Micron flags AI demand uncertainty, supply-execution risks as DRAM prices surge 140% YoY

Filed June 25, 2026 · Period ending May 28, 2026 · Compared to 10-Q Jun 26, 2025 · ~2 min read

Key Changes

• high

  DRAM average selling prices increased approximately 140% for the first nine months of 2026 compared to the first nine months of 2025; NAND prices up ~130%. Historical five-year range for DRAM now includes increases in the low 40% range, reflecting stronger recent pricing environment.

  Risk Factors: ASP volatility verify on EDGAR →
• high

  Company explicitly flags AI as a rapidly-evolving, difficult-to-forecast demand driver, noting it has incurred and expects to continue to incur costs in anticipation of AI demand that may not materialize or be sustained. Warns that if HBM demand weakens and capacity shifts to conventional DRAM, significant oversupply and margin pressure could result.

  Risk Factors: AI demand uncertainty and HBM supply dynamics verify on EDGAR →
• high

  New disclosure highlights execution risks from compressed transition timelines, streamlining production, and shifting capacity to leading-edge nodes. Warns that misalignment between forecasted and actual demand could result in elevated inventory, underutilized capacity, and gross margin pressure.

  Risk Factors: Supply-demand execution risk verify on EDGAR →