Micron Drops as Nvidia HBM4 Report Shows Zero Share

Key Moments

Shift in Market Reaction

Micron Technology (NASDAQ:MU) traded down 0.5% in pre-market action on Friday, reversing earlier strength after a cautious industry report tempered optimism around the company’s high-bandwidth memory (HBM) trajectory.

The stock had been up 4% pre-market, supported by Amazon’s (NASDAQ:AMZN) disclosure of a planned $200 billion capital expenditure program for 2026. That projection had been interpreted as a positive signal for longer-term demand for memory components used in data centers.

Semianalysis Pulls Micron from Nvidia HBM4 Outlook

Sentiment weakened after research firm Semianalysis sharply cut its expectations for Micron’s participation in Nvidia’s (NASDAQ:NVDA) next-generation HBM4 supply chain. The firm now assumes Micron will not provide any HBM4 to Nvidia, stating in its report: “We currently do not see indications of Nvidia ordering Micron HBM4.”

This latest view follows an earlier downgrade from Semianalysis in early January, when the firm had already turned more cautious on Micron’s HBM4 prospects. At that time, the research cited “poor speed performance from their use of an internal base die” as a key concern.

Projected HBM4 Supplier Breakdown

In its updated assessment, Semianalysis expects Nvidia to source HBM4 exclusively from SK Hynix and Samsung, assigning them the following approximate shares:

Implications for Micron’s AI Memory Ambitions

HBM is a key technology for powering advanced AI processors, and access to Nvidia’s next-generation platforms is considered strategically important for memory suppliers targeting high-margin AI demand.

Being left out of Nvidia’s HBM4 sourcing, as projected by Semianalysis, could weigh on Micron’s potential growth in this premium segment. That risk comes even as Amazon’s sizable 2026 capital spending plans point to a broader uplift in data center investment, which could support overall memory demand.