Micron: Memory's Share of System Value Rises to Nearly 50%, AI Agent Demand in Preseason Warm-Up Phase

Micron Technology stated at the FMS 2026 conference that the share of memory in the total system value has risen from about 10% thirty years ago to nearly 50%, and this trend is accelerating. Currently, DRAM and NAND are in a state of supply shortage, with memory demand being more rigid and price elasticity lower than market expectations. Strategic customer agreements are expected to cover about 40% of sales, providing a price stability mechanism for both parties. Micron's management views CPU-side AI Agent demand as a new pillar beyond the GPU ecosystem, describing it as a "preseason warm-up." Regarding emerging technologies like SRAM, Micron believes their scalability is limited and cannot challenge the core position of HBM, with only about 5% of systems currently running such specific loads. Deutsche Bank maintains a "Buy" rating, believing Micron possesses a unique advantage of "growing without sacrificing profits." During FMS, Sandisk and SK Hynix jointly released the first HBF technical specifications, but Micron believes that its actual value and commercialization prospects remain controversial.

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