HBM (high-bandwidth memory)
HBM4 36GB 12-high entered volume production in 2026. HBM4E is expected to ramp volume in calendar 2027.
The numbers
What it is
Stacked DRAM sold to AI accelerator makers. HBM4 36GB 12-high began volume production in 2026 on the 1-beta node, and HBM4 48GB 16-high samples went to multiple key customers. HBM4E, on the 1-gamma node, is in development for a 2027 ramp.
Why it matters to the stock. HBM is the highest-margin memory product and the main link between Micron and AI accelerator spending. Its share of DRAM output and the timing of each generation drive the AI memory bull case.
News
Micron Taiwan investment tops NT$1.6 trillion; second Taichung HBM packaging plant set to start mid-October
Micron Taiwan said at a media event on October 1, 2026 that its investment in Taiwan has passed NT$1.6 trillion, about US$50 billion, with roughly half of that made in the past four years.
Micron plans about $25 billion of capex in fiscal H1 2027 and more than $50 billion for the year
On the fiscal Q4 2026 call, Micron said first-half fiscal 2027 capital spending would be about $25 billion and that full-year spending is on track to exceed $50 billion, against $27.37 billion in fiscal 2026.
Micron says it is working with Nvidia on a custom HBM4E product called NV-HBM
On the fiscal Q4 2026 call, Micron said it is working with Nvidia on a custom HBM4E implementation it calls NV-HBM, for next-generation GPUs and NVLink Fusion platforms.
Micron declares $0.15 quarterly dividend payable July 21, 2026
Micron's board declared a quarterly cash dividend of $0.15 per share alongside the fiscal Q3 results.
Micron repurchases $650 million of stock in first half of fiscal 2026
Micron's fiscal Q2 release shows $650 million of repurchases under its repurchase program for the six months ended February 26, 2026.
Micron says HBM4 36GB 12-high is in volume shipment for NVIDIA Vera Rubin
At NVIDIA GTC on March 16, 2026, Micron said its HBM4 36GB 12-high memory had begun volume shipment in calendar Q1 2026, designed for NVIDIA's Vera Rubin platform.
Micron plans a second Tongluo fab of similar scale, with construction by end of fiscal 2026
Micron plans a second expansion phase at its Tongluo, Taiwan site, a new facility of similar scale to the P5 site.
Micron shares gain 5.13% to $426.13 ahead of fiscal Q2 earnings
Micron closed at $426.13 on Friday, March 13, 2026, up 5.13% or $20.78 on the day.
Micron CFO says HBM4 is in high-volume production and ramping in calendar Q1
At the Wolfe Research conference on February 11, 2026, CFO Mark Murphy said Micron was already in high-volume production of HBM4 and had begun shipping to customers.