来源 ： 内容 编译自 barrons 。 很少有公司比阿斯麦控股 (ASML Holding) 更能从人工智能热潮中获益。这家荷兰公司几乎垄断 了用于生产数据中心高性能芯片的专用光刻机市场，而这一业务正以前所未有的速度蓬勃发展。 ASML 的美国存托凭证在过去一年上涨了 11%。然而，由于受到无法保证在2026年保持增长 。该 公司面临一个大问题。ASML 最新的极紫外光刻 (EUV) 设备大客户数量有限，而目前，其中一家 ——台积电(TSMC)——在先进芯片制造领域占据主导地位。这令人担忧，因为当芯片制造商争夺 霸主地位，不断升级设备以保持领先地位时，ASML 才能蓬勃发展。 ASML 目前正在销售新一代"高数值孔径" EUV 机器，即 High NA EUV。它是 独家供应商 并预 计这些工具将在未来十年内实现更小的芯片。然而，每台这些工具的成本可能超过4亿美元。 台积电显然对这个价格犹豫不决。一位高管在5月份的一次行业会议上表示，这家芯片制造商相信 可以延长其现有EUV光刻机的使用寿命。 这家台湾公司在一封电子邮件声明中告诉《巴伦周刊》： "当高数值孔径 EUV 技术成熟并准备好 为我们的客户带来最大 ...

Core Viewpoint - SK Hynix is expected to achieve record earnings in Q2 2023, driven by a surge in demand for high-bandwidth memory (HBM) chips used in AI applications [2] Group 1: SK Hynix Performance - Analysts predict SK Hynix's revenue for April to June will reach 20.6 trillion KRW (approximately 14.9 billion USD), a year-on-year increase of 25.5% [2] - Operating profit is expected to grow by 65%, reaching 9 trillion KRW, also a record high [2] - If confirmed, this performance will surpass the previous record set in Q4 2023, which was 19.8 trillion KRW in revenue and 8.1 trillion KRW in operating profit [2] - SK Hynix is solidifying its leadership in the rapidly growing HBM sector, which is a key component for high-performance AI chips [2] - Counterpoint Research estimates that SK Hynix's memory chip sales will reach 15.5 billion USD this quarter, matching that of larger competitor Samsung Electronics [2] