Micron Technology(US:MU) Zhi Tong Cai Jing·2026-01-16 02:56Core Viewpoint - The unprecedented global wave of artificial intelligence (AI) is expected to drive a significant increase in demand for chips, particularly AI chips and storage chips, over the next decade, with storage chip stocks being highlighted as the most promising investment area by industry experts [1][4]. Group 1: Market Trends and Performance - The Korean stock market, driven by major storage chip companies SK Hynix and Samsung Electronics, is projected to surge by 76% in 2025, marking it as one of the most dynamic markets globally [2]. - Micron Technology (MU.US), the only major U.S. storage chip manufacturer, is expected to see its stock price increase by 240% in 2025, with an 18% rise already noted in 2026 [2]. - The demand for DRAM/NAND storage chips remains robust, with prices experiencing significant increases due to the heightened importance of storage chips in AI training and inference systems [2][11]. Group 2: Company Performance and Projections - TSMC reported a record gross margin exceeding 60% and significantly raised its revenue growth forecast for 2026 to nearly 30%, indicating strong performance in the chip manufacturing sector [3]. - ClearBridge Investments' fund manager Divya Mathur has seen his fund outperform 97% of peers, heavily investing in Samsung Electronics and SK Hynix, which are expected to see substantial stock price increases [4]. - The storage chip sector is anticipated to enter a "super cycle" that could last until at least 2027, with meaningful supply increases not expected until early 2028 [13][14]. Group 3: Price Dynamics and Supply Constraints - Analysts predict that the prices of DRAM and NAND storage chips will experience steep increases, with forecasts for 2026 showing a potential rise of 88% for DRAM and 74% for NAND [15]. - The supply of storage products is constrained as manufacturers focus on advanced HBM storage systems, leading to shortages in traditional storage products [11]. - The ongoing construction of large AI data centers is driving demand for storage components, which is expected to exceed supply, benefiting companies like Micron, SK Hynix, and Samsung [11][12].