# Micron Under Pressure as SK Hynix and Samsung Lock Up More of the AI Memory Market

> With Korean giants SK Hynix and Samsung grabbing a bigger share of the AI memory market, investors are asking whether MU is headed lower. The stock sits at $981.61 ahead of its June 24 earnings.

**Type:** article · **Category:** Market · **Published:** 2026-06-15 · **Source:** TrendKia
**Canonical:** https://trendkia.com/en/market/micron-para-mndaraya-khatara-hbm-memori-bajara-men-sk-hynix-aura-samsung-ki-paka-1069 · **Language:** English
**Tags:** Micron stock, HBM memory, SK Hynix, Samsung HBM, Nvidia Vera Rubin, AI memory market, DRAM shortage, Micron earnings

The speed at which Korean memory giants are expanding their grip on the AI memory market has left Micron investors uneasy. The blunt question being asked right now is whether MU is about to slide, and the worry has some substance. As of writing, MU trades at $981.61, down roughly 1.43% on the day. Earlier in the session the stock had briefly climbed to $1,012 before retreating.

## The Korean Rivals Are Pulling Ahead
The real pressure shows up in the share numbers. SK Hynix alone holds an estimated 60 to 70% of HBM4 volume for Nvidia's Vera Rubin platform. Samsung is expected to take roughly 25 to 30%, and whatever is left falls to Micron. For a stock trading at a P/E of 46, that competitive squeeze is hard for investors to brush aside.

### Why the Downside Risk Is Building
The whole debate keeps circling back to two issues, valuation and market share. SK Hynix's HBM lead has been weighed by some of the biggest names on Wall Street, and the read is not entirely reassuring for MU bulls.

Goldman Sachs assessed:

> "SK Hynix will maintain its dominant position in HBM3 and HBM3E until at least 2026, sustaining a total HBM market share of over 50%."
That leaves plenty of room for the Korean leader to run. On the bearish side for Micron, analysts at Trefis flagged that Samsung, SK Hynix and Micron itself are locked in a massive capital expenditure race, with Micron alone spending over $25 billion in FY26. Expanding capacity in lockstep like that could create an oversupply situation once new fabs come online in 2027 and 2028, pushing average selling prices and margins sharply down from their current peaks. That is the scenario where the downside risk turns real very quickly.

BNP Paribas equity derivatives strategist Greg Boutle also warned that a sharp selloff in Micron shares could be an early warning sign of the market impact from the upcoming SpaceX IPO, a pressure point few are discussing right now.

### Strong Revenue Visibility Pushes Back on the Fear
On the other side, some solid figures support the bullish case for Micron. William Blair analyst Sebastien Naji, who launched coverage with an Outperform rating, pointed to one telling fact about where the company stands:

> "Micron has already sold its entire 2026 production capacity."
Naji also expects Micron to hold market share in the low-20% range through 2027 and to bring in roughly $20 billion in HBM revenue by then, helped by the far fatter margins HBM chips carry compared with standard memory products. Morgan Stanley, for its part, lifted its price target from $520 all the way to $1,050, citing persistent DRAM supply constraints it expects to last two to three years. Bernstein has also just begun coverage with a Buy rating.

Samsung's HBM chips and SK Hynix's HBM lead are not fading, yet analysts expect the HBM shortage to stretch through 2028. In April 2026, Goldman Sachs raised its 2026 DRAM supply-demand gap forecast from 3.3% to 4.9%, calling it the most severe shortage in 15 years. For now, that rising tide is lifting Micron's numbers right alongside those of its Korean rivals.

### What June 24 Earnings Could Decide
Whether Micron drops further from here will likely be settled, at least in the near term, on June 24. That is when Micron reports earnings, and its forward guidance on HBM demand and capacity allocation will set the tone for where MU travels through the summer. Some analysts have already pointed to stretched valuation metrics heading into the report, and recent commentary has described the stock as priced for perfection, meaning even a slight miss in guidance could trigger a fast selloff.

Nvidia CEO Jensen Huang confirmed during his South Korea visit that Micron, along with Samsung and SK Hynix, received HBM4 certification for the Vera Rubin platform, a positive that the market appears to have already priced in. SK Hynix's HBM lead remains intact heading into the second half of 2026 and Samsung's HBM chips are ramping fast, but the rivals have not shut Micron out of the picture. They have simply claimed the larger slices of a pie that, so far, keeps growing.

## What this means for you
This story matters most to investors and anyone tracking the AI chip market.

- **For investors:** With MU at $981.61 and a steep P/E of 46, caution is warranted before the June 24 earnings report, since even a minor guidance miss could spark a fast selloff.
- **For the long-term view:** Micron has already sold its entire 2026 capacity and the HBM shortage is expected to last through 2028, signalling durable demand in the sector.

## Questions & Answers

### 1. Where is Micron stock trading right now?
As of writing, MU was at $981.61, down about 1.43% on the day, after briefly touching $1,012 earlier in the session.

### 2. How much of the HBM market do SK Hynix and Samsung control?
SK Hynix holds an estimated 60 to 70% of HBM4 volume for Nvidia's Vera Rubin platform, Samsung is expected to take roughly 25 to 30%, and Micron supplies the remainder.

### 3. When does Micron report earnings?
Micron reports earnings on June 24, and its guidance on HBM demand and capacity allocation will shape where the stock heads next.

### 4. What price targets have analysts set for Micron?
Morgan Stanley raised its price target from $520 to $1,050, while William Blair and Bernstein initiated coverage with Outperform and Buy ratings respectively.

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