MU 2027年的 HBM 供应已接近售罄，价格至少上涨 20%，尽管 PC 与移动端需求下滑，仍将推动营收增长。

Micron announced its quarterly financial results yesterday after the stock markets closed, and one of the things investors were watching closely was Micron management's outlook for sector growth and the state of supply and demand in the market for 2027 and beyond.

The administration provided an updated outlook and stated that it expects conditions in 2027 and 2028 to be more difficult than in 2026 when assessing supply and demand, implying continued constraints that will worsen in the coming year and the year after.

So, this is great news for Micron, SK Hynix, Western Digital and other memory and storage suppliers.

But what does this mean for AI stock investors in general, and specifically for Micron? Is this good news for Micron stock investors?

Micron said: "We expect server unit growth to reach a percentage in the high teens range in 2026 and 2027." Any number of servers that will be added. However, they stated that there would be a slight decrease in component inputs for those servers.

However, there will still be growth in this category.

The thing is, growth will be slower than this year, meaning a slowdown in the growth of components that go into those servers due to tight supply. Simply put, there isn't enough on supply.

If there were more available, buyers of this technology would buy more.

We already knew that Micron's 2026 supply was completely sold out. We've known this for several months now. But management now says that 2027 is almost completely sold out as well.

We have entered into agreements for the majority of our high-bandwidth memory (HBM) chip supply for 2027 with significant year-on-year price increases .

This comes after Micron had already raised prices by triple percentages, and in some cases the increase reached 200% or even 300%. Now the administration is telling investors that there will be significant price increases next year compared to this year.

Therefore, large price increases, in my view, mean at least 20% . It may be much higher than that, but it is at least 20%. Management will not tell investors about large price increases if the increase is barely 10% or in the single digits .

They would simply say that prices will be higher next year. But they use the expression “ significant price increases,” which to me means 20% or more.

Because of these high prices, there are headwinds in some of the end markets served by Micron. The most prominent of these are the computer and mobile phone industries. Demand in these categories is likely to fall by double digits this year and possibly even next year.

But thanks to the high prices, Micron's revenues are likely to remain on a growth trajectory despite the significant decline in the number of units sold. This is likely to continue until 2027.

The administration stated here that the memory capacity in Level 4 and above autonomous vehicles typically exceeds 200 gigabytes, while the storage capacity reaches several terabytes, which is more than ten times what is currently found in Level 2 Plus and Level 3 semi-autonomous vehicles.

If that is the case , then of course there will be hundreds or even thousands more self-driving vehicles on the roads. Naturally, as regulation progresses, the manufacturing of these self- driving vehicles may increase significantly, which could be the next driver of demand for components from Micron and others serving this sector. So, this is something I'm watching closely.

Of course, this requires much more content, as the Micron management team highlights. Therefore, this is indeed great news for Micron stock investors.