Core Viewpoint - Micron Technology is expected to experience significant revenue and profit growth in the first fiscal quarter, driven by the surge in storage chip demand due to AI advancements, despite a recent stock price pullback before the earnings report [2][3][4]. Supply and Demand Imbalance Strengthens Pricing Power - Analysts believe Micron is benefiting from both rising storage chip prices and supply constraints, with demand expected to exceed supply through 2026 [6][8]. - The demand from hyperscale cloud service providers is driving the need for high-value products, which supports Micron's average selling price (ASP) and gross margin [6][8]. - Rosenblatt analyst Kevin Cassidy predicts a 9% quarter-over-quarter increase in Micron's ASP, suggesting that this estimate may still be conservative [7]. Strategic Shift: Divesting Consumer Business to Focus on High-Profit Areas - Micron announced plans to exit its Crucial consumer business to concentrate on enterprise and commercial sectors, aiming to improve supply conditions and support growth in faster-growing segments [8]. - This strategic decision highlights management's focus on high-value end markets, with investors keenly observing comments on capacity ramp-up and how existing capacity can be converted into sellable output for high-margin cloud and data center products [8]. Valuation and Market Outlook - Despite a significant stock price increase this year, analysts generally view Micron's valuation as reasonable, with a forward P/E ratio around 12 times [10]. - Analysts expect strong guidance for the upcoming quarter, with projected revenue of $14.33 billion, a 78% year-over-year increase, and an EPS of $4.78, reflecting a 206% growth [12].

Core Viewpoint - The article highlights the significant growth expectations for Micron Technology's Q1 performance driven by AI-induced demand for storage chips, with a focus on the supply-demand imbalance enhancing pricing power [1][3]. Group 1: Market Expectations and Performance - Micron is expected to report explosive revenue and profit growth in Q1, with analysts predicting a year-over-year revenue increase of approximately 48% to a record $12.93 billion and an adjusted EPS of $3.96, doubling from the previous year [4]. - Despite a nearly threefold increase in stock price this year, Micron's shares have recently retreated from a high of approximately $264.75 to around $232, indicating cautious market sentiment ahead of the earnings report [4]. - The options market indicates that traders expect a potential stock price volatility of up to 9% post-earnings, suggesting a possible breakout above $258 or a pullback to around $217 [4]. Group 2: Supply-Demand Dynamics - Analysts believe that Micron is benefiting from rising storage chip prices and supply constraints, with demand expected to exceed supply throughout 2026 [6]. - The demand from hyperscale cloud service providers and increased capital expenditures in the cloud sector are driving the consumption of Micron's high-value products, which supports the company's average selling price (ASP) and gross margin [6][8]. Group 3: Strategic Shift - Micron is undergoing a strategic shift by exiting its Crucial consumer business to focus on high-margin enterprise and commercial sectors, a decision driven by the surge in demand for storage and memory due to AI [8]. - This strategic move is seen as a commitment to high-value end markets, with management emphasizing the importance of converting existing capacity into sellable output for high-profit cloud and data center products [8]. Group 4: Valuation and Market Outlook - Despite significant stock price gains, analysts consider Micron's valuation to be reasonable, with a forward P/E ratio around 12, similar to the beginning of the year [9]. - Analysts have high expectations for Micron's upcoming guidance, with projected Q2 revenue of $14.33 billion, a 78% year-over-year increase, and an EPS of $4.78, reflecting a 206% growth [9][10].

美光科技将于周三美股盘后公布第一财季业绩，在人工智能浪潮推动存储芯片需求激增的背景下，华尔街普遍预期其营收与利润将录得爆发式增 长。尽管该股今年以来已上涨近三倍，但近期在财报发布前夕出现高位回撤，市场正密切关注这份成绩单能否成为股价重拾升势的关键催化剂。 据TipRanks17日引述Rosenblatt Securities分析师Kevin Cassidy的观点指出，存储芯片市场的供需格局正发生根本性转变，PC及手机制造商等客户不 仅在为当前季度下单，更已开始恐慌性地"争抢"锁定直至2026日历年甚至2027年的DRAM和NAND闪存产能。这种抢单行为突显了下游市场对供 应紧缺的担忧，预计将显著推高美光的平均销售价格（ASP）和整体利润率。 受此乐观预期推动，多家投行在财报前上调了美光的目标价。Needham分析师Quinn Bolton和Wedbush分析师Matt Bryson均将目标价上调至300美 元，理由是数据中心建设对高带宽内存（HBM）等高价值产品的需求持续强劲。根据Visible Alpha编制的市场共识，分析师预计美光第一财季营 收将同比增长约48%至创纪录的129.3亿美元，调整后每股收益 ...