全球存储巨头大涨！管理层：“好日子还在后头”

Core Viewpoint - Micron Technology reported strong financial results for Q1 FY2026, with revenue of $13.64 billion, a 57% year-over-year increase, and a GAAP gross margin of 56%, indicating a significant performance boost amid a supply-demand imbalance in the memory industry [2][6]. Financial Performance - Revenue for Q1 FY2026 was $13.64 billion, up 57% year-over-year [2]. - GAAP gross margin was reported at 56% [2]. - Net income reached $5.24 billion, with diluted earnings per share of $4.60, exceeding market expectations [2]. - The company anticipates Q2 FY2026 revenue of $18.7 billion, with a projected GAAP gross margin of 67% and diluted earnings per share of $8.19, also above market expectations [6]. Business Segments - Micron's cloud storage business generated $5.28 billion in revenue, doubling year-over-year [6]. - Core data center business revenue was $2.38 billion, a 4% increase year-over-year, driven by higher product pricing [6]. Market Outlook - Micron expects the overall effective market for HBM to grow at a compound annual growth rate of approximately 40%, from about $35 billion in 2025 to around $100 billion by 2028, with this milestone anticipated two years earlier than previously expected [9]. - The company has secured agreements for the entire supply of HBM for FY2026, indicating a sustained supply shortage [7]. Investment and Capital Expenditure - Capital expenditure for FY2026 has been raised to $20 billion, up from the previous $18 billion, primarily to support HBM supply capacity and the production of 1-gamma DRAM nodes [9][8]. - Micron is engaging in long-term contracts with key customers, differing from traditional one-year agreements, to address the supply-demand dynamics [9]. Strategic Importance - Memory is increasingly viewed as a strategic asset essential for product performance across various applications, including data centers and edge devices, particularly in the context of AI [10].