公众号记得加星标⭐️，第一时间看推送不会错过。 美光是全球最大的内存制造商之一，凭借其业界领先的产品，在人工智能和消费电子领域都占据了主 导地位。由于人工智能行业对DRAM内存的需求激增，人们普遍认为内存供应商对此负有责任。为了 探究这一问题，我们采访了美光移动和客户端业务部市场营销副总裁克里斯托弗·摩尔，了解内存短 缺的现状。 我们与摩尔的讨论主要围绕美光如何扩大其产能，以及未来消费者和人工智能领域可能产生的影响展 开。 我 们 向 摩 尔 提 出 的 第 一 个 问 题 直 接 针 对 用 户 对 当 前 内 存 短 缺 的 看 法 ， 尤 其 是 在 美 光 退 出 其"Crucial"消费业务后，用户对其的负面反应明显高于其他供应商的情况下。我们询问摩尔，内存 供应商是否倾向于迎合人工智能行业的需求，而忽略了消费者，以下是他的回答： 首先，我想让大家明白，这种看法可能并不完全正确，至少从我们的角度来看是这样。我绝不会告诉 任何人该怎么想，或者说他们错了，但我们的观点是，我们致力于帮助世界各地的消费者。我们只是 通过不同的渠道来实现这一目标。我们在客户端和移动市场仍然拥有相当可观的业务。当然，我们也 在 ...

【头条要闻】 证监会最新发声！五方面深化资本市场投融资改革 进一步提高中长期资金入市规模比例 ——推动中长期资金入市实现突破性进展。截至2025年末，各类中长期资金合计持有A股流通市值约为 23万亿元，较年初增长36%；权益类基金规模由2025年初的8.4万亿元增长到11万亿元左右。 ——加大对新质生产力的支持服务力度。2025年，电子行业总市值已超过银行板块，成为A股第一大行 业。A股市值前50的公司中，科技企业从5年前的18家增加到了目前的24家。 ——推动上市公司提升投资价值。2025年，A股上市公司现金分红2.55万亿元，再创历史新高，是同期 IPO和融资规模的两倍，越来越多的公司是一年多次分红。2025年，全市场推动重大资产重组超过200 单，活跃度明显提升。 ——坚决维护市场"三公"原则。2024年以来，累计查办财务造假案件159起，有43起案件涉及的大股东 和实控人被严肃追责，金通灵、美尚生态、锦州港等特别代表人诉讼案件近期都取得了重大进展，有力 支持了投资者依法维权。 核查结果各异！3只大牛股集体复牌，天普股份被立案调查，国晟科技业绩预亏…… 天普股份、国晟科技、嘉美包装三只大牛股结束停牌核查 ...

按最新计划，美光将于2030年投产纽约州首家工厂，并在三年后开设第二家工厂。预计到2045年第四家 工厂建成时，员工总数将达到9000人。 据Counterpoint Research数据，2025年第三季度美光半导体在全球HBM市场的营收份额为21%，位列SK 海力士（57%）和三星电子（22%）之后，排名第三。在包含HBM在内的整个DRAM市场中，2025年第 三季度的排名分别为SK海力士（34%）、三星电子（33%）和美光（26%）。如果美光能够如计划将市 场份额提升至40%，则有望跃升为全球第一大存储公司。 近日，存储巨头美光科技宣布，将于1月16日下午在美国纽约州破土动工兴建其巨型晶圆厂。据悉，经 过严格的环境审查和必要的许可审批，美光已经准备好基地与施工工作。 美光科技表示，该项目是美国纽约州历史上最大的私人投资项目（项目总投资约1000亿美元），将打造 全球最先进的存储半导体制造中心，该项目将包含多达四个工厂，将有助于满足人工智能系统日益增长 的需求。 据了解，美光于2022年10月宣布建厂计划时，原计划于2024年中期开工。不过，由于长达上万页的环境 评估审查报告，该工期被推迟了约一年半。美光 ...

1. 证监会副主席陈华平1月11日在第三十届中国资本市场论坛上表示，将持续完善长钱长投的制度环境，合力推动各类中长期资金进一步提高入市规模比 例； 不断增强对科技创新企业服务的精准性、有效性，纵深推进科创板创业板改革，深化再融资改革；进一步提升监管执法有效性，持续健全投资者教 育服务和保护体系，坚持依法从严监管，突出打大、打恶、打重点，从严惩治各类恶性违法行为。 2.近日，清华大学基础模型北京市重点实验室发起AGI-Next前沿峰会，引发业界关注。 会议认为，大模型竞争已从"Chat"转向"Agent"阶段，重心从榜单 分数位移至真实环境的复杂任务执行。 行业预判2026年为商业价值落地元年，技术路径正向可验证强化学习（RLVR）演进。面对"中国反超"议题，领军 者持冷静态度，将领先概率评估为20%以内，认为中美在算力投入结构、新范式引领及toB生态上的本质差距。 3. 本周全球市场大事不断！中国2025年12月外贸数据、美国CPI及PPI数据将陆续公布；美国最高法院或公布关税裁决； 美联储将发布最新褐皮书，多位 美联储官员将密集发声；美股财报季开启，摩根大通等将披露最新业绩。重要会议方面，七国集团（G7）加 ...

