM capacity expansion.
<h2>Price Surge Drags Down PC and Smartphone Markets</h2>
The price pressure from tight memory supply has been transmitted to the downstream industry chain. Industry analysis firm TrendForce reported in February that PC DRAM contract prices &#34;have surged significantly&#34; this quarter. RBC analysts cited TrendForce data predicting that the price increase for hybrid DRAM in the first quarter of 2026 will reach 80% to 85%.
Market research firm IDC downgraded its PC shipment forecast last week, expecting a decline of 11.3% in PC shipments this year, a significant increase from its previous November forecast of a 2.4% decline; smartphone shipments are also expected to drop by 12.9%. IDC research manager Jitesh Ubrani stated, &#34;The memory shortage will continue until after 2027.&#34;
Dell's Chief Operating Officer Jeff Clarke also warned analysts about this pressure during the company's earnings call in February. He stated, &#34;DRAM costs have increased by 5.5 times in the past six months, while NAND flash costs have risen by 4 times.&#34; &#34;We are working with our memory partners to remain as flexible and agile as possible.&#34;

美光科技2026财年Q2财报即将发布：市场预期营收约19.1亿美元（+138% YoY），Non-GAAP EPS约8.6美元（+450% YoY），AI驱动HBM内存需求强劲。3月18日（美东盘后）披露，分析师普遍看好超预期表现，关注AI红利持续性。适合半导体、AI概念传播。

美光科技2026财年Q2财报即将发布：市场预期营收约19.1亿美元（+138% YoY），Non-GAAP EPS约8.6美元（+450% YoY），AI驱动HBM内存需求强劲。3月18日（美东盘后）披露，分析师普遍看好超预期表现，关注AI红利持续性。适合半导体、AI概念传播。

Micron's Earnings Report Is Just Around the Corner

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Micron Technology will announce its second-quarter results for fiscal year 2026 after the U.S. stock market closes on Wednesday. Analysts expect its revenue to increase by as much as 148% year-on-year, with the average selling price of DRAM rising nearly 32% quarter-on-quarter. The supply of memory remains tight, and the chairman of SK Hynix's parent company, Choi Tae-won, stated that this round of memory shortage will last for four to five years

- Micron Technology is in the spotlight due to a memory chip shortage driven by demand for AI infrastructure.  
- Analysts anticipate a revenue increase of up to 148% for Micron in Q2 2026, with its stock rising approximately 62% this year, boosting its market cap to $520 billion.  
- The supply-demand imbalance is impacting the PC and smartphone markets, leading to elevated memory prices and forecasts of reduced unit shipments through 2027.

After a 62% surge in stock price this year, Micron faces a major earnings test tonight