股价暴跌，美光发出警告

Core Viewpoint - Micron's stock price dropped 8% due to a tepid profit margin forecast overshadowing strong AI-driven revenue prospects [2] Group 1: Financial Performance - Micron's revenue for the quarter ending December 31, 2024, was $8.05 billion, a 38% year-over-year increase, but an 8% decline quarter-over-quarter [7] - GAAP profit was $1.58 billion, nearly double the $793 million profit from the same period last year [7] - Adjusted gross margin is expected to be around 36.5%, slightly below the analyst average of 36.9%, marking a 3 percentage point decline from the previous quarter [2][7] Group 2: Market Dynamics - The NAND flash supply surplus continues to pressure profit margins, particularly affecting consumer memory chip pricing [2][4] - AI demand is driving the need for high bandwidth memory (HBM), with Micron predicting strong growth in HBM revenue, potentially reaching billions in FY2025 [6][15] - Despite growth in DRAM and NAND revenue, sales outside of data centers are declining due to depleted buyer inventories [7][16] Group 3: Product Segmentation - DRAM revenue was $6.1 billion, a 47% year-over-year increase but a 4% decline quarter-over-quarter, with HBM driving this growth [9] - NAND revenue was $1.9 billion, an 18% year-over-year increase but a 17% decline quarter-over-quarter [9] - Micron's HBM products are expected to gain market share against competitors like SK Hynix and Samsung, with HBM4 anticipated to launch in 2026 [15] Group 4: Future Outlook - Micron expects record revenue of approximately $8.9 billion for the upcoming third fiscal quarter, reflecting a 30.7% year-over-year growth [17] - The company is optimistic about recovering demand in the NAND market, anticipating a rebound in shipments in the coming months [9][17]