BOISE, Aug. 29 -- Sanjay Mehrotra said something unusual at Micron Technology's last earnings call: his company cannot build memory chips fast enough to meet demand. Not close. He estimated Micron can supply roughly 60% of current HBM orders. The other 40% goes unmet.

That sounds like a problem. In the AI chip industry right now, it's the opposite. The companies that cannot keep up with demand are the companies that matter.

Micron shares traded around $922 Friday, down from Thursday's $935.39 close, as the broader Nasdaq fell 0.5% following Federal Reserve Chair Kevin Warsh's hawkish Jackson Hole address. The stock has fallen more than $300 from its 52-week high of $1,257, reached in early 2026 when HBM supply constraints first became v...