MU already price in 2027-To The Moon - Tiger Brokers Online Investing Community - To The Moon

1
Comment
Favorite

V y
05-26

MU already price in 2027

Storage capacity simply can't keep up! Micron Warns: Shortages Will Last Beyond 2026

美光在摩根大通科技峰会上表示，受AI强劲需求驱动，HBM、DRAM及NAND的供应紧张局面预计将持续至2026年以后。供应扩张面临性能提升收窄、晶粒尺寸增大及EUV爬坡制约等结构性瓶颈，即便厂商全力推进产能建设，短期内仍难以填补AI带来的供给缺口。

Storage capacity simply can't keep up! Micron Warns: Shortages Will Last Beyond 2026

# Wall Street Insights

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

1

Report

Comment

Top
Latest

empty

No comments yet

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":568153710867456,"tweetId":"568153710867456","gmtCreate":1779738519513,"gmtModify":1779738523153,"author":{"id":3573446332679706,"idStr":"3573446332679706","authorId":3573446332679706,"authorIdStr":"3573446332679706","name":"V y","avatar":"https://community-static.tradeup.com/news/e9262203e5c721f64c6375096716462d","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"currentWearingBadge":{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0},"individualDisplayBadges":[],"wearingBadges":[{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","name":"Real Trader","description":"Completed a transaction","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000}],"fanSize":0,"starInvestorFlag":false},"themes":[{"themeId":"6e7a4338b1034ad785d5025385d8625c","categoryId":"2929bb7468f5415f853fd96fb35d7c3b","name":"Wall Street Insights","type":2,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/special/finance&rndata={\"themeId\":6e7a4338b1034ad785d5025385d8625c}&rnconfig={\"headerBarHidden\": true}","description":"Keep a close eye on the global financial market, covering the stock market, foreign exchange, bonds, commodities, etc.","image":"https://static.tigerbbs.com/6fc762c7c9323c4764df42f02ccc3498"}],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>MU already price in 2027</p></body></html>","htmlText":"<html><head></head><body><p>MU already price in 2027</p></body></html>","text":"MU already price in 2027","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/568153710867456","repostId":2638553272,"repostType":2,"repost":{"id":"2638553272","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1779717030,"share":"https://ttm.financial/m/news/2638553272?lang=en_US&edition=fundamental","pubTime":"2026-05-25 21:50","market":"hk","language":"zh","title":"Storage capacity simply can't keep up! Micron Warns: Shortages Will Last Beyond 2026","url":"https://stock-news.laohu8.com/highlight/detail?id=2638553272","media":"华尔街见闻","summary":"美光在摩根大通科技峰会上表示，受AI强劲需求驱动，HBM、DRAM及NAND的供应紧张局面预计将持续至2026年以后。供应扩张面临性能提升收窄、晶粒尺寸增大及EUV爬坡制约等结构性瓶颈，即便厂商全力推进产能建设，短期内仍难以填补AI带来的供给缺口。","content":"<p><html><head></head><body><p style=\"text-align: left;\"><span style=\"color: rgb(34, 34, 34); background-color: rgb(255, 255, 255);\">Micron said at the JPMorgan Technology Summit that driven by the strong demand for AI, the tight supply of HBM, DRAM and NAND is expected to continue beyond 2026. Supply expansion faces structural bottlenecks such as performance improvement and narrowing, grain size increase and EUV climbing constraints. Even if manufacturers fully promote production capacity construction, it will still be difficult to fill the supply gap brought by AI in the short term.</span></p><p><p style=\"text-align: left;\">The AI computing power arms race is pushing the global memory chip market into a multi-year supply shortage.</p><p><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/MU\">Micron Technology</a>(Micron Technology) Management in<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>At the annual tech summit,<strong>Supply tightness of HBM, DRAM and NAND memory chips is expected to extend well beyond 2026.<a href=\"https://laohu8.com/S/600405\">power source</a>Since the application of artificial intelligence has a strong demand for high-performance storage, and the supply side is constrained by technical bottlenecks, it is difficult to expand production rapidly.