# HBM demand — X 热门讨论 (2026-09-30 23:32 UTC)

## @StockSavvyShay (Shay Boloor) · 09-30 22:38 · ♥81 ↻3 💬12 $MU NAND revenue has jumped nearly 8x to $14B in 18 months with data center SSDs now making up ~71% of the business.

Really interesting seeing storage become Micron’s fastest growing business as AI agents drive more context and KV cache demand which adds another growth engine beyond HBM. > 引用 @VestExchange: $MU reports fiscal Q4 results after today's close, with consensus at $50.78B in revenue and $31.28 adjusted EPS.

→ Revenue: $41.46B in fiscal Q3, against $23.86B in fiscal Q2 and $13.64B in fiscal Q1 → Guidance: $50.0B ±$1.0B for fiscal Q4, with an 86% gross margin and $31.00 adjusted EPS

The shares enter the print with $MU up around 275% this year and about 12% below its 52-week high, and the quarter runs 14 weeks, per the 10-Q.

Cloud Memory and Core Data Center revenue reached $13.77B and $11.52B in fiscal Q3, with the fiscal 2027 outlook, HBM4 economics, DRAM pricing and record capital spending the watch items. https://x.com/StockSavvyShay/status/2105427171464683791

## @FinanceLancelot (Financelot) · 09-30 21:29 · ♥43 ↻2 💬3 BREAKING: Micron CEO Sanjay Mehrotra confirms a major $MU customer is planning to de-spec HBM products, adding concern about oversupply.

Sanjay said he expects demand to continue throughout 2027 and 2028. https://x.com/FinanceLancelot/status/2105409609959645358

## @athuinvests (Athu) · 09-30 20:33 · ♥32 ↻4 💬4 $MU EARNINGS IS INSANE!

Micron has no "line of sight to when supply and demand will return to balance."

RPO is ~$150B across 26 take-or-pay SCAs, which Micron calls conservative because it uses committed volumes and minimum pricing. Customers have put up $32B in commitments, mostly cash deposits.

(Numbers) - Revenue: $54.23B (+379% YoY) - EPS: $33.42 (+1,003% YoY) - Gross margin: 87.0% (46% a year ago)

(Technology) - DRAM: $39.8B (+343% YoY) - NAND: $14.1B (+526% YoY) - Core data center: $18.0B (+1,042% YoY) - Cloud memory: $16.3B (+258% YoY)

DRAM prices rose in the high-teens QoQ and NAND about 30%.

(Guide) Q1 FY27 guide: - revenue $60B-$63B, - EPS $37.15-$39.15, - gross margin ~86.25%

Q1 is the gross margin floor for FY27. It rises after that, with a more moderate pace of price increases.

The vast majority of calendar 2027 HBM supply is already agreed at significantly higher prices.

$DRAM $SKHY $SNDK https://x.com/athuinvests/status/2105395525910745515

## @OptionsPro101 (OptionsTrading101) · 09-30 22:02 · ♥35 ↻1 💬3 $MU is down after hours because it looks like investors are focusing on the capex instead of the demand.

A lot of the AI memory boom was already priced in after a massive run, so the market is hung up on Micron spending about $11B in Q4 and $27B for the year, with another step up in FY27 for new HBM fabs.

That spend can squeeze free cash flow even while revenue explodes, but it is the wrong thing to focus on.

They beat and raised because memory demand is still strong, and that same capex is what keeps supply tight into 2027 and 2028, which supports pricing across HBM and regular DRAM.

The investors have their priorities mixed up if they are more worried about a spend heavy print than about the demand that print just confirmed. https://x.com/OptionsPro101/status/2105417919572152671