Micron mania raises questions about market concentration and what it means for risk assets

Three companies make almost all the world’s memory chips. Micron Technology is one of them, and its stock has gained roughly 170% in 2026 so far.

The memory chip market, which supplies the high-bandwidth memory (HBM) and DRAM essential to every AI model worth its training data, is controlled by Samsung, SK hynix, and Micron. Together, they hold approximately 89% of the DRAM market. Some analysts have started calling this trio the “OPEC of memory.”

The numbers behind the mania

In Q1 2026, Samsung held roughly 38% of the DRAM market. SK hynix came in at about 29%. Micron rounded out the group at 22%.

The HBM segment is even more lopsided. SK hynix has at times controlled over 60% of that market.