Micron (MU) has already shipped over $1 billion in HBM4 revenue with its ramp tracking twice as fast as HBM3E, directly threatening SK Hynix (HXSCL). Micron's 16 take-or-pay agreements represent ~$100 billion in floor-price revenue, with Mehrotra projecting margins above prior peak levels even at minimum contract prices. Both stocks hinge on AI hyperscaler capex guidance, while Micron's forward P/E of 6 against its contract book signals a potential valuation disconnect.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today. Micron Technology (NASDAQ: MU) just delivered a fiscal Q3 that redefined what an AI memory cycle looks like, while SK Hynix (NASDAQ:SKHY) posted its own record quarter in Korean won and made its NASDAQ debut in July 2026 through a $26.5 billion foreign offering.
With both HBM leaders now trading on the same exchange, US investors can finally weigh them side by side. Micron's June quarter was a step-change. Revenue hit $41.456 billion, up 345.7% year over year, with GAAP gross margin expanding to 84.6%.
Cloud Memory alone contributed $13.769 billion, and Sanjay Mehrotra told analysts that "HBM4 12 high volume ramp is tracking twice as fast as HBM3E 12 high and we have already shipped over $1 billion in HBM4 revenue." That is Micron chipping directly at SK Hynix's flagship business. SK Hynix answered with its own record: Q2 2026 revenue of 79.3 trillion won and operating profit of 60.5 trillion won, driven by HBM sales. A modest earnings miss triggered an initial 10% selloff in the ADR, yet analysts kept unanimous Buy ratings with 12-month targets averaging $245.
Micron carries a heftier crowd: 40 Buys, 5 Holds, and a $1,501.98 average target. HBM4 12-high shipping to lead AI accelerator customer Incumbent HBM3E supplier, HBM4 in qualification 16 SCAs, ~$100 billion cumulative floor-price revenue Traditional purchase orders, buyback catalyst pending Mehrotra's take-or-pay agreements are the real weapon here. He said "even at the floor price... we expect the margins to be significantly above prior peak margins", and those contracts will eventually cover roughly half of company revenue.
SK Hynix leans on scale and its Nvidia relationship, which is a formidable moat but a less contractually rigid one. Micron expects fiscal Q4 revenue of $50.0 billion with ~86% gross margin, and Mehrotra flagged that tight conditions should persist beyond calendar 2027. The variables to watch are whether SK Hynix keeps HBM4 qualification on pace at Nvidia and whether Micron's HBM4E on 1-gamma DRAM stays on track for volume production in calendar 2027.
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