摩根士丹利：半导体行业_尽管有关税担忧，存储市场持续强劲，上调美光科技预期数据

Investment Rating - The industry view is rated as Attractive [6] - Micron Technology Inc. (MU) price target reduced from $112.00 to $98.00 [6] - SanDisk Corporation (SNDK) price target reduced from $84.00 to $70.00 [6] Core Insights - Memory pricing has significantly improved recently, driven by strong demand in the AI sector, particularly for DRAM and NAND [3][4] - Micron's direct AI revenue is expected to grow 2-2.5 times over the next three quarters, contributing significantly to pricing and margins [9][30] - The demand for DRAM is anticipated to increase due to higher content in devices, particularly in Apple's iPhone lineup, which could lead to a 22% growth in DRAM demand [40][41] Summary by Sections DRAM Market - Recent checks indicate a positive outlook for DRAM, with expectations of volume growth in the low teens for DRAM and over 20% for NAND [3] - AI demand is a core driver for Micron, with expectations that tight DRAM supply will persist, making Micron's stock appear undervalued [3][4] - Micron's HBM revenue is projected to grow significantly, with estimates of $7.2 billion over the next twelve months [30] NAND Market - NAND volumes have been weak outside of AI markets, but improvements are expected as demand from datacenters remains robust [4][5] - The impact of higher smartphone memory content is significant, with potential growth in NAND demand driven by Apple's increased storage requirements [43][46] Financial Estimates - Micron's revenue estimates for August and November have been raised, with DRAM revenue expected to reach $8.3 billion in August, a 20.9% increase quarter-over-quarter [52] - Adjusted EPS estimates for Micron have been increased to $2.47 for August and $2.77 for November, compared to consensus estimates of $1.94 and $2.41 respectively [52] - SanDisk's valuation is seen as attractive, trading at 3x trailing peak earnings, with expectations of improved industry dynamics leading to higher profitability [55][61]