Key Takeaways Micron plans a $24B Singapore memory chip fabrication facility, expanding its manufacturing footprint.MU says rising AI workloads and hyperscale data centers are driving sustained demand.Micron expects the facility to strengthen supply resilience and its position in advanced memory.On Tuesday, Micron Technology, Inc.’s (MU) shares climbed 5.4% after it announced plans to invest about $24 billion to build a new advanced memory chip fabrication facility in Singapore, reinforcing its long-term gr ...

1月28日，美股存储板块盘前大涨，希捷科技盘前涨近10%，西部数据涨超7%，闪迪涨近7%，美光科技涨超4%。 | | | 编 辑 ｜ 钉 钉 2 % 。 ...

For most of the AI boom, investors have been fixated on GPU makers and hyperscale cloud players. This has been an incredible trade. Yet, according to a recent Jefferies note, the AI investment cycle is no longer in its expansion phase. It’s entering the phase where pricing power and capital discipline are more important than simply having the best computing platform. In fact, according to Jefferies analyst Christopher Wood, memory makers are now the new chokepoints in the AI ecosystem. This is because AI ...

作者 Hawkinvest ，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意味着本公众号对文中观点结论认可。 2024 年 8 月，分析师曾发布一篇看多美光科技（MU）的文章，认为当时公司被低估。彼时美光约为 89 美元，而此后迎来史诗级暴涨，最 新股价已接近 400 美元。自此后，美光累计回报率约 350% ，远超同期标普 500 指数约 33% 的总回报，涨幅差距接近 10 倍。这轮暴涨 的核心驱动力，是 AI 数据中心及其他场景对存储芯片的空前需求。 但与此同时，美光为首的存储股走出极致行情，在分析师看来已经出现泡沫化、冲顶见顶的迹象。2025 年 7 月，分析师曾预判奈飞 （NFLX）出现冲顶行情，随后其暴跌约 35%，这也证明：当市场情绪过于乐观、估值高企时，及时卖出是明智选择。 眼下部分投资者认为 "这次不一样"，却忘记了芯片行业、尤其是存储赛道，本身具备极强的周期性。 深入拆解预期可以发现，部分分析师预计 2029 年美光每股收益会大幅跳水、近乎腰斩，仅为 19.61 美元左右。这意味着当下看似便宜的市 盈率，到 2029 年可能攀升至 20 倍左右，而届时公司大概率不再有营收和利润增长 ...

Market Overview - U.S. stock markets are experiencing a pivotal moment with anticipation surrounding the Federal Reserve's interest rate decision and earnings reports from major technology companies [1] - Premarket trading shows a mixed but generally upward trend, with S&P 500 Futures up 0.3% to 7,028.75 points and Nasdaq 100 Futures up 0.6% to 26,228.75 points, while Dow Jones Futures remain flat at 49,159.0 points [2] Semiconductor Industry - U.S. chip stocks are seeing notable gains, with Nvidia increasing by 1.7%, AMD rising by 1.4%, and Intel climbing 4.6%, reflecting strong investor confidence in AI and advanced computing [3] Major Market Indexes - The S&P 500 Index closed at a record high of 6,978.60 points, a 0.41% increase, driven by strength in chipmakers and AI infrastructure stocks, particularly Micron Technology, which announced a $24 billion investment in Singapore [4] - The Dow Jones Industrial Average closed at 49,003.41 points, down 0.83%, primarily due to weakness in the healthcare sector, with UnitedHealth Group forecasting a revenue decline for 2026 [5] - The Nasdaq Composite Index closed up 0.91% at 23,817.10 points, reaching a 2.75-month high, with nearly 30% year-over-year growth attributed to AI advancements [6] Upcoming Market Events - The Federal Reserve is expected to hold its key interest rate steady within the 3.5%-3.75% target range, following three consecutive rate cuts in late 2025, with a focus on the labor market and consumer spending [7] - Major earnings reports are anticipated from tech giants Meta Platforms and Microsoft, which will provide insights into the technology sector's health and AI investments [13] Company News - Infosys announced a strategic AI-focused collaboration, indicating ongoing investment in AI solutions [14] - Boeing's CEO outlined a turnaround plan after six consecutive annual losses, addressing operational challenges [14] - HSBC is scaling back its M&A and equities businesses in Europe, the UK, and the Americas to focus on Asian operations [14] - JetBlue Airways reported a significant Q4 loss and provided weaker-than-expected revenue guidance, raising concerns about profitability [14] - RTX Corporation delivered higher-than-expected Q4 results, showcasing strong growth across its business segments [14]

Core Viewpoint - The semiconductor sector, particularly companies like Intel and Micron Technology, is experiencing a rally due to strong earnings reports that indicate sustained demand driven by the artificial intelligence boom [1] Group 1: Company Performance - Intel reported its fourth-quarter earnings last week, contributing to the positive sentiment in the chip sector [1] - Micron Technology, along with other chip stocks, is benefiting from the overall market rally following these earnings reports [1] Group 2: Market Drivers - The ongoing artificial intelligence boom is a significant factor driving demand for semiconductors, which is reflected in the recent performance of chip stocks [1]

每经AI快讯，1月28日，美股存储板块盘前普涨。希捷科技涨超10%，西部数据涨超8%，闪迪涨超 5%，美光科技涨超4%。 ...

