Micron warns memory supply could tighten through 2028

Micron CEO Sanjay Mehrotra said memory and storage supply-demand conditions are likely to be much tighter in fiscal 2027 and 2028 than they were in 2026. The comments came during Micron’s fiscal Q4 2026 earnings call on September 30, when the company also reported record quarterly revenue.

Mehrotra linked the tightening outlook to stronger industry demand and the growing role of AI in customer platforms. He said memory enhances AI intelligence and competitiveness, while new upside requests from customers are adding pressure. Even with additional industry DRAM clean room space plans, Micron does not have line of sight to when supply and demand will return to balance.