After two years of strong inflows, AI-focused exchange-traded funds (ETFs) are entering a tougher phase. Broad exposure that once amplified gains is now leaving investors concentrated in a small group of dominant tech stocks.Jack Fu, chief executive of Draco Evolution, says many AI ETFs are still built for excitement, not durability. “A lot of investors think they're buying diversified AI exposure,” Fu told Benzinga. But in many cases, they’re buying the same few big tech stocks in different wrappers, he ex ...

Core Viewpoint - Micron Technology is experiencing a significant surge in demand for memory products driven by artificial intelligence, leading to a 45% increase in its stock price over the past month, with expectations for continued growth as supply from new fabs will take time to ramp up [1] Group 1: Demand and Market Dynamics - Memory demand has increased sharply as hyperscalers like Amazon, Google Cloud, and Microsoft's Azure invest heavily in data centers to support AI workloads, with an estimated $394 billion to be spent by hyperscalers in 2025 and another $527 billion in 2026 [2] - Micron's CEO, Sanjay Mehrotra, indicated that the demand forecast for memory and storage is driven by customers' AI data center buildout plans, and the industry supply will remain significantly short of demand for the foreseeable future [4] Group 2: Supply Challenges - Micron is currently sold out of its high-bandwidth memory, which is specifically suited for AI applications, and has ceased its consumer memory business to focus resources on meeting AI demand [3] - The company is facing a supply bottleneck and plans to invest $20 billion this year, including initial payments for a new $100 billion memory fab in New York [5] Group 3: Industry Context - The U.S. share of semiconductor production capacity has decreased from 37% in 1990 to below 10% currently, with the CHIPS Act providing funding to support U.S. semiconductor fabs [7] - Micron, along with Samsung and SK Hynix, accounts for 90% of the global DRAM market, with Micron being the only major memory manufacturer based in the U.S., producing approximately 2% of global DRAM as of 2023 [8]

Core Insights - The tech sector, particularly companies involved in memory and storage products, experienced significant growth due to the rise of artificial intelligence (AI) in the past year, with stock prices soaring between 198% and 559% [1] Company Summaries Sandisk - Sandisk's stock surged by 559% in 2025, despite being a late addition to the S&P 500 and not trading for a full year [3] - The company reported a revenue of $2.3 billion for the quarter ending October 3, 2025, marking a 23% year-over-year increase, driven by demand from major hyperscale customers [4] - However, Sandisk's net income fell by 47% in the most recent quarter due to increased interest expenses, raising concerns about its profitability [5] Western Digital - Western Digital's stock increased by 238% last year, with revenue reaching $2.8 billion and a growth rate of 27% in its most recent quarter [7] - The company reported a profit increase from $493 million to nearly $1.2 billion, indicating strong financial performance [7] - With a gross margin of 39.30%, Western Digital is positioned for stable growth, making it a reliable investment in the data storage sector [10] Micron Technology - Micron Technology's stock rose by 198% in 2025, with a focus on business customers and a strategic exit from its consumer business to enhance growth opportunities [11][12] - The company achieved a growth rate of 57% for the period ending November 27, 2025, and has a gross margin of approximately 45.56% [15] - Analysts suggest that Micron may be the best investment option among the three, trading at a forward P/E of just 10, indicating potential for further growth [14]

Sandisk, Western Digital, Seagate and Micron need to keep undershooting demand. ...

此前，在拜登政府执政期间，美光科技根据《芯片法案》获得了55亿美元的税收优惠，因此决定进行该 项投资。在宣布该项目时，美光将其描述为"未来十年内将美国制造的尖端DRAM产量提升至全球产量 40%战略的一部分"。 据Counterpoint Research数据，2025年第三季度美光半导体在全球HBM市场的营收份额为21%，位列SK 海力士（57%）和三星电子（22%）之后，排名第三。在包含HBM在内的整个DRAM市场中，2025年第 三季度的排名分别为SK海力士（34%）、三星电子（33%）和美光（26%）。如果美光能够如计划在美 国政府的支持下将市场份额提升至40%，则有望跃升为全球第一大存储公司。 去年12月17日公布的2026财年第一财季财报显示，美光第一财季调整后营收136.4亿美元，同比增长 57%，高于分析师预期的129.5亿美元；经调整净利润为54.82亿美元，去年同期为34.69亿美元；调整后 的每股收益（EPS）为4.78美元，大幅领先于市场预期的3.95美元。 同时，美光预计第二财季营收为187亿美元，上下浮动4亿美元，远超分析师预期的143.8亿美元。 彼时Sanjay Mehrotr ...

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are significant, with data centers consuming as much energy as small cities, leading to concerns about power grid capacity and rising electricity prices [2][3] Investment Opportunity - A specific company is highlighted as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is positioned as a "toll booth" operator in the AI energy boom, collecting fees from energy exports [5][6] Financial Position - The company is noted for being debt-free and holding a substantial cash reserve, which is nearly one-third of its market capitalization, providing a strong financial foundation [8][10] - It is trading at less than 7 times earnings, indicating a potentially undervalued position in the market compared to its peers [10][12] Market Trends - The company is strategically aligned with several market trends, including the onshoring boom driven by tariffs, a surge in U.S. LNG exports, and a unique position in nuclear energy [14][7] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, further solidifying the importance of investing in AI-related infrastructure [12][11] Future Outlook - The potential for significant returns is emphasized, with projections suggesting a possible 100% return within 12 to 24 months for investors who act now [15][19] - The company is positioned to capitalize on the disruption caused by AI, which is reshaping traditional industries and creating new investment opportunities [11][12]