Micron forecast DRAM and NAND memory shortages will extend through 2027 and beyond, driving 267% stock spike.

Micron Technology and SK Hynix have intensified investor focus on memory chips as a cornerstone of the AI trade. SK Hynix announced plans for a U.S. stock listing valued at approximately 45.45 trillion won, or $29.4 billion, positioning it among the largest offerings on record. Micron, meanwhile, reported quarterly results with stronger sales and profit forecasts, and flagged that tight memory supply could persist beyond 2027. These developments eased concerns about slowing AI spending and lifted Asian chip stocks broadly, including Samsung Electronics and Kioxia Holdings.

The memory industry's resurgence represents a dramatic reversal from 2023, when excess inventory and weak demand inflicted severe damage. Micron alone lost nearly $6 billion during that fiscal year. AI infrastructure demand has transformed the landscape, particularly for high-bandwidth memory (HBM) used alongside Nvidia accelerators. SK Hynix maintains an advantage in HBM production, while Micron and Samsung are rapidly catching up. As manufacturers redirect capacity toward HBM, supply of traditional DRAM and NAND chips has tightened, forcing PC, smartphone, and equipment makers to compete for affordable memory supplies.

Much of this optimism is already reflected in share prices. Micron has climbed 267% this year, becoming the Philadelphia Semiconductor Index's top performer, while SK Hynix has roughly quadrupled since the start of 2026. Samsung has nearly tripled, and Kioxia has surged approximately 800%, making it Japan's most valuable company. Micron reported shipping $1 billion worth of HBM4 chips and ramping production at twice the pace of its predecessor last year. The company is leveraging supply constraints to lock in longer-term customer agreements, many extending five years, providing greater visibility into future capital spending plans.