Guolian Minsheng Securities·2025-12-21 11:10Investment Rating - The report suggests a positive outlook for the technology sector, particularly in storage and AI-related investments, indicating a favorable investment environment [5]. Core Insights - The storage industry remains robust, with Micron Technology (MU) reporting significant revenue and profit growth, exceeding Bloomberg consensus estimates. MU's revenue for FY26Q1 was $13.64 billion, with an adjusted gross margin of 56.8% and adjusted net profit of $5.48 billion, indicating strong demand and pricing power in the HBM segment [2][11]. - The U.S. Department of Energy (DOE) is advancing the "Genesis Mission," a national initiative aimed at leveraging AI to accelerate scientific discovery and enhance national security, which is expected to create substantial demand for AI technologies [19][20]. - Google's release of the Gemini 3 Flash model demonstrates a significant reduction in costs while enhancing performance, indicating a shift towards more efficient AI applications [16][17]. Summary by Sections Key Technology Company Updates - Micron's FY26Q1 results showed a revenue of $13.64 billion, surpassing expectations by 5.3%. The company has locked in pricing and supply for HBM for the 2026 calendar year, predicting a total addressable market (TAM) CAGR of approximately 40% for HBM, reaching $100 billion by 2028 [2][11]. - Robinhood introduced new AI-driven features, including personalized portfolio summaries and a predictive market function, enhancing user engagement and investment capabilities [12][14]. Overseas Technology Industry Dynamics - Google launched the Gemini 3 Flash model, which combines high-speed processing with low costs, aimed at improving everyday task handling and agent workflows [16][17]. - The DOE's collaboration with 24 organizations, including major tech firms, aims to utilize AI for scientific advancements and energy innovation, marking a significant public-private partnership in the AI domain [19][20][21]. Weekly Perspective - The Nasdaq saw a slight increase, supported by macroeconomic indicators such as lower-than-expected CPI and unemployment rates. The report highlights the potential for AI capital expenditures to shift from cloud vendors to sovereign markets, particularly in storage and optical communication sectors [5][29].