What will Micron Technology, Inc. (MU) hit in September 2026?

Memory: Our technology visits show DRAM is in good shape. - Recent supply chain visits, coupled with SEMICON 2026, indicate that the DRAM outlook is stronger than previously feared. Following our bearish report on July 3rd, we have shifted to a positive view on the DRAM industry. - DRAM is robust: We believe that US hyperscale cloud vendor inventories are low and likely to decline further. We expect hybrid DRAM prices to increase by approximately 10% quarter-on-quarter in Q4 2026 (compared to the high double-digit figures in Q3). - NAND is weak: Prices saw high double-digit quarter-on-quarter increases in Q3 2026, followed by a softening to low single-digit figures in Q4 due to weaker mobile demand and high inventory levels. - HBM is strong: We are positive on 2027 due to tight supply and demand for GPUs in China. The HBM4 pricing range is $2.9–4.5 per Gb, and we expect the final price to be $3.5–4.0 per Gb. However, we remain optimistic about 8-Hi adoption, while the probability of a 4-Hi GPU variant is low. The Vera SOCAMM specification is still being revised downwards, and is expected to drop to 64GB in Q1 2027. - SEMICON / NVHBM: The collaboration between MediaTek and Nvidia in NVHBM was highlighted. This shifts the value of base-die design towards Nvidia (NVDA) and MediaTek (2454 TT). Progress on cHBM/zHBM was also mentioned during SEMICON.