An analyst issues a bearish rating on Micron Technology. The analyst cites concerns Micron is losing ground in the high-margin High-Bandwidth Memory (HBM) market to SK Hynix and Samsung.
Micron holds 18% of the HBM market, according to Q2 2026 data. SK Hynix holds 50%. Samsung holds 33%.
The report also points to a long-term risk of oversupply in the conventional DRAM market. Increased competition from Chinese manufacturers drives this risk.
Other market observers counter this perspective, noting a current and extended memory shortage. High demand from the AI sector drives this shortage, which may support prices into 2027. The broader analyst consensus for Micron remains a "Buy."