Micron Technology(US:MU) 智通财经网·2025-09-25 06:30Group 1 - The current trend in corporate investment in artificial intelligence (AI) is characterized by a "spend first, ask about ROI later" approach, which may last longer than previously expected, with discussions on AI spending returns postponed to "sometime in 2027" instead of 2026 [1] - The current AI investment cycle is primarily driven by large tech companies such as Nvidia (NVDA.US), AMD (AMD.US), and Broadcom (AVGO.US), rather than traditional distributors and OEMs [1] - The concentration of purchasing power among major AI companies is creating unique market dynamics within the supply chain, and if Nvidia is not penalized for customer concentration, then Micron (MU.US) should not be either, as it would pose a downside risk to overall AI spending [1] Group 2 - Micron Technology's stock price has significant upside potential, as investors have not fully recognized that supply will remain tight, and the next generation of GPUs designed for massive context processing will require more advanced DRAM, with Micron's CEO projecting gross margins could rise to 55% or even close to 60% [2] - Despite a generally optimistic outlook, there are potential risks associated with the supplier financing model in the AI sector, which could have adverse effects, similar to patterns observed in the solar industry during 2008-2009 [3] - Any major recession has been postponed, as funds have already been invested, leaving the issue of investment returns to be addressed later [3]