Micron의 HBM4 양산 확대가 주목받는 가운데, 투자자들은 HBM4 가격 상승이 회사의 마진을 한층 끌어올릴 수 있을지 묻고 있다.

Micron Technology, Inc. (MU) is positioned to benefit from rising demand for high-bandwidth memory (HBM) as AI companies build more powerful data centers. Its HBM4 ramp-up could support further margin growth if strong demand, higher prices and efficient production continue.

Micron's fourth-quarter 2026 revenues jumped 379.3% year over year to $54.23 billion, while full fiscal 2026 revenues surged 256.3% to $133.19 billion. The fourth-quarter non-GAAP gross margin reached 87%, up from 45.7% in the year-ago quarter. For full fiscal 2026, the gross margin reached 81.1%, compared with 41.1% in fiscal 2025, highlighting the benefits of favorable memory pricing and strong demand.

HBM is an important part of this opportunity. Micron reported that HBM revenues grew faster than total company revenues in the fourth quarter. The company has also completed agreements covering most of its HBM bit supply for calendar year 2027, at significantly higher prices than the previous year. These agreements offer better revenue visibility and could help support profitability as shipments increase.

Micron's HBM4 progress adds another growth opportunity. The company said its 12-high HBM4 production ramp-up is advancing twice as fast as the comparable HBM3E generation, and it has already shipped more than $1 billion in HBM4 revenues. Faster production growth and better manufacturing yields could help reduce costs and improve returns as volumes rise.

Pricing is another potential margin driver. Micron has secured most of its 2027 HBM supply agreements at significantly higher year-over-year prices. Management expects these prices to narrow the gross-margin gap between HBM and conventional DRAM. However, the actual benefit will depend on production costs, product yields and how quickly shipments increase.

Micron's HBM4 ramp-up and higher contract prices provide a strong foundation for further margin improvement. Its 87% fourth-quarter gross margin already reflects favorable market conditions, but sustaining such high levels will depend on execution and continued AI spending. For the first quarter of fiscal 2027, Micron expects a non-GAAP gross margin of approximately 86.25%.

**How Do Rivals Fare Against Micron in the AI Memory Space?**

Micron's major competitors, SK hynix (SKHY) and Sandisk Corporation (SNDK), are also benefiting from AI-led demand for memory and storage solutions.

SK hynix is one of Micron's closest DRAM rivals and has a strong position in HBM, which is critical for AI accelerators. In the second quarter of 2026, SK hynix generated 79.3 trillion Korean won in revenues, up 257% year over year, while operating profit surged 557% to 60.5 trillion won. HBM, AI-server DRAM and enterprise SSDs drove the strong results.

Sandisk is more focused on NAND and storage than DRAM, but it is another stock that stands to benefit from AI infrastructure spending. Its fiscal 2026 revenues jumped 175% to $20.25 billion, while data-center revenues soared 437% to $5.15 billion. Sandisk's fourth-quarter fiscal 2026 revenues also surged 372% sequentially to $8.97 billion, showing strong demand for storage products used in data centers.

Both companies highlight the broadening AI-driven demand for memory and storage, although Micron remains particularly well positioned in DRAM and HBM.

**Micron's Price Performance, Valuation & Estimates**

Shares of Micron have surged 246.5% year to date, compared with the Zacks Computer and Technology sector's return of 23.4%.

From a valuation standpoint, MU trades at a forward price-to-earnings ratio of 5.47, significantly lower than the sector's average of 20.93.

The Zacks Consensus Estimate for Micron's fiscal 2027 and 2028 earnings implies year-over-year increases of 133.9% and 20.6%, respectively. Bottom-line estimates for fiscal 2027 and 2028 have been revised upward over the past 30 days.

Micron currently carries a Zacks Rank #1 (Strong Buy).