Jensen Huang said at CES 2026 that AI memory needs have outgrown HBM capacity. Since then, Micron (MU) is up nearly 200% and Sandisk almost 500%, with revenue and contract data confirming the trend.
Nvidia CEO Jensen Huang used his CES 2026 keynote to argue that memory capacity, not raw compute, has become the key constraint in AI inference. The remark has aged well. Since January, Micron Technology (MU) has gained nearly 200% and Sandisk (SNDK) has surged almost 500%, each far outpacing Nvidia's (NVDA) 11% advance.
The numbers since then back up the call. Micron's fiscal 2026 third-quarter revenue hit $41.4 billion, already exceeding the $37.3 billion it collected in all of fiscal 2025. Cloud and data center divisions drove the growth. Sandisk reported $5.9 billion in third-quarter revenue, up 251% from a year earlier, with data center and edge storage for drones and vehicle sensors leading the way.
Both companies are locking in customers on longer time frames. Micron said it signed 16 strategic customer agreements during its fiscal third quarter, with cash deposits and financial commitments that now total $22 billion. Sandisk signed three contracts with total contractual revenue of at least $42 billion. The multi-year deals could help reduce the earnings volatility that has historically defined the memory and storage industry.
Year to date, Nvidia shares have risen 11%. Micron has added almost 200%, and Sandisk has returned roughly 500%. NVDA carries a Moderate Alpha Score of 69, reflecting its current risk-adjusted setup. Micron's stock page shows similar data.
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