Micron: The memory share of the system value has risen from 10% to nearly 50%, and AI agent demand is in the “pre-season warm-up” stage

Comparatively, Micron Technology told Deutsche Bank at the FMS 2026 conference that AI is reshaping the memory industry. The share of memory in total system value has risen from about 10% 30 years ago to nearly 50% now, and this trend is still accelerating. Currently, both DRAM and NAND are in short supply. Since memory upgrades require physical disassembly of the system, the demand for memory in AI systems is more rigid, and price elasticity is lower than market expectations. The Strategic Client Agreement (SCA) is expected to cover approximately 40% of sales volume and provide a price stabilization mechanism for both parties.

Micron management described the CPU-side AI Agent requirement as a “pre-season warm-up” and viewed it as a new incremental pillar outside of the GPU ecosystem. For emerging technologies such as SRAM, Micron believes that their scalability is limited and cannot challenge HBM's central position. Currently, only about 5% of systems run such specific loads. Deutsche Bank maintains a “buy” rating, believing that Micron has the unique advantage of “growing without sacrificing profits.” During FMS, Sandisk and SK Hynix jointly issued the first HBF technical specification, but Micron believes that its actual value and commercialization prospects are still in dispute.