Micron announced $27B capex for FY26 and forecasted $100B HBM TAM by 2027 as AI demand strains memory supply.

Micron announced a fiscal 2026 capital expenditure budget of approximately $27B, a significant increase aimed at expanding memory production capacity amid surging artificial-intelligence demand.

The company forecasts that the high-bandwidth memory (HBM) market—critical for AI accelerators—will exceed $100B in total addressable market by 2027. This projection reflects intensifying supply constraints as AI infrastructure buildout accelerates globally.

The capex lift underscores how memory supply has become a bottleneck in the AI datacenter race. Micron's investment signals confidence in sustained demand for HBM from AI chip makers and cloud providers, positioning memory capacity as a potential gating factor in how quickly AI compute infrastructure can scale.