Despite achieving a record $13.64 billion in revenue for the first quarter of fiscal 2026, which ended on November 27, 2025, Micron addressed the ongoing DRAM shortage in its recent earnings call, noting that it is not a short-term issue. The company stated, "Sustained and strong industry demand, along with supply constraints, are contributing to tight market conditions, and we expect these conditions to persist beyond calendar 2026." Consequently, major customers are securing supply through multi-year contracts, driving up spot prices in both consumer and enterprise memory segments.

A significant factor in this imbalance is the increased demand for HBM memory. Micron mentioned that it "has completed agreements on price and volume for our entire calendar 2026 HBM supply," indicating that HBM customers are securing capacity well in advance. HBM requires more wafer area than standard DDR5 products as its stacks up to 12 DRAM dies, so its usage shifts scarce resources towards data center and AI workloads, reducing availability for traditional PC volumes. This results in a reallocation of limited dies and wafers to buyers willing to pay premiums and commit to long-term agreements, which are still a thing despite limited supply.