Overview
- A U.S. class‑action complaint filed June 25 accuses Micron, Samsung and SK hynix of coordinating cuts to older DRAM to steer customers toward higher‑priced HBM and inflate memory prices.
- Micron reported record fiscal Q3 revenue and disclosed 16 strategic multi‑year agreements that management says have sold out virtually all its 2026 HBM capacity and create a revenue floor.
- Micron announced a separate multi‑year supply deal with General Motors to secure LPDDR and UFS memory for vehicles, reflecting automakers’ push to lock component supply after prior shortages.
- Markets are polarized: some analysts have raised price targets sharply on Micron’s contract book and margins while research shops like Morningstar warn of a 20–30% downside if Samsung and SK hynix’s planned capacity ramps materialize.
- Longer‑term structural risks include massive capex plans by Samsung and SK hynix, China’s growing DRAM maker CXMT constrained by EUV export controls, and the multiyear lead time to build fabs that will determine when prices normalize.