</strong></p><p><p style=\"text-align: left;\">JPMorgan Chase cited the above views in a subsequent investment report and said that the bank is more confident in the multi-year bull market logic of the AI storage market after listening to Micron's management statement. The gap between supply and demand is difficult to reverse in the short term, which poses a clear signal for investors in the storage industry.</p><p><h2 style=\"text-align: left;\">Supply expansion faces structural constraints</h2><p style=\"text-align: left;\">According to JPMorgan Chase,<strong>Micron pointed out that the cause of tight supply in the storage market has structural characteristics, not a simple capacity cycle problem.</strong></p><p><p style=\"text-align: left;\">Specifically, the limited supply growth mainly comes from two aspects: on the one hand, the performance improvement of the new generation of memory chips is gradually narrowing, which means that the space for expanding effective supply by technology iteration alone has been obviously compressed.</p><p><p style=\"text-align: left;\">On the other hand, the grain size of the new generation HBM chips continues to increase, resulting in a decrease in the number of chips per unit wafer output, further weakening the supply elasticity. In addition, although the introduction of extreme ultraviolet (EUV) lithography technology helps to improve the manufacturing accuracy of advanced process DRAM, it also forms new constraints in terms of capacity climbing speed and cost.</p><p><p style=\"text-align: left;\">Under the superposition of the above factors,<strong>Even if storage manufacturers actively expand production, it is still difficult to quickly fill the supply gap caused by AI demand in the short term.</strong></p><p><h2 style=\"text-align: left;\">HBM4 mass production accelerated, 1-gamma node became the highest production node in history</h2><p style=\"text-align: left;\">In terms of product progress, Micron disclosed several key information.</p><p><p style=\"text-align: left;\">Micron's management said that driven by the strong demand for AI applications,<strong>The company's 1-gamma process node is expected to be its highest-ever DRAM node per unit wafer output</strong>。 HBM memory chips are made by vertically stacking and packaging multi-layer DRAM modules, which are widely used in AI GPUs. Micron is continuously integrating EUV lithography process into the mass production process of 1-gamma node.</p><p><p style=\"text-align: left;\">In terms of HBM product iteration rhythm,<strong>Micron has revealed that the production hill climb of the HBM4 is twice as fast as the HBM3. Production climb for next-generation HBM4E product expected to kick off in 2027</strong>The first samples will employ DRAM modules produced based on 1-gamma nodes.</p><p><h2 style=\"text-align: left;\">Expansion of AI inference demand drives SSD market share increase</h2><p style=\"text-align: left;\">In addition to HBM and DRAM, Micron also pointed out that the evolution of AI workloads is creating new growth opportunities for its solid-state drive (SSD) business.</p><p><p style=\"text-align: left;\">Micron's management said,<strong>The continuous expansion of AI context windows and the rapid growth of inference workloads have driven the demand for large-capacity, high-performance storage, and the company has achieved an increase in its share in the SSD market.</strong></p><p><p style=\"text-align: left;\">It is worth noting that Micron emphasizes that its strategy is not to provide standardized spot products, but to collaborate deeply with customers to customize and develop storage solutions for specific application scenarios. This model helps to consolidate customer stickiness and enhance product premium space.