Micron Technology CEO: HBM demand growth will continue to outpace traditional DRAM until 2028.

Micron Technology Chairman and CEO Sanjay Mehrotra said on the earnings call that the structural gap in supply and demand growth rates has led to persistent supply tightness. Even taking into account the industry's planned additional DRAM cleanroom space, under strong demand trends, we do not see an inflection point when supply and demand will return to balance. Industry HBM demand growth will continue to outpace conventional DRAM through 2028. Sanjay Mehrotra revealed that most of Micron's 2027 HBM supply has already been contracted, "with prices rising significantly year over year, which has narrowed the gross margin gap with conventional DRAM."