Micron Stock Is Rising. Competition Fears Are Easing. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Micron Stock Jumps. Competition Fears Are Easing.By [Adam Clark]ShareResize---ReprintsIn this article[MU][000660][005930][NVDA][MS]Micron' ...

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%。 ...

The CFO expressed confidence in the company's high-bandwidth memory product and an analyst weighed in positively on the stock. ...

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 ...

智通财经APP获悉，周三，存储概念股盘前普涨，美光科技(MU.US)涨逾5%，西部数据(WDC.US)、闪 迪(SNDK.US)、希捷科技(STX.US)涨逾4%。 瑞银分析师预计，全球存储行业出现"有意义的供给缓解"最早也要到2028年前后。在此之前，AI数据中 心建设所带来的结构性需求，将持续强化Memory产业链的景气度与议价能力。短期来看，瑞银建议聚 焦两大几近垄断的HDD厂商——希捷与西部数据。 消息面上，2026年以来内存市场迎来快速上涨行情。2月9日，市场研究公司Counterpoint Research发布 的《2月内存价格追踪报告》显示，2026年第一季度以来，内存价格较2025年第四季度末已上涨80%— 90%，DRAM、NAND及HBM全品类价格均创历史新高，通用服务器DRAM成为本轮涨价核心推手。 ...

每经AI快讯，2月11日，美光科技股价盘前涨幅扩大至6.4%。 ...

摩根士丹利将美光目标价从350美元大幅上调至450美元，较当前股价隐含约28.6%的上涨空间。分析 师认为，存储芯片的供应短缺已经蔓延至每一个终端市场，定价权完全掌握在卖方手中。在AI超级周 期的驱动下，传统的周期性估值框架已不再适用，美光正处于盈利能力和估值倍数双重扩张的甜蜜点。 摩根士丹利认为，市场大大低估本轮存储芯片短缺。在AI超级周期的驱动下，传统的周期性估值框架 已不再适用，美光正处于盈利能力和估值倍数双重扩张的甜蜜点。 据追风交易台，2月11日，摩根士丹利分析师团队在研报中将美光的目标价从350美元直接"暴力"上调 至450美元，维持"超配"评级。这背后的核心逻辑简单而粗暴—— 只要人工智能的需求维持强劲，市 场此前担忧的所谓HBM4量产问题、中国存储芯片产能冲击以及资本开支过热等风险，统统都是无关 紧要的噪音。 对于投资者而言，大摩的这份报告揭示了一个被市场忽视的现实： 存储芯片的供应短缺已经蔓延至每 一个终端市场，定价权完全掌握在卖方手中。 大摩预测美光在2026日历年（CY26）的每股收益 （EPS）将飙升至52美元以上。 在AI超级周期的驱动下，传统的周期性估值框架已不再适用，美光正 处于 ...