电子行业海外科技周跟踪：美光乐观展望远期HBM市场；重视字节算力硬件产业链投资机遇

Investment Rating - The report assigns a "Buy" rating for the industry, indicating a projected increase in stock prices relative to market benchmarks over the next 6 months [25]. Core Insights - Micron Technology has shown a strong year-on-year revenue growth of 84.1%, achieving $8.71 billion in FY25Q1, but has provided a weaker revenue guidance for the next quarter, estimating between $7.7 billion and $8.1 billion, which is significantly below market expectations [3][6]. - The HBM (High Bandwidth Memory) market is expected to grow from $16 billion in 2024 to over $100 billion by 2030, highlighting Micron's strategic advantage in this segment [3][6]. - ByteDance's advancements in AI, particularly with its Doubao model, are expected to drive significant demand for computing power, with projections indicating a daily token consumption of over 4 trillion by 2027 [8][10]. Summary by Sections Market Performance - The Nasdaq Composite Index fell by 1.78% and the Philadelphia Semiconductor Index dropped by 3.59% during the week [2]. - Micron's stock experienced a significant decline of over 17% in after-hours trading following its earnings report [3][5]. Company Performance - Micron's revenue from its computing and networking segment reached $4.4 billion, a record high, driven by demand for cloud server DRAM and HBM products [6]. - The mobile business segment saw a revenue decline of 19% due to inventory destocking by mobile customers [6]. Industry Trends - The report emphasizes the importance of the computing hardware supply chain, particularly in light of ByteDance's increased investment in AI, which is projected to reach $80 billion in 2024 and $160 billion in 2025 [10]. - Key companies to watch in the supply chain include those involved in optical modules, copper connections, switches, and server components [10].