MU · 10-K · 2026A · Full report

AI Memory Demand Trends

MICRON TECHNOLOGY INC · 2026-10-09 · Importance 23 · Surprise 24

AI-driven memory and storage demand growth outpaced industry supply in 2026, with data-center demand increasing faster than Micron and the industry could add supply. Robust DRAM and NAND demand, combined with constrained supply, drove higher pricing and profitability across the portfolio. Micron redirected supply toward data-center and hyperscale cloud markets, particularly for HBM, high-capacity DIMMs, low-power server DRAM, and data-center SSDs. Supply allocation decisions may affect certain customers and end markets as AI demand continues to accelerate.