Micron CEO Warns AI Is Only in the ‘First Innings’ as Memory Supply Tightens, With DRAM and NAND Demand Set to Exceed 50% of Industry TAM

Micron posted record fiscal Q2 revenue, margins, EPS, and free cash flow as DRAM, NAND, and HBM demand stayed strong.

CEO Sanjay Mehrotra said AI is still in the “first innings,” with growing inference workloads needing more and faster memory.

Micron said AI-related DRAM and NAND demand could exceed 50% of industry TAM this year, while supply remains tight.

The company is ramping HBM4, HBM3, and LPDDR products, reinforcing expectations that memory pricing and revenues may stay elevated.