Micron (MU) says operating expenses are to increase by about USD 2.5bln in fiscal 2027 and expects memory and storage supply-demand conditions to be much higher in fiscal 2027 and 2028 than in 2026 - presentation

CapEx: In Q1, project CapEx of around USD 11.5bln and anticipate first-half FY27 capex to be USD 25bln. Project CapEx to be higher in H2 FY27. Server Unit Growth: Expect server unit growth in the high-teens % range in both CY26 and CY27. Strong server unit growth is supported by a modestly lower rate of content growth than prior expectations, amid tight memory supply. NAND: In NAND, for CY26, expect industry bit shipments to grow in the low-20s percentage range, slightly above prior expectations. Expect Micron NAND supply to grow less than industry supply growth in CY26. For CY27 and 2028, expect industry NAND bit shipments to grow c. in the mid-20s percentage range and the industry to remain supply constrained in both years. DRAM: In DRAM, for CY26, expect industry bit shipments to grow in the mid-20s percentage range. Expect Micron DRAM supply to grow approximately in line with industry supply growth. For CY27 and 2028, expect industry DRAM bit shipments to grow approximately in the low-20s percentage range and the industry to remain supply constrained in both years. HBM: Expect industry HBM bit shipments to grow faster than conventional DRAM through CY28.