对于投资者而言，2025 年将是这样一个年份：人工智能热潮的覆盖范围不断扩大，市场担忧情绪也愈 发强烈 —— 这种担忧不仅针对科技股是否存在泡沫，也关乎人工智能技术本身带来的颠覆性影响。 尽管谷歌母公司字母表、英伟达等科技巨头股价实现强劲上涨，但内存芯片、硬盘驱动器等行业 "隐形 赛道"，被证实是更优质的投资标的。与此同时，微软等资金雄厚的行业巨头，以及开放人工智能、安 索匹克等初创企业带来的竞争威胁，令那些被认为最易受到冲击的软件厂商承压。 随着美国股市牛市步入第四个年头，市场对于人工智能算力领域巨额投入的可持续性，以及这些投资能 否产生合理回报的担忧达到了前所未有的高度。 "市场对人工智能的乐观情绪浓厚，但同时也充斥着大量炒作成分。" 美国运通金融顾问公司首席市场 策略师安东尼・萨格林本表示，"2026 年的核心议题将是人工智能技术的价值兑现。那些超大规模云服 务商的投入能否产生可观的投资回报率？它们的利润增长能否持续提速？" 下文将梳理 2025 年科技行业最受关注的股市动态，并展望各领域在新一年的发展前景。 新型云服务商的焦虑 专为人工智能客户提供定制化云计算服务的新型云服务商，在 2025 年的大部 ...

智通财经APP获悉，周二，希捷科技(STX.US)涨逾2%，截至发稿，报293.27美元。消息面上，在周一 发布的最新报告中，摩根士丹利重申了对全球机械硬盘巨头希捷科技的"增持"评级，并预期机械硬盘产 品到2027年仍将供不应求。 大摩的美国科技硬件股票研究主管Erik Woodring带领的团队在报告中写道，在与希捷CFO詹卢卡·罗马 诺的会谈中，对方表示，公司预计未来12个月内其机械硬盘(HDD)产品的销售毛利率将超过50%。 ...

周二，希捷科技(STX.US)涨逾2%，截至发稿，报293.27美元。消息面上，在周一发布的最新报告中， 摩根士丹利重申了对全球机械硬盘巨头希捷科技的"增持"评级，并预期机械硬盘产品到2027年仍将供不 应求。 大摩的美国科技硬件股票研究主管Erik Woodring带领的团队在报告中写道，在与希捷CFO詹卢卡.罗马 诺的会谈中，对方表示，公司预计未来12个月内其机械硬盘(HDD)产品的销售毛利率将超过50%。 ...

Core Viewpoint - The explosive demand for data storage driven by AI is reshaping the hard disk drive market, with Seagate Technology reporting significantly better-than-expected quarterly results and strong future guidance, leading to a surge in its stock price to an all-time high [1][3][4]. Financial Performance - Seagate's revenue for the first quarter of fiscal year 2026 reached $2.63 billion, a year-on-year increase of 21.3%, exceeding Morgan Stanley and market expectations by 3% [6]. - The adjusted earnings per share were $2.61, a 65% increase compared to the previous year, significantly above the FactSet analyst estimate of $2.40 [3][6]. - The non-GAAP gross margin for the quarter was 40.1%, surpassing market expectations by 150 basis points and achieving the company's 40% target ahead of schedule [6][7]. Market Outlook - Seagate expects sales for the current quarter to reach $2.7 billion, again exceeding analyst predictions of $2.67 billion [3]. - The company has secured contracts for high-capacity hard drives aimed at the cloud market, with orders extending to 2026, indicating a clear visibility of demand through 2027 [3][6]. Analyst Sentiment - Following the earnings report, analysts have raised their target prices for Seagate, reflecting optimism about AI-driven storage demand growth [7][10]. - Morgan Stanley increased its net profit forecasts for Seagate for fiscal years 2026 and 2027 by 5-7%, raising the target price from $265 to $270 [7][10]. - Evercore ISI analyst set a target price of $330, indicating confidence in Seagate's ability to capitalize on the growing demand for high-capacity storage driven by AI workloads [10].

Core Viewpoint - The demand for hard disk drives (HDD) in the Chinese market is increasing, leading to a 1% rise in bulk trading prices from Q2 to Q3. This price increase is attributed to rising component costs and strong procurement demand from data centers, with expectations for continued price growth in large-capacity HDDs [1][4]. Group 1: HDD Price Trends - HDD prices for 3.5-inch 1TB drives used in desktop computers and surveillance cameras reached approximately $51.0 each in Q3, marking a 1% increase from the previous quarter. Similarly, 2.5-inch 1TB drives for laptops also saw a 1% rise, priced at about $48.4 each. Both products have experienced price increases for two consecutive quarters, maintaining high price levels [2][3]. Group 2: Factors Influencing Demand - The surge in demand from China is driven by government policies encouraging the purchase of domestic computers, with specific needs arising from educational computers. There are indications that HDDs are being used in computers equipped with Huawei's HarmonyOS [6]. - A major HDD manufacturer reported receiving orders from Chinese clients that exceeded production capacity before the Golden Week, particularly for 3.5-inch products, indicating a notable shortage [6]. Group 3: Market Dynamics - Despite expectations that the rise of solid-state drives (SSD) would reduce HDD usage in computers, the current price increase is a result of declining HDD shipments, rising component costs, and unique demand from China. There is uncertainty about whether prices will continue to rise after Q4 [6]. - For nearline data center applications, demand for large-capacity HDDs remains strong. In Q2, global shipments of nearline HDDs increased by 1.86 million units (12.7%) compared to the previous quarter, reaching 16.47 million units [6].