格隆汇1月28日｜美股盘前，半导体股普涨，阿斯麦涨约5%，此前公布了创纪录的第四季度订单量。美 光科技涨约5%，英特尔涨约5%，英伟达涨约2%。希捷科技涨约10%，公司Q2营收增21.5%，营业利润 率创历史新高，Q3收入指引超预期。 ...

Core Viewpoint - Investors have recently shifted focus to niche stocks as skepticism grows regarding the returns on investments made by the Magnificent Seven tech giants in artificial intelligence development [1][12]. Group 1: Performance of the Magnificent Seven - The Magnificent Seven tech giants, including Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, have led the stock market for the past three years, but their performance has declined since the end of 2025 [1][12]. - Alphabet and Amazon are the only stocks among the Magnificent Seven that have seen gains, with Alphabet rising nearly 20% during the recent downturn [2][12]. - The Magnificent Seven index is currently trading at 28 times profits expected over the next 12 months, which is below previous peaks and in line with the average over the past decade [10][13]. Group 2: Investment Shifts and Market Reactions - Traders have increasingly invested in companies benefiting from Big Tech's spending, such as Sandisk, which is up over 130%, Micron Technology, which has risen 76%, and Western Digital, which has gained 67% since the Magnificent Seven index peaked [3][12]. - The upcoming earnings reports from Microsoft, Meta, Tesla, Apple, Alphabet, and Nvidia are expected to provide insights into the health of various tech sectors, with a projected profit growth of 20% for the fourth quarter, the slowest since early 2023 [4][6][12]. Group 3: Capital Expenditures and Growth Expectations - Major tech companies are expected to spend approximately USD 475 billion on capital expenditures in 2026, significantly up from USD 230 billion in 2024, raising investor expectations for returns on these investments [7][12]. - Microsoft’s Azure revenue rose 39% in its fiscal first quarter, with expectations of 36% growth in the second quarter, highlighting the demand for cloud services driven by AI [7][12]. - Companies that fail to meet growth targets may face significant market penalties, as seen with Meta Platforms, which experienced an 11% drop in stock price following a projection of increased capital expenditures without clear profit pathways [8][12]. Group 4: Comparative Earnings Growth - The 493 companies in the S&P 500 not included in the Magnificent Seven are projected to deliver only 8% earnings growth in the fourth quarter, significantly slower than the expected growth from the tech giants [9][12]. - Nvidia shares have increased by 1,184% since the end of 2022, yet are priced at 24 times anticipated profits, slightly above the S&P 500's multiple of 22, indicating that the stocks are not historically expensive [10][13]. Group 5: Market Sentiment and Future Outlook - Investors are awaiting signs of growth from the Magnificent Seven, with the current earnings season viewed as a critical milestone for assessing progress [11][13]. - The sentiment in the market has shifted to a "show-me story," where investors demand tangible results from Big Tech's investments in AI and other technologies [4][12].

Core Viewpoint - The United States Patent and Trademark Office (USPTO) has officially revoked its previous decision to allow multiple reviews of two key patents held by Micron Technology, dismissing the invalidation requests initiated by Yangtze Memory Technologies Co. (YMTC) [1] Group 1: Patent Invalidation Decision - The USPTO terminated the invalidation requests for Micron's patents (US 8,945,996 B2 and US 10,872,903 B2) initiated by YMTC, citing YMTC's failure to fulfill legal obligations [1] - The patents in question pertain to critical manufacturing processes for flash memory, and their invalidation could have weakened Micron's position in ongoing litigation with YMTC [1] Group 2: Background and Context - USPTO Director John T. Squires previously questioned why the USPTO would entertain YMTC's patent challenges given that YMTC is on the U.S. Department of Commerce's Entity List, suggesting potential conflicts with U.S. foreign policy interests [3] - Micron has accused YMTC's parent company of being state-controlled and highlighted that YMTC's listing on the Entity List violates U.S. export controls [4] - YMTC responded by asserting that the USPTO should not allow Micron to use the Entity List to distract from the substantive issues of the IPR process [4] Group 3: Legal Proceedings and Implications - The USPTO's ruling indicates that YMTC failed to provide sufficient evidence to counter Micron's claims and did not clearly define its ownership and control relationships, leading to the dismissal of its application [4] - Due to legal time-bar restrictions, YMTC cannot resubmit materials to restart the patent invalidation challenge [4] - Since 2024, Micron and YMTC have engaged in at least five lawsuits in various U.S. states and have challenged each other's patent validity at least 31 times before the Patent Trial and Appeal Board (PTAB) [5]