Micron Technology(US:MU) GF SECURITIES·2026-03-19 08:44Investment Rating - The report provides a "Buy" rating for the industry, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [31]. Core Insights - The storage manufacturers showcased new products at GTC, enhancing the positive outlook for the storage industry. Micron, SK Hynix, Samsung, and Kioxia presented advanced AI memory solutions, indicating a strong demand driven by AI applications [3][25]. - The industry cycle outlook is increasingly optimistic, with expectations of storage shortages continuing until 2030, potentially exceeding a 20% gap due to sustained AI demand [3][21]. - The report emphasizes the growing importance of upstream infrastructure related to AI memory, suggesting that investors should focus on key beneficiaries within the industry chain [3][25]. Summary by Sections 1. New Product Lineup from Storage Manufacturers - Micron began mass shipments of 36GB 12Hi HBM4 for Vera Rubin in Q1 2026, supporting 11Gb/s pin speeds and over 2.8TB/s bandwidth. They also showcased 48GB 16Hi HBM4 samples and mass production of PCIe Gen6 SSDs optimized for AI workloads [3][11]. - SK Hynix displayed HBM4, HBM3E, and SOCAMM2 solutions, along with a liquid-cooled eSSD developed in collaboration with NVIDIA [3][14]. - Samsung introduced HBM4 and HBM4E, with the latter supporting 16Gb/s pin speeds and 4.0TB/s bandwidth, indicating advancements in AI storage solutions [3][19]. - Kioxia presented the GP Series Super High IOPS SSD for NVIDIA Storage-Next architecture, with samples expected by the end of 2026 [3][25]. 2. Industry Cycle Outlook - The outlook for the industry is becoming more positive, with SK Group's chairman indicating that storage shortages driven by AI demand are expected to persist until 2030, reinforcing the view of a tight supply situation [3][21]. 3. Investment Recommendations - The report suggests that as AI memory continues to expand the capabilities of models and applications, the value and importance of related upstream infrastructure will increase. Investors are advised to focus on key beneficiaries within the industry chain [3][25].