TradingKey – On August 24, Eastern Time, shares of Micron (MU) fell back below the $900 mark, plunging as much as 7% intraday, but this does not indicate any change in the memory supply shortage landscape.

Raghu Sreeramaneni, a memory architecture researcher at Micron Technology, pointed out at the Hot Chips 2026 semiconductor conference hosted by Stanford University that memory, particularly HBM, is becoming the ultimate bottleneck in the AI supply chain. Whoever can be the first to break through process and packaging limits will hold the initiative in the next phase of competition.

He noted that the current contradiction lies in a speed mismatch: AI compute performance increases threefold every two years, whereas HBM development has…