Shares of Micron Technology traded lower in Monday's premarket session after a Barron's report indicated Samsung Electronics is preparing to initiate large-scale manufacturing of its HBM4 high-bandwidth memory later this month. The advanced memory is designed for integration with Nvidia's artificial intelligence processors.
The development arrives as AI-focused equities attempt to stabilize following a challenging period for several major technology and software companies. Stock index futures showed minimal movement early Monday, with market participants focused on a packed U.S. economic calendar. Key releases include the delayed January nonfarm payrolls report on Wednesday and January consumer price data on Friday, both critical for gauging the Federal Reserve's interest rate trajectory.
In early premarket activity, Nvidia was down approximately 1% at $183.64, while Micron fell roughly 3% to $381.47. Other AI-linked names showed mixed performance: Super Micro Computer declined about 1.5% to $33.87, Microsoft gained 0.8% to $404.14, Amazon edged up fractionally to $210.70, and Palantir advanced nearly 1% to $137.09.
Memory Supply Dynamics in Focus
High-bandwidth memory (HBM) — vertically stacked chips that work alongside AI accelerators — has emerged as a critical bottleneck in the AI supply chain. Faster memory is essential for keeping high-performance AI processors adequately supplied with data. The market is dominated by Samsung, SK Hynix, and Micron, making any perceived shifts in market share immediately impactful for stock prices.
Recent analyst commentary has highlighted potential challenges for Micron. Research firm Semianalysis recently revised its forecast, projecting Micron's share of Nvidia's HBM4 supply could drop to zero, stating, "We currently do not see indications of Nvidia ordering Micron HBM4."
Broader Investment and Rate Concerns
The substantial capital expenditure behind AI infrastructure is now a central narrative, moving beyond mere technological promise. According to a Financial Times report, major tech firms including Alphabet, Amazon, Meta, and Oracle are collectively accelerating AI investments, with a projected combined spend of $660 billion in 2026. This massive outlay is testing corporate cash flows and raising questions about funding sources, debt levels, and share buyback programs.
Market observers note that while supply chain developments are influential, the primary market driver may still be monetary policy. Stronger-than-expected inflation or employment figures could swiftly alter expectations for Fed rate cuts. Higher bond yields typically exert pressure on high-valuation semiconductor and software stocks, even amid positive demand headlines.
The next major catalyst for Nvidia is its upcoming financial report. The company announced it will host a conference call on Wednesday, February 25, after the market closes to discuss its fourth-quarter and fiscal-year 2026 results.
