Micron Technology said the global shortage of memory chips has intensified over the past quarter and reiterated that tight supply conditions are likely to persist beyond this year, driven by surging demand for advanced semiconductors used in artificial intelligence infrastructure.

“The level of shortage we are seeing today is truly unprecedented,” Manish Bhatia, Micron’s executive vice president of operations, said on Friday following a groundbreaking ceremony at a manufacturing site in New York state.

Bhatia noted that high-bandwidth memory (HBM), a critical component for building AI accelerators, is absorbing such a large share of the industry’s available capacity that traditional markets, including smartphones and personal computers, are facing severe supply constraints.

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