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Storage capacity simply can't keep up! Micron Warns: Shortages Will Last Beyond 2026</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStorage capacity simply can't keep up! Micron Warns: Shortages Will Last Beyond 2026\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2026-05-25 21:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><p style=\"text-align: left;\"><span style=\"color: rgb(34, 34, 34); background-color: rgb(255, 255, 255);\">Micron said at the JPMorgan Technology Summit that driven by the strong demand for AI, the tight supply of HBM, DRAM and NAND is expected to continue beyond 2026. Supply expansion faces structural bottlenecks such as performance improvement and narrowing, grain size increase and EUV climbing constraints. Even if manufacturers fully promote production capacity construction, it will still be difficult to fill the supply gap brought by AI in the short term.</span></p><p><p style=\"text-align: left;\">The AI computing power arms race is pushing the global memory chip market into a multi-year supply shortage.</p><p><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/MU\">Micron Technology</a>(Micron Technology) Management in<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>At the annual tech summit,<strong>Supply tightness of HBM, DRAM and NAND memory chips is expected to extend well beyond 2026.<a href=\"https://laohu8.com/S/600405\">power source</a>Since the application of artificial intelligence has a strong demand for high-performance storage, and the supply side is constrained by technical bottlenecks, it is difficult to expand production rapidly.</strong></p><p><p style=\"text-align: left;\">JPMorgan Chase cited the above views in a subsequent investment report and said that the bank is more confident in the multi-year bull market logic of the AI storage market after listening to Micron's management statement. The gap between supply and demand is difficult to reverse in the short term, which poses a clear signal for investors in the storage industry.</p><p><h2 style=\"text-align: left;\">Supply expansion faces structural constraints</h2><p style=\"text-align: left;\">According to JPMorgan Chase,<strong>Micron pointed out that the cause of tight supply in the storage market has structural characteristics, not a simple capacity cycle problem.</strong></p><p><p style=\"text-align: left;\">Specifically, the limited supply growth mainly comes from two aspects: on the one hand, the performance improvement of the new generation of memory chips is gradually narrowing, which means that the space for expanding effective supply by technology iteration alone has been obviously compressed.</p><p><p style=\"text-align: left;\">On the other hand, the grain size of the new generation HBM chips continues to increase, resulting in a decrease in the number of chips per unit wafer output, further weakening the supply elasticity. In addition, although the introduction of extreme ultraviolet (EUV) lithography technology helps to improve the manufacturing accuracy of advanced process DRAM, it also forms new constraints in terms of capacity climbing speed and cost.</p><p><p style=\"text-align: left;\">Under the superposition of the above factors,<strong>Even if storage manufacturers actively expand production, it is still difficult to quickly fill the supply gap caused by AI demand in the short term.</strong></p><p><h2 style=\"text-align: left;\">HBM4 mass production accelerated, 1-gamma node became the highest production node in history</h2><p style=\"text-align: left;\">In terms of product progress, Micron disclosed several key information.</p><p><p style=\"text-align: left;\">Micron's management said that driven by the strong demand for AI applications,<strong>The company's 1-gamma process node is expected to be its highest-ever DRAM node per unit wafer output</strong>。 HBM memory chips are made by vertically stacking and packaging multi-layer DRAM modules, which are widely used in AI GPUs. Micron is continuously integrating EUV lithography process into the mass production process of 1-gamma node.