存储市场需求，吓人

Core Insights - The total addressable market (TAM) for HBM memory is expected to grow significantly, with projections indicating a market size of $100 billion by 2028, reflecting a compound annual growth rate (CAGR) of over 40% from previous estimates [6][7] - The demand for high-performance memory and storage solutions is being driven by the expansion of AI data centers, with server sales expected to grow nearly 10% by 2025 [2][3] - Micron Technology is increasing its capital expenditures to $20 billion in 2026 to meet the rising demand for DRAM and HBM memory, with new facilities planned to come online by 2027 and 2030 [3][11] Market Dynamics - The HBM market is experiencing explosive growth, with Micron's forecasts indicating a TAM of $35 billion in 2025, rising to $100 billion by 2030, with a CAGR of 23.2% [5][6] - The overall DRAM industry is expected to see a bit shipment growth of around 20% in 2025, while NAND shipments are projected to grow by over 10% [3] - Micron's NAND storage business surpassed $1 billion for the first time in Q1 2026, indicating strong demand across data centers [2] Financial Performance - In Q1 2026, Micron reported revenues of $13.64 billion, a year-over-year increase of 56.7%, with net income reaching $5.24 billion, also reflecting a significant increase [10][11] - The data center business generated $7.66 billion in revenue, marking a 55.1% increase, with operating income nearly doubling compared to the previous year [16][18] - Micron's gross margins for cloud memory and core data center segments have shown substantial improvement, indicating a tightening supply in the DRAM and flash memory markets [14] Competitive Positioning - Micron is strategically positioned to capture a significant share of the HBM market, with expectations of achieving approximately 25% market share, translating to around $139 billion in revenue over the next six years [7][8] - The company is leveraging its technological advantages and U.S.-based operations to establish a dominant market presence in the rapidly growing HBM segment [16] - The competitive landscape is intensifying, with other companies also investing heavily in memory solutions, but Micron's unique positioning may allow it to capitalize on the growing demand for AI-related memory products [18]