股价盘后大涨近8%！炸裂！美光业绩与指引双双“爆表”，需求旺盛致2026年资本支出将增至200亿美元

Core Viewpoint - Micron Technology reported significantly better-than-expected Q1 results, driven by surging demand for AI data centers and tight supply of storage chips, leading to a nearly 8% increase in stock price after hours [1][3][10]. Financial Performance - Revenue: Micron's Q1 adjusted revenue reached $13.64 billion, a 57% year-over-year increase, surpassing analyst expectations of $12.95 billion [4]. - Operating Expenses: GAAP operating expenses were $1.51 billion, up from $1.40 billion in the previous quarter and $1.17 billion year-over-year; non-GAAP operating expenses were $1.33 billion, compared to $1.21 billion and $1.05 billion respectively [5]. - Operating Profit: GAAP operating profit was $6.14 billion, accounting for 45.0% of revenue; non-GAAP operating profit was $6.42 billion, representing 47.0%, exceeding analyst expectations of $5.37 billion [5]. - Gross Profit: GAAP gross profit was $7.65 billion with a gross margin of 56.0%; non-GAAP gross profit was $7.75 billion with a gross margin of 56.8% [6]. - Net Profit: GAAP net profit was $5.24 billion, with diluted EPS of $4.60; non-GAAP net profit was $5.48 billion, with diluted EPS of $4.78, exceeding analyst expectations of $3.95 [6]. - Cash Flow: Operating cash flow was $8.41 billion, significantly higher than the expected $5.94 billion and last year's $3.24 billion [6]. Business Segment Performance - Cloud Storage: Q1 revenue was $5.28 billion, up from $4.54 billion in the previous quarter and $2.65 billion year-over-year, with a gross margin of 66% [7]. - Data Center Business: Q1 revenue was $2.38 billion, up from $1.58 billion in the previous quarter and $2.29 billion year-over-year, with a gross margin of 51% [7]. - Mobile and Client Business: Q1 revenue was $4.26 billion, up from $3.76 billion in the previous quarter and $2.61 billion year-over-year, with a gross margin of 54% [8]. - Automotive and Embedded Business: Q1 revenue was $1.72 billion, up from $1.43 billion in the previous quarter and $1.16 billion year-over-year, with a gross margin of 45% [8]. Future Guidance - Q2 Revenue Guidance: Expected revenue for Q2 is $18.7 billion, significantly exceeding analyst expectations of $14.38 billion [8]. - Gross Margin Guidance: GAAP gross margin is expected to be 67.0%, while non-GAAP gross margin is projected at 68.0%, both higher than analyst expectations of 55.7% [9]. - Operating Expenses Guidance: GAAP operating expenses are expected to be $1.56 billion, while non-GAAP operating expenses are projected at $1.38 billion [9]. - EPS Guidance: GAAP diluted EPS is expected to be $8.19, while non-GAAP diluted EPS is projected at $8.42, far exceeding analyst expectations of $4.71 [9]. Market Dynamics - AI Demand: The demand for AI-related components is significantly outpacing supply, benefiting companies like Micron [12][13]. - Supply Shortage: Micron indicated that memory/storage chip supply shortages will persist until at least 2026, with analysts predicting a 30% increase in DRAM prices and a 20% increase in NAND flash prices by year-end [13][14]. - Capital Expenditure: Micron raised its capital expenditure forecast for FY2026 from $18 billion to $20 billion to meet growing demand, particularly from large cloud service providers [14][15]. - Strategic Shift: Micron plans to exit its Crucial consumer business to focus on enterprise and commercial sectors, enhancing its capacity for AI chip and data center demands [16].