</p><p><p style=\"text-align: left;\">In terms of HBM product iteration rhythm,<strong>Micron has revealed that the production hill climb of the HBM4 is twice as fast as the HBM3. Production climb for next-generation HBM4E product expected to kick off in 2027</strong>The first samples will employ DRAM modules produced based on 1-gamma nodes.</p><p><h2 style=\"text-align: left;\">Expansion of AI inference demand drives SSD market share increase</h2><p style=\"text-align: left;\">In addition to HBM and DRAM, Micron also pointed out that the evolution of AI workloads is creating new growth opportunities for its solid-state drive (SSD) business.</p><p><p style=\"text-align: left;\">Micron's management said,<strong>The continuous expansion of AI context windows and the rapid growth of inference workloads have driven the demand for large-capacity, high-performance storage, and the company has achieved an increase in its share in the SSD market.</strong></p><p><p style=\"text-align: left;\">It is worth noting that Micron emphasizes that its strategy is not to provide standardized spot products, but to collaborate deeply with customers to customize and develop storage solutions for specific application scenarios. This model helps to consolidate customer stickiness and enhance product premium space.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/01eaf058af436cca2f4a0dfb3f908c1a","relate_stocks":{"LU2357627491.SGD":"TRP GLOBAL VALUE EQUITY \"AH\" (SGDHDG) ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4579":"人工智能","BK4588":"碎股","LU0056508442.USD":"贝莱德世界科技基金A2","BK4605":"半导体精选","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","MUD":"1倍做空MU ETF-Direxion","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","MULL":"2倍做多MU ETF-GraniteShares","LU0109392836.USD":"富兰克林科技股A","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","MU":"美光科技","BK4543":"AI","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","BK4527":"明星科技股","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","BK4512":"苹果概念","BK4553":"喜马拉雅资本持仓","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU2048586759.USD":"ALLIANZ SMART ENERGY \"AT\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4585":"ETF&股票定投概念","BK4141":"半导体产品","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4575":"芯片概念","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0859254822.USD":"T ROWE PRICE GLOBAL VALUE EQUITY \"A\" (USD) ACC","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","MUU":"2倍做多MU ETF-Direxion"},"source_url":"https://wallstreetcn.com/articles/3773088","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2638553272","content_text":"美光在摩根大通科技峰会上表示，受AI强劲需求驱动，HBM、DRAM及NAND的供应紧张局面预计将持续至2026年以后。供应扩张面临性能提升收窄、晶粒尺寸增大及EUV爬坡制约等结构性瓶颈，即便厂商全力推进产能建设，短期内仍难以填补AI带来的供给缺口。AI算力军备竞赛正将全球存储芯片市场推向多年期的供应紧缺状态。美光科技（Micron Technology）管理层在摩根大通年度科技峰会上表示，HBM、DRAM及NAND存储芯片的供应紧张局面预计将远远超出2026年，核心驱动力源自人工智能应用对高性能存储的强劲需求，而供应端受制于技术瓶颈难以快速扩产。摩根大通在随后发布的投资报告中援引上述观点，并表示该行在听取美光管理层陈述后，对AI存储市场的多年牛市逻辑更具信心。供需缺口短期内难以逆转，这对存储行业投资者构成了明确信号。供应扩张面临结构性制约据摩根大通报告，美光指出存储市场供应紧张的成因具有结构性特征，并非单纯的产能周期问题。具体而言，供给增长受限主要来自两方面：一方面，新一代存储芯片的性能提升幅度正逐步收窄，意味着仅靠技术迭代来扩大有效供给的空间已明显压缩。另一方面，新一代HBM芯片的晶粒尺寸持续增大，导致单位晶圆产出的芯片数量下降，进一步削弱了供给弹性。此外，极紫外（EUV）光刻技术的引入虽有助于提升先进制程DRAM的制造精度，但同时也在产能爬坡速度与成本方面形成了新的约束。上述因素叠加之下，即便存储厂商积极扩产，短期内仍难以快速填补AI需求所催生的供给缺口。HBM4量产提速，1-gamma节点成历史最高产量节点在产品进展方面，美光披露了若干关键信息。美光管理层表示，受AI应用需求强劲拉动，公司1-gamma制程节点预计将成为其有史以来单位晶圆产出量最高的DRAM节点。HBM存储芯片通过将多层DRAM模块垂直堆叠封装而成，广泛应用于AI GPU，美光正持续将EUV光刻工艺整合至1-gamma节点的量产流程中。在HBM产品迭代节奏上，美光透露HBM4的量产爬坡速度是HBM3的两倍。下一代HBM4E产品的量产爬坡预计于2027年启动，首批样品将采用基于1-gamma节点生产的DRAM模块。AI推理需求扩张，带动SSD市场份额提升除HBM与DRAM外，美光还指出AI工作负载的演变正在为其固态硬盘（SSD）业务创造新的增长机遇。美光管理层表示，AI上下文窗口的持续扩大以及推理工作负载的快速增长，推动了对大容量、高性能存储的需求，公司借此在SSD市场实现了份额提升。值得注意的是，美光强调其策略并非提供标准化现货产品，而是与客户深度协作，针对具体应用场景定制开发存储解决方案，这一模式有助于巩固客户粘性并提升产品溢价空间。","news_type":1,"symbols_score_info":{"MUU":0.6,"MUD":0.6,"MULL":0.6,"MU":1.98}},"isVote":1,"tweetType":1,"viewCount":321,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":20,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}