By Adam Spatacco
Publication Date: 2026-02-03 01:30:00
Micron is an industry leader in high-bandwidth memory (HMB) chips.
When OpenAI publicly launched ChatGPT on Nov. 30, 2022, Nvidia‘s (NVDA 2.89%) market cap was just $345 billion. Today, Nvidia is the most valuable company in the world — worth a staggering $4.6 trillion.
The catalyst behind Nvidia’s meteoric ascent was its first-mover advantage in high-performance chipsets, called graphics processing units (GPUs). Three years into the artificial intelligence (AI) revolution, however, a new gold rush is forming.
Generative AI workloads are no longer constrained purely by raw compute and capacity needs. The new bottleneck weighing on the AI infrastructure economy is memory. Below, I’ll break down why Micron Technology (MU +5.42%) is the chip stock you’ll want on your radar as demand for high-bandwidth memory (HBM) begins to surge.
Image source: Micron Technology.
The AI memory chip market is about to go parabolic
Back in December, Goldman Sachs published a report indicating that AI hyperscalers could spend roughly $500 billion on capital expenditures (capex) in 2026. Considering Meta Platforms is guiding to spend up to $135 billion on AI capex this year, I think Goldman’s forecast is already looking conservative.
On the surface, rising AI infrastructure costs might lead you in the direction of Nvidia, Advanced Micro Devices, or Broadcom as data centers continue to feature the newest GPUs, accelerators, and networking equipment. While these ideas aren’t off base, there’s…
