On September 24 (Beijing Time), memory chip behemoth Micron Technology unveiled its financial results for the fourth quarter and the full fiscal year of 2025, outperforming market expectations. Fourth-quarter revenues soared to $11.32 billion, marking a 46% year-on-year increase, while full-year revenues surged to a record $37.378 billion. Within this performance, DRAM business revenue stood at $9 billion, constituting 79% of the total revenue, whereas NAND business revenue reached $2.3 billion, accounting for 20% of the total.

Micron anticipates that the DRAM supply will continue to be constrained in the foreseeable future, while the NAND market conditions are expected to see improvement. Driven by the momentum of AI technology, the company projects revenues for the first quarter of fiscal 2026 to range between $12.2 billion and $12.8 billion, with the gross margin projected to improve to between 50.5% and 52.5%.

In the realm of HBM technology, Micron has distributed samples of its 36GB 12Hi memory, compliant with HBM4 specifications, to multiple customers. These samples leverage a 12-layer stacked packaging process, achieving a data transfer rate exceeding 2.0TB/s. When compared to the previous generation, they offer performance enhancements of over 60% and energy efficiency improvements exceeding 20%. Micron has confirmed that HBM4 is slated for launch in 2026, with the base logic die being manufactured in-house. Meanwhile, the next-generation HBM4E will be produced by TSMC, with mass production anticipated in 2027. Currently, negotiations for the supply of HBM4 products in 2026 are in progress, with the signing expected to be finalized in the coming months. The first batch of products is planned for shipment in the second quarter of 2026.