每经AI快讯，2月11日，美光科技盘初涨幅扩大至9.7%，闪迪涨超10%。 ...

Micron Technology Conference Summary Company Overview - **Company**: Micron Technology (NasdaqGS: MU) - **Event**: 2026 Conference on February 11, 2026 - **Speakers**: Mark Murphy (CFO), Satya Kumar (Head of Investor Relations) Key Industry Insights - **Memory Market Dynamics**: The memory market is currently experiencing extraordinary demand, significantly outpacing supply capabilities. This trend is expected to continue beyond 2026, with Micron actively planning to meet customer needs through investments and capacity expansions [4][12][13]. Core Points and Arguments 1. **Demand and Supply Outlook**: - Demand for memory products is significantly higher than supply, with expectations of tight supply-demand conditions continuing beyond 2026 [4][12]. - AI-driven demand is a major factor, as companies require more advanced memory solutions to enhance AI systems [8][9]. 2. **Capacity Expansion Initiatives**: - Micron has announced new facilities, including a DRAM fab in New York and a NAND fab in Singapore, with the latter expected to produce its first wafer in the second half of 2028 [5]. - The acquisition of the Tongluo site in Taiwan is anticipated to close in the second quarter of 2026, supporting DRAM production [5][56]. 3. **High-Bandwidth Memory (HBM) Production**: - Micron is in high-volume production of HBM4, with successful customer shipments and a sold-out supply for 2026 [6][34]. - HBM4 products are delivering over 11 Gbps speeds, with strong performance and reliability [6][34]. 4. **Financial Performance**: - The company reported a 37% sequential increase in guidance, with gross margins around 11% [7]. - Micron's financial outlook has improved, driven by favorable pricing conditions and strong demand [14][37]. 5. **Long-Term Agreements with Customers**: - Customers are increasingly seeking multi-year agreements for supply assurance, reflecting the growing importance of memory and storage in AI and other technologies [18][20]. - The time horizon for customer commitments has extended, indicating a shift towards longer-term planning in memory and storage needs [24][27]. 6. **NAND Market Position**: - Micron has strengthened its position in the NAND market, particularly in the data center SSD segment, achieving over a billion-dollar run rate [41][42]. - The company is focusing on enhancing its NAND offerings to meet the evolving demands of AI systems [42][45]. Additional Important Insights - **Technological Advancements**: Micron's innovations, such as LPDRAM, offer significant power savings and performance improvements, enhancing the value proposition for customers [18][19][46]. - **Sustainability of Demand**: Confidence in the sustainability of current demand is bolstered by both strong demand factors (AI advancements) and proactive supply management strategies [50][53]. - **Investment Strategy**: Micron is committed to disciplined investments in capacity and technology, with a projected CapEx of $20 billion for fiscal 2026, which will be supplemented by the Tongluo acquisition [56][57]. This summary encapsulates the key points discussed during the conference, highlighting Micron's strategic positioning in the memory market and its proactive measures to address supply-demand challenges while capitalizing on emerging opportunities in AI and data storage.

消息面上，美光表示，新NAND闪存晶圆厂正按计划推进，预计将于2028年下半年实现首批晶圆出货； HBM4客户出货量也正在按计划于2028年第一季度逐步提升，比原计划提前了一个季度。美光首席财务 官还指出，市场需求远超供应，预计供应紧张的局面将持续到2026年以后。 此外，三星电子首席技术官Song Jai-hyuk预计，市场对内存芯片的强劲需求不仅将持续今年全年，而且 还将持续到明年，因为人工智能推动了强劲的需求。(格隆汇) 存储概念股集体走强，闪迪涨超9%，美光科技涨超7%，西部数据涨近4%，希捷科技涨超3%。 ...

Core Viewpoint - The CFO expressed confidence in the company's high-bandwidth memory product, indicating a positive outlook for future performance [1] - An analyst provided a favorable assessment of the stock, suggesting potential for growth [1] Company Insights - The company's high-bandwidth memory product is highlighted as a key area of confidence by the CFO, which may drive future revenue [1] - Positive analyst sentiment towards the stock could influence investor perception and market performance [1]

格隆汇2月11日丨美光科技(MU.US)盘前涨幅扩大至6%，此前管理层于会议上发表演讲。 ...

美光科技盘前股价上涨6.9%。 来源：滚动播报 ...

Group 1 - The core viewpoint of the article highlights a significant increase in memory prices since the beginning of 2026, with prices rising by 80% to 90% compared to the end of Q4 2025, driven by demand in the AI data center construction sector [1] - Major storage stocks, including Micron Technology (MU.US), Western Digital (WDC.US), SanDisk (SNDK.US), and Seagate Technology (STX.US), experienced pre-market gains of over 5% and 4% respectively, reflecting positive market sentiment [1] - UBS analysts predict that meaningful supply relief in the global storage industry will not occur until around 2028, indicating a prolonged period of strong demand and pricing power for the memory industry [1] Group 2 - The report from Counterpoint Research indicates that all categories of memory prices, including DRAM, NAND, and HBM, have reached historical highs, with general server DRAM being a key driver of the current price surge [1] - In the short term, UBS recommends focusing on the two nearly monopolistic HDD manufacturers, Seagate and Western Digital, as they are expected to benefit from the ongoing demand in the memory sector [1]

每经AI快讯，2月11日，美光科技股价盘前涨幅扩大至6.4%。 ...

Core Viewpoint - Morgan Stanley has significantly raised Micron's target price from $350 to $450, indicating an implied upside of approximately 28.6% from the current stock price, driven by a supply shortage in memory chips across all end markets and a shift in pricing power to sellers [1][3]. Group 1: Market Dynamics - The current memory chip supply shortage is underestimated by the market, with both DRAM and NAND prices expected to continue rising in Q1 and Q2 of 2026 [4]. - Micron's guidance for Q2 suggests a 37% quarter-over-quarter revenue growth, with an implied average selling price (ASP) increase of about 30% [4]. - Competitors like SanDisk have reported a staggering 60% quarter-over-quarter increase in NAND ASP, while teams covering Samsung and Hynix predict DRAM price increases of 48% and 55%, respectively [5]. Group 2: Profitability and Earnings Forecast - Morgan Stanley projects Micron's earnings per share (EPS) to soar to over $52 in the calendar year 2026, indicating a significant increase in profitability [3][9]. - The consensus expectation for Micron's earnings is considered overly conservative, with predictions suggesting a peak EPS of around $12 in late 2027, which Morgan Stanley believes will be exceeded in the next 18 months [9]. Group 3: Valuation Logic - Morgan Stanley argues that using traditional cyclical valuation frameworks for Micron is misguided, as the current price corresponds to a price-to-earnings (P/E) ratio of only 8 times the projected earnings of $48, which is significantly undervalued [10]. - The firm has adjusted its cross-cycle EPS estimate from $14 to $18, leading to a new target price of $450 based on a 25 times P/E ratio [11]. Group 4: Supply and Demand Imbalance - The structural supply-demand imbalance driven by AI is expected to create an additional $200 billion in annual revenue demand within the next 12 months, surpassing the entire semiconductor market revenue in 2020 [12]. - The slow growth in wafer output is projected to be only 7% year-over-year by the end of 2026, while demand is expected to grow explosively, with companies like Nvidia and AMD significantly increasing their revenue forecasts [12]. Group 5: Addressing Market Concerns - Concerns regarding the impact of Chinese memory chip companies and HBM4 production issues are deemed exaggerated by Morgan Stanley, which maintains that Micron's production timeline for HBM4 remains unchanged [13][14]. - Even if Micron faces unforeseen challenges in ramping up HBM4 production, the existing HBM3e will continue to dominate the market and will not negatively impact profitability [13].

Core Viewpoint - Morgan Stanley believes the market has significantly underestimated the current shortage of memory chips, driven by the AI supercycle, making traditional cyclical valuation frameworks obsolete. Micron is at a sweet spot of both profitability and valuation expansion [1][2]. Group 1: Pricing Power and Profitability - The current tightness in the memory chip market is underestimated, with both DRAM and NAND prices expected to rise significantly in Q1 and Q2 of 2026. Micron's guidance suggests a 37% quarter-over-quarter revenue growth, with an implied average selling price (ASP) increase of about 30% [2]. - Competitors are also seeing substantial price increases, with SanDisk projecting a 60% ASP increase for NAND, while teams covering Samsung and Hynix predict DRAM price increases of 48% and 55% respectively [2]. - Morgan Stanley projects Micron's earnings per share (EPS) to reach $52.53 in the calendar year 2026, indicating a significant increase in profitability [7]. Group 2: Valuation Logic - The current market valuation of Micron is considered extremely low, with a price-to-earnings (P/E) ratio of only 8 times the projected earnings of $48. This is significantly below the peak profitability levels seen in previous cycles [8]. - Morgan Stanley has revised its cross-cycle EPS estimate from $14 to $18, which, when multiplied by a 25x P/E ratio, leads to a new target price of $450 for Micron [9]. Group 3: Supply and Demand Dynamics - The AI-driven structural supply-demand imbalance is a key factor supporting this supercycle, with manufacturers' inventories at historically low levels. Even with premium pricing, customers struggle to secure sufficient supply [10]. - Demand is expected to surge, with Nvidia projecting an additional $30 billion in quarterly revenue by 2026, and the entire storage industry facing nearly $200 billion in annualized incremental revenue needs over the next 12 months [10]. Group 4: Market Concerns Addressed - Concerns regarding the impact of Chinese memory chip companies and HBM4 production issues are deemed exaggerated by Morgan Stanley. Micron is on track to begin HBM4 mass production in Q2 2026, and any potential challenges in ramping up HBM4 production will not negatively impact profitability due to the continued dominance of HBM3e in the market [11].