Memory-chip maker Micron posted a record $41.46 billion（約6.6兆円） in quarterly revenue, with its entire 2026 high-bandwidth memory supply already sold out under multi-year contracts.
Since this memory is essential to Nvidia's AI accelerators, the multi-year sellout signals that demand for AI chips remains robust and locked in well into the future, offsetting near-term concerns about rising memory costs.
What happened
Micron Technology reported fiscal Q3 2026 revenue of $41.46 billion（約6.6兆円）, up 346% year over year, driven by surging demand for high-bandwidth memory (HBM) chips used in AI servers. The company's newest HBM4 product has already shipped more than $1 billion（約1600億円） and is ramping about twice as fast as the prior generation. Management guided for fiscal Q4 2026 revenue of $50 billion（約8兆円）.
Why it matters
Micron's entire 2026 HBM supply is already sold out under multi-year, fixed-price agreements, and the company can currently fill only about half to two-thirds of what several key customers want. Since Micron's memory is stacked directly onto Nvidia's AI accelerators like Blackwell chips, a sold-out, multi-year HBM order book effectively signals sustained demand for the AI chips that depend on it—reinforcing CEO Jensen Huang's stated view of at least $1 trillion（約160兆円） in revenue from 2025 through 2027.
What to watch
Micron's HBM4 ramping twice as fast as its predecessor suggests strong uptake in Nvidia's Vera Rubin platform, set to ramp in the second half of this year. However, a supply-constrained memory market may drive higher memory costs, which Nvidia may need to absorb or pass along to customers.
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