Micron Technology(US:MU) 21世纪经济报道·2025-10-01 02:20Core Viewpoint - The storage chip market is currently experiencing a simultaneous upward trend in both product transactions and stock market performance, with the storage index rising by 5.46% as of September 30, indicating a new upward cycle in the storage industry [1][4]. Market Performance - The storage sector has shown significant gains, with multiple stocks hitting the daily limit up, reflecting a robust market sentiment [1][3]. - Major companies like Micron and Samsung are shifting production capacity from DDR4 and LPDDR4 to DDR5 and LPDDR5, leading to a structural tightness in the terminal storage market, particularly for mobile devices [4][5]. Price Trends - The current price increase in DDR4 and LPDDR4 products is driven by a supply-demand imbalance, as manufacturers have announced production cuts while market demand remains strong [9][12]. - LPDDR4X prices are expected to rise significantly, with contract prices projected to increase by 24%-36% by Q3 2025, indicating a market shift despite a gradual reduction in production [10][12]. Strategic Shifts - Storage manufacturers are focusing on high-margin products that benefit from the AI model wave, with a strategic pivot from NAND to DRAM products, particularly in high-demand areas like AI servers [7][14]. - Micron's recent financial performance highlights the profitability of DRAM products, with a 69% year-over-year increase in DRAM revenue, underscoring the shift in focus towards more lucrative markets [7][14]. Industry Adjustments - The transition to higher-generation products like DDR5 is ongoing, but the current market conditions necessitate a continued supply of DDR4 and LPDDR4, leading to a complex adjustment process for manufacturers [12][13]. - The automotive sector is increasingly demanding DDR4 and LPDDR4 products, prompting Micron to invest in production capacity to meet long-term customer needs [14][15].