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Reports indicate Micron Technology (NasdaqGS:MU) is not expected to be part of Nvidia’s supplier list for next generation HBM4 due to performance limitations.
The company has announced plans for a new wafer fabrication facility in Singapore with investment of about US$24b.
The Singapore plant is intended to increase output of advanced NAND and HBM memory aimed at AI related workloads.
Micron is a major producer of DRAM, NAND and high bandwidth memory used in data centers, smartphones and PCs, so any change in its AI related product roadmap can matter for the stock. Reports of exclusion from Nvidia’s HBM4 supply chain touch directly on Micron’s ambitions in higher margin AI memory, an area where rivals SK Hynix and Samsung are also active. At the same time, the large Singapore investment highlights that Micron is committing significant capital to future memory demand tied to AI workloads.
For you as an investor, these developments raise questions around execution risk and timing. On one hand, the HBM4 setback could limit Micron’s role in certain AI servers. On the other hand, the US$24b expansion indicates a significant capital commitment toward anticipated demand for advanced memory. The interaction of these factors may influence how the market assesses Micron’s competitive position and earnings profile over time.
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NasdaqGS:MU Earnings & Revenue Growth as at Feb 2026
How Micron Technology stacks up against its biggest competitors
For Micron, the reported loss of Nvidia HBM4 orders and the US$24b Singapore fab point in different directions for its AI-era plan. Missing out on a flagship Nvidia HBM4 slot could limit Micron’s exposure to some high-margin AI accelerators, while the new Singapore capacity, cleanroom space and co-located R&D underline a long-term push in NAND and HBM for data center and AI storage, where Samsung, SK Hynix and Kioxia are also competing hard.
The community narratives around Micron already focus on AI-driven memory demand, multi-year HBM contracts and heavy investment in advanced process technology. The Singapore NAND and HBM footprint, including the packaging facility due to add supply in 2027, fits that storyline of leaning into AI workloads. At the same time, the Nvidia HBM4 setback highlights that execution on leading-edge designs and customer wins remains central to how that thesis plays out.
⚠️ Concentration risk in a small number of large AI customers, where losing a program such as Nvidia HBM4 can affect mix and pricing power.
⚠️ High fixed costs and large capex commitments, including the US$24b Singapore buildout, increase pressure if memory pricing or utilization softens.
🎁 Tight memory supply and existing multi-year HBM agreements give Micron pricing power today, with earnings growth recently described as very large.
🎁 The Singapore NAND Center of Excellence and HBM packaging plant create an integrated hub that can support AI data center, smartphone and PC demand across cycles.
From here, you might watch how quickly Micron fills Singapore and other new capacity with long-term agreements, whether it wins HBM slots with GPU or accelerator vendors beyond Nvidia, and how pricing evolves as more fabs come online. If you want to see how different investors are thinking about these moving parts, take a look at the community narratives for Micron on this dedicated page.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include MU.
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