Memory Chips: The Biggest Dark Horse
Micron stock surged 40% in months after cracking NVIDIA HBM3E supply chain; HBM sales hit $2B Q4 2025, share doubling to 20%
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In 2025, Micron became one of the semiconductor industry’s most closely watched companies. It also emerged as the biggest dark horse in the memory chip market.
This storage manufacturer, which had clearly lagged behind in the HBM race, saw its market capitalization surge by more than 40% within just a few months. In the fourth quarter of fiscal year 2025, Micron achieved a net profit of $3.2 billion, with a net profit margin of 28.3%—its best performance since the server memory boom cycle of 2017–2019.
Even more emblematic was Micron’s official entry into NVIDIA’s H200 GPU HBM3E memory supply chain, with its HBM business already entering a high-speed growth trajectory. Rewind three years, however, and the HBM market was still dominated by SK hynix and Samsung: the two Korean giants continued to advance in generational transitions and customer lock-in, while Micron’s market share had once slipped to around 10%. It lagged competitors by a full generation at key technology nodes, with its presence nearly vanishing.
Behind this dramatic turnaround lies a story of misjudgment, struggle, transformation, and repositioning.
