Micron Technology (NASDAQ: MU) announced on June 22 that it has entered into a comprehensive strategic agreement with Anthropic, covering four areas: the two companies will jointly study the performance of memory and storage subsystems under different AI workloads to optimize the infrastructure technology stack; Micron will supply Anthropic with a full range of data center memory and storage products — including HBM, DRAM, and enterprise SSDs — on a long-term basis to support its multi-year compute expansion plan; Micron will fully deploy the Claude model across its internal engineering, manufacturing, and enterprise operations; and Micron will participate as a strategic investor in Anthropic’s latest Series H financing round. Neither party disclosed the investment amount or the specific financial terms of the supply agreement. Following the announcement, Micron’s stock surged approximately 6.8% in a single day to US$1,211, hitting an all-time high, bringing its year-to-date gains to over 284%.
This partnership has a clear industry backdrop. Anthropic completed a US$65 billion Series H funding round in May, bringing its valuation to US$965 billion, surpassing OpenAI to become the world’s highest-valued private AI company. All three major HBM manufacturers — Micron, Samsung, and SK Hynix — have taken stakes. The current global HBM supply-demand gap is estimated at between 20% and 50%, and the full-year production capacity of the three manufacturers was fully booked by the first quarter, with the supply shortage expected to persist through 2028. SK Hynix holds about 50% market share, Samsung about 28%, and Micron about 22%. Anthropic co-founder and Chief Computing Officer Tom Brown stated that memory and storage are core components for efficiently training and running Claude models, and this collaboration ensures the supply stability needed for continued compute expansion. UBS analysts have raised their target price for Micron to US$1,500.