Micron Flags Tighter Memory Supply Through 2028

AI infrastructure is turning memory from a commodity into a strategic bottleneck, with consequences for accelerator availability, inference costs, and cloud capacity planning.

• –Micron expects DRAM and NAND markets to remain supply-constrained through 2028
• –Most of Micron’s 2027 HBM capacity is already committed, with prices rising year over year
• –Larger models, longer context windows, and higher concurrency are increasing memory requirements per workload
• –New fabs will add capacity gradually, but meaningful cleanroom expansion largely arrives in late 2028 and beyond
• –Developers may need to prioritize quantization, batching, KV-cache optimization, and memory-efficient architectures