{"schema_version":"1.0","item":{"schema_version":"1.0","id":"ca-note-micron-fy2026-ai-memory-capacity-2026","slug":"micron-fy2026-ai-memory-capacity-2026","scope":{"type":"company","slug":"micron-technology","label":"Micron Technology (MU)"},"status":"published","published_at":"2026-10-01T16:35:00Z","updated_at":"2026-10-01T16:35:00Z","research_as_of":"2026-10-01","title":"Micron: record FY2026 results keep AI memory capacity in focus","summary":"Micron reported fiscal Q4 2026 revenue of $54.23 billion and full-year revenue of $133.19 billion, alongside $27.37 billion of full-year capital expenditure; its HBM4 36GB 12H product has been in high-volume production since the first quarter of calendar 2026.","what_changed":["Fiscal Q4 2026 revenue reached $54.23 billion versus $41.46 billion in the prior quarter, while full-year revenue reached $133.19 billion.","Micron reported $27.37 billion of fiscal 2026 capital expenditure, a useful capacity-build indicator rather than a direct measure of HBM availability.","The current HBM supplier-role evidence remains anchored by Micron's March disclosure that HBM4 36GB 12H entered high-volume production for NVIDIA Vera Rubin."],"why_it_matters":"The new financial results reinforce the scale of the AI-memory investment cycle, while the HBM4 production evidence keeps Micron directly relevant to the advanced-packaging and HBM map. Revenue growth and capex do not by themselves prove a current HBM shortage.","confidence":"high","evidence":[{"label":"Micron: fiscal Q4 and full-year 2026 results","url":"https://investors.micron.com/news/press-release/2026/Micron-Technology-Inc--Reports-Record-Fiscal-Fourth-Quarter-and-Full-Year-2026-Results/default.aspx","source_type":"annual_report_or_earnings","primary":true,"supports":"Fiscal Q4 and full-year 2026 revenue, cash flow and capital-expenditure figures.","as_of":"2026-09-30"},{"label":"Micron: HBM4 high-volume production","url":"https://investors.micron.com/news/press-release/2026/Micron-in-High-Volume-Production-of-HBM4-Designed-for-NVIDIA-Vera-Rubin-PCIe-Gen6-SSD-and-SOCAMM2-03-16-2026/default.aspx","source_type":"official_product_announcement","primary":true,"supports":"HBM4 36GB 12H high-volume production and volume shipments for NVIDIA Vera Rubin.","as_of":"2026-03-16"}],"human_review_status":"approved","url":"https://constraintalpha.com/research/micron-fy2026-ai-memory-capacity-2026","markdown_url":"https://constraintalpha.com/research/notes/micron-fy2026-ai-memory-capacity-2026.md"}}