Micron Confirms HBM4 Success, Mass Production in 2026

Micron Technology has released a strong set of results, fueling optimism about a new memory "super cycle." The company also addressed concerns about the bandwidth of its upcoming sixth-generation High Bandwidth Memory (HBM4), saying it is confident next year's HBM lineup will be fully booked.

For its fiscal Q4 2025 (June–August), Micron posted revenue of $11.32 billion and earnings per share of $3.03, beating LSEG's forecast of $11.22 billion and $2.86. Revenue rose 46% year-on-year, driven mainly by cloud storage products, including HBM, which generated $4.54 billion—triple last year's figure.

Looking ahead, Micron expects fiscal Q1 2026 revenue of $12.5 billion, above market expectations of $11.94 billion. The company projects the HBM market will reach $100 billion by 2030, with demand for DRAM and NAND set to outpace earlier forecasts in 2025.

Micron reassured the market about HBM4, revealing it has already delivered samples with speeds up to 11Gbps, higher than JEDEC's 8Gbps standard, and aims to ship first products in the first half of 2026. Supply contracts for fiscal 2026 are expected to be finalized in the coming months.

This comes as NVIDIA reportedly pushed memory makers to boost HBM4 speeds to 10–11Gbps, a target already reached by Samsung and SK Hynix. Analysts note Micron still faces challenges scaling bandwidth beyond 8Gbps, but the company insists development is on track.

Micron's results, released a month earlier than Samsung and SK Hynix, often set the tone for the memory market. With only three companies dominating global DRAM and NAND, Micron's strong performance signals an improving outlook for the industry. However, its steady progress in HBM4 is a tougher signal for Samsung, which is trying to regain ground with next-gen HBM based on its advanced 1c DRAM.