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. CFO Mark Murphy said spending would rise further in the second half, and first-quarter capex is guided to about $11.5 billion. Shares closed at $1,065.11 before the report and slipped after the capex plan was discussed on the call, so the spending path is now a key input to the supply and margin debate.

• First-half fiscal 2027 capex about $25 billion
• Full-year fiscal 2027 capex on track to exceed $50 billion (fiscal 2026: $27.37 billion)
• First-quarter fiscal 2027 capex about $11.5 billion
• Management ties the increase to HBM and the expected multi-year memory shortage
• Shares closed at $1,065.11 on September 30 and pulled back to about $1,050 after the capex remarks