英伟达最初对大幅涨价表现出抗拒，考虑到三星电子和美光将大规模供应HBM4，双方一度陷入僵持。 但最终供应价格敲定在SK海力士提议的每颗约560美元。一位SK海力士高管表示，考虑到工艺进步和 投入成本，HBM4具备大幅提价的因素。 周三，美股存储概念股集体大涨，希捷科技(STX.US)、SanDisk(SNDK.US)涨逾9%，美光科技(MU.US) 涨近8%、西部数据(WDC.US)涨逾5%。消息面上，据媒体最新报道，韩国半导体巨头SK海力士在与英 伟达的第六代高带宽内存(HBM4)供应谈判中占据上风，并成功将其价格提升逾50%至每颗约560美元， 巩固了其在高端存储芯片市场的主导地位。分析师预计，基于HBM4的高利润率和通用型DRAM价格飙 升，SK海力士明年营业利润可能突破70万亿韩元创下历史新高，该公司已提前售罄明年产能。 ...

Core Viewpoint - The U.S. storage sector stocks experienced a significant surge, driven by SK Hynix's successful negotiations with NVIDIA regarding the pricing of the sixth-generation high bandwidth memory (HBM4), which increased by over 50% to approximately $560 per unit [1] Group 1: Stock Performance - Major storage stocks such as Seagate Technology (STX.US) and SanDisk (SNDK.US) rose by over 9%, while Micron Technology (MU.US) increased by nearly 8%, and Western Digital (WDC.US) saw a rise of over 5% [1] Group 2: SK Hynix's Market Position - SK Hynix has strengthened its dominant position in the high-end storage chip market by successfully negotiating a price increase for HBM4, which is expected to lead to a record operating profit of over 70 trillion Korean Won next year [1] Group 3: Pricing Dynamics - Initially, NVIDIA resisted the significant price hike due to potential competition from Samsung and Micron, but ultimately agreed to the price set by SK Hynix at approximately $560 per unit [1] - A SK Hynix executive indicated that advancements in technology and increased input costs justified the substantial price increase for HBM4 [1]

分析师预计，基于HBM4的高利润率和通用型DRAM价格飙升，SK海力士明年营业利润可能突破70万亿韩元。其中，HBM业务整体表现预计较今年(销 售额约30万亿韩元，营业利润17万亿韩元)增长40%至50%。 利润率维持高位 完成价格谈判后，SK海力士近期向机构投资者表示，高营业利润率将在明年持续。据媒体报道，该公司称"符合英伟达规格的产品价格和数量已确定， 正在维持'当前盈利能力'"。 SK海力士已成功完成与英伟达HBM4明年供应的谈判，提前锁定明年的创纪录业绩。 据媒体最新报道，韩国半导体巨头 SK海力士在与英伟达的第六代高带宽内存(HBM4)供应谈判中占据上风，并成功将其价格提升逾50%至每颗约560美 元 ，巩固了其在高端存储芯片市场的主导地位。 这款HBM4将搭载于英伟达明年下半年发布的下一代人工智能芯片Rubin。SK海力士今年3月率先向英伟达交付全球首个HBM4 12层堆栈样品，6月即开 始供应初始批次。随着AI基础设施投资热潮推高整体存储芯片需求，SK海力士的议价能力得到强化。 分析师预计， 基于HBM4的高利润率和通用型DRAM价格飙升，SK海力士明年营业利润可能突破70万亿韩元创下历史新高， ...

三星电子(SSNLF.US)半导体部门第三季度利润大幅超出预期，显示出全球人工智能(AI)需求正在推动这家韩国企业最重要业务板块的复苏。 三星电子周四公布的财报显示，该公司第三季度销售额为86.1万亿韩元，同比增长9%;营业利润为12.2万亿韩元;净利润为12.0万亿韩元，高于分析师平均预 期的9.3万亿韩元。 主要负责半导体业务的DS部门(设备解决方案部门)第三季度销售额同比增长13%至33.1万亿韩元，其中存储芯片销售额同比增长20%至26.7万亿韩元;该部门 第三季度营业利润为7.0万亿韩元，较上年同期的3.9万亿韩元增长了79%，远高于分析师平均预期的4.7万亿韩元。 值得一提的是，SK海力士第三季度营业利润为11.4万亿韩元(约合80亿美元)，创历史新高，略高于分析师预期的平均值;销售额达24.5万亿韩元。该公司还透 露，明年全系列存储芯片订单已售罄，这表明全球人工智能基础设施的建设正在大幅提升整个行业的需求。 投资者正押注三星电子有望凭借规模优势在高带宽存储(HBM)市场重新夺回份额。据研究机构Counterpoint称，在AI相关投资推动下，通用型DRAM和 NAND产品的价格和销量双双上升，三 ...

Group 1 - The core viewpoint is that due to the surge in demand related to artificial intelligence (AI), global semiconductor sales are expected to reach approximately $1 trillion by 2027, a significant increase from the previous estimate of $860 billion [1] - The growth outlook for memory chips, including high bandwidth memory (HBM), general-purpose DRAM, and NAND flash, as well as data center/AI-related components, is expected to be strong, while the performance in consumer electronics and automotive sectors will slightly offset overall growth [1] - The company maintains an optimistic outlook on AI-related capital expenditures, citing the structural resilience of current AI infrastructure construction compared to previous industry cycles [1] Group 2 - The updated forecast for semiconductor equipment spending is projected to reach $118 billion, $128 billion, and $138 billion from 2025 to 2027, indicating sustainable growth despite a potential slowdown in growth intensity for 2026 and 2027 [2] - The long-term capital intensity of the semiconductor industry is expected to stabilize between 14% and 17%, which is 100-400 basis points higher than the historical average of 13%, primarily due to the increased complexity of semiconductor manufacturing processes [2] - The new industry model indicates that memory chips and data center/AI sectors will experience faster growth, while the recovery in consumer electronics, personal computers, smartphones, and automotive markets will slightly offset overall growth [2]