Core Insights - Sandisk (SNDK) and Micron Technology (MU) are key players in the NAND flash memory market, benefiting from AI-driven data center demand and a tightening supply environment that is elevating NAND prices [1][2] Company Performance Sandisk (SNDK) - Sandisk specializes in NAND flash-based data storage solutions across various markets, including data centers and consumer products, with a strong focus on AI infrastructure [3] - The enterprise SSD business is experiencing rapid growth, with data center revenues increasing by 76% year-over-year to $440 million in the fiscal second quarter [4] - Fiscal third quarter revenues are projected between $4.4 billion and $4.8 billion, indicating a year-over-year growth of 171% at the midpoint, with non-GAAP gross margins expected between 65% and 67% [5] - The Zacks Consensus Estimate for SNDK's fiscal 2026 EPS is $27.2, reflecting a 57.2% increase over the past 30 days and an 809.7% year-over-year growth [6] Micron Technology (MU) - Micron offers a diverse range of memory and storage solutions, including DRAM and NAND, and is also involved in AI infrastructure [7] - The data center business is the largest revenue contributor, with data center NAND revenues surpassing $1 billion in the fiscal first quarter [8] - The Zacks Consensus Estimate for MU's fiscal 2026 EPS is $33.79, showing a 2.71% increase over the past 30 days and a year-over-year growth of 307.6% [11] Market Dynamics - Over the last three months, SNDK shares have surged by 200.4%, while MU shares increased by 79.8%, driven by AI infrastructure spending and a tightening NAND supply [12] - SNDK trades at a price-to-sales ratio of 4.42x compared to MU's 5.49x, indicating a relative valuation discount despite strong growth prospects [15] Conclusion - Both SNDK and MU are positioned to benefit from the AI-driven NAND upcycle, with SNDK's focused strategy and valuation discount making it a more attractive investment option at this stage [17]

科技股普跌，甲骨文跌超4%，闪迪、博通跌超3%，英伟达、微软、美光科技跌逾2%，英特尔、特斯拉 等跌超1%。 | 名称 | 涨跌幅 ▲ | 坝价 | | --- | --- | --- | | 甲骨文(ORACLE) | -4.16% | 144.060 | | 博通(BROADCOM) | -3.43% | 310.655 | | 闪进 | -3.04% | 632.100 | | 英伟达(NVIDIA) | -2.50% | 180.269 | | 超威半导体(AMD) | -2.55% | 198.480 | | 微软(MICROSOFT) | -2.38% | 392.150 | | 美光科技(MICRON TECHNOLOGY) | -2.38% | 405.655 | | 英特尔(INTEL) | -1.88% | 44.607 | | 西部数据(WESTERN DIGITAL) | -1.87% | 276.970 | | 高通(QUALCOMM) | -1.74% | 143.060 | | 特斯拉(TESLA) | -1.66% | 401.780 | | 苹果(APPLE) | -1.29 ...

Core Insights - Micron Technology experienced a 327% stock price increase driven by AI-related demand and constrained HBM supply, leading to significant revenue and profit margin growth [1][4] - Following this surge, the stock saw a 5% decline, indicating profit-taking behavior among investors [1] Revenue and Profitability - Revenue increased by 45%, with Q1 FY2026 revenue reaching $13.64 billion, a 57% jump from the previous year, attributed to meeting initial AI data center demand [4][10] - Net income margin doubled, and gross margins rose to 56% in Q1 2026 from 38.4% the previous year, reflecting enhanced profitability per unit due to rising memory prices [4][10] Market Position and Competitive Landscape - Micron's HBM production capacity for 2026 was fully pre-sold, indicating a critical supply/demand imbalance and providing significant pricing flexibility [10] - The company faces competitive threats from rivals like SK Hynix and Samsung, who are establishing strong positions in next-gen HBM technology [7] Investment Sentiment and Strategy - The prevailing sentiment is optimistic, with the AI-driven super-cycle overshadowing other concerns, supported by record guidance and significant pricing power [6] - A portfolio approach is recommended to manage the inherent volatility associated with individual stocks, allowing investors to remain invested and seize opportunities [8] Long-Term Commitments - Micron is committing to long-term capital investment with the initiation of a $100 billion fabrication plant in New York, aimed at satisfying validated long-term AI demand [10]

智通财经APP获悉，周五盘前，美股芯片股普跌，截至发稿，英伟达(NVDA.US)跌超1.6%，昨日收跌近 5.5%；博通(AVGO.US)跌超2.8%，AMD(AMD.US)跌超1.7%，台积电(TSM.US)跌超1.5%，美光科技 (MU.US)跌2.3%，闪迪(SNDK.US)跌超2.8%。 ...

Industry Overview - Artificial intelligence (AI) infrastructure spending is expected to increase significantly, with the five largest hyperscalers and cloud computing companies in the U.S. projected to spend between $660 billion and $690 billion in 2026, up from $380 billion last year [1][2] - The demand for AI infrastructure is driven by both established companies and new entrants in the AI space, indicating a robust growth trajectory for the sector [2] Company Analysis: Micron Technology - Micron Technology's dynamic random-access memory (DRAM) chips, particularly high-bandwidth memory (HBM), are essential for AI data centers, enabling faster data processing for AI models [5][8] - The company has noted that AI servers require six times the amount of DRAM compared to standard servers, leading to a significant increase in demand and a shortage of memory chips [7][9] - Analysts predict a substantial increase in Micron's earnings, with expectations of more than a fivefold increase in earnings per share over two fiscal years, making it an attractive investment opportunity [11] - Micron's current trading multiples are favorable compared to the tech-focused Nasdaq-100 index, suggesting potential for price appreciation [12] Company Analysis: Jabil - Jabil is positioning itself as a key player in AI infrastructure, providing manufacturing and engineering services for AI server racks and related technologies [13][15] - The company plans to invest $500 million to expand its AI data center infrastructure manufacturing capacity, reflecting its commitment to capturing the growing demand in this sector [15] - Jabil is forecasting a 35% increase in AI revenue for fiscal 2026, indicating strong growth potential, and has raised its operating margin guidance due to improved contributions from its AI business [16] - The stock is currently trading at a discount compared to the Nasdaq-100's earnings multiple, suggesting it may still have significant upside potential [18][19]

Group 1 - The article discusses the author's first publication on Micron Technology (MU) stock, predicting a potential Christmas rally based on market insights [1] - The author has a background in consulting with a focus on corporate valuation and investment opportunities, emphasizing the importance of out-of-consensus information for generating alpha [1] - Novo Capital was established to provide strategic insights and analysis, aiming to guide long-term investment strategies amidst market volatility [1] Group 2 - The author holds a beneficial long position in MU shares, indicating confidence in the stock's performance [2] - The article reflects the author's personal opinions and is not influenced by any business relationships with companies mentioned [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not represent the platform as a whole [3]

在深圳华强北，存储芯片已成为新的硬通货。 从去年年中开始，存储芯片价格一路上涨，部分型号存储芯片价格已上涨十多倍。 但更让存储芯片买家焦虑的是，三星、美光、SK海力士三大存储原厂的代理商出货非常谨慎，只卖给大客户，中小客户根本买不到存储芯片。 启哥（化名）在芯片行业从业多年，他对「甲子光年」抱怨："能流到市场上面来的量本来就很小。最受伤的是那些小厂，他们没有稳定的货源，只能被 别人剥削。你想买芯片，代理商不报价，你能拿他有什么办法？" 在终端市场，这种变化被迅速放大：PC厂商开始上调整机价格，部分笔记本电脑提价500~1500元；手机厂商悄然调整存储配置，以对冲成本压力；而中 小模组厂和渠道商，则在"随时断供"的不确定性中，被迫提前囤货。 而存储芯片价格的快速上涨，正在通过产业链传导机制，间接影响到晶圆代工厂的订单结构与产能安排，中芯国际正是这一结构性变化中的"被波及者"， 尽管他们并不直接生成存储芯片。 表面上，这似乎是一场由AI引发的存储芯片需求爆发，但是「甲子光年」近期走访产业链上下游多方发现，一个更尖锐的问题正在浮现：当最基础、最 通用的存储芯片都开始短缺，这究竟是AI时代的真实需求，还是一场被供给策 ...

作者：斯蒂芬妮・杨、韦恩・张 一份最新报告指出，由人工智能引发的全球存储芯片短缺，已对智能手机行业造成 "海啸般冲击"，将 手机价格推至历史新高。 波士顿科技分析机构国际数据公司（IDC）的报告称，存储元器件短缺状况持续恶化，预计今年将导致 部分手机厂商倒闭，智能手机价格也将创下历史新高。 IDC 移动设备研究主管弗朗西斯科・杰罗尼莫在周四发布的报告中表示： "我们正在经历的并非短期供应紧张，而是一场源自存储供应链的海啸式冲击，其涟漪效应正蔓延至整 个消费电子行业。" 报告预计： 这场半导体危机的根源，是人工智能的爆发式增长，以及随之而来的数据中心建设热潮 —— 而数据中 心高度依赖存储芯片。 需求暴涨之下，亚洲各大存储芯片巨头纷纷转向供应 AI 行业，留给笔记本电脑、游戏机、手机等消费 电子的产能所剩无几。 IDC 高级研究总监纳比拉・波帕尔在同一份报告中称： "简而言之，厂商和消费者都回不到过去的常态了。" 存储芯片告急 智能手机平均售价今年将上涨 14%，达到523 美元的历史最高点 厂商将无法再生产售价低于 100 美元的手机 2026 年智能手机销量将暴跌 12.9%，至11.2 亿部，为十多年来最 ...

证券研究报告 2026年度半导体设备行业策略： 看好存储&先进逻辑扩产， 设备商国产化迎新机遇 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 13915521100 证券分析师：李文意 执业证书编号：S0600524080005 liwenyi@dwzq.com.cn 18867136239 2026年2月27日 请务必阅读正文之后的免责声明部分 投资要点 ⚫ AI驱动先进逻辑与存储扩产，资本开支进入新一轮上行周期。在AI算力需求爆发背景下，全球半导体设备市 场规模持续创新高。先进逻辑端，FinFET向GAA/CFET演进，5nm及以下制程单位产能设备投资额显著提升 ，单万片/月产能投资额较28nm提升数倍；存储端，HBM带动DRAM高阶制程升级，3D NAND向400层以上 堆叠演进，单万片产能投资额同步提升。中国大陆晶圆产能全球占比仍低于销售占比，逻辑与存储龙头资本 开支维持高位，叠加两大存储厂商上市融资在即，扩产动能具备持续性，支撑前道设备景气度中长期上行。 ⚫ 制程迭代推动设备结构升级，刻蚀与薄膜沉积价值量提升。先进制程结构复杂化带动图形 ...

>> "BLOOMBERG TECH: ASIA" IS LIVE. SHERY: 2025'S AI STORY WAS ALL ABOUT THE MAD RUSH FOR GPU'S, THE KIND MADE BY NVIDIA, BUT THE FOCUS THIS YEAR SEEMS TO BE SHIFTING TOWARD A DIFFERENT PART OF THE COMPUTER BOARD. IT IS ALL ABOUT MEMORY CHIPS.ANNABELLE: ABSOLUTELY. IN THIS EPISODE, WE WILL EXPLORE WHY IT LOOKS LIKE WE WILL NOT HAVE ENOUGH AND HOW THE CRISIS IS SPREADING BEYOND AI. FROM THE HUMBLE GAMING CONSOLE TO THE MOBILE PHONE TO OUR LAPTOPS AND EVEN THE HUGE DATA CENTERS THAT POWER AI, ALL COMPUTER SYST ...