Micron forecasts HBM market will exceed $100 billion by 2027 and is raising capex to ~$27 billion as memory shortage extends beyond 2027.

Micron Technology forecasts the high-bandwidth memory (HBM) market will surpass $100 billion by 2027, signaling explosive demand from AI infrastructure buildout. The projection reflects intensifying competition for memory capacity as AI training and inference workloads strain global supply.

The chipmaker is raising capital expenditure to approximately $27 billion to expand HBM production and address persistent supply constraints. This capital commitment underscores the criticality of memory as a bottleneck in the AI accelerator ecosystem, where GPUs and specialty processors depend on HBM for performance.

Micron's outlook indicates memory shortages will persist beyond 2027, extending the window for suppliers to capture premium margins. The forecast aligns with broader industry capacity races as cloud providers and AI infrastructure firms race to secure AI chips—with memory production now a gating factor for overall system deployment.