Micron's Q4 2026 guidance projects revenue between $49 billion and $51 billion with over 85% gross margins, marking the strongest guide in memory history. Management expects free cash flow to substantially increase again, with operating income potentially exceeding $200 billion in fiscal 2027. The company also states that HBM prices are set to go 'multiples higher' in 2027, with demand outpacing supply beyond that year.
Micron's record guidance and HBM price forecast confirm extreme memory supply tightness, indicating that AI model demand is driving sustained, non-incremental price increases for critical HBM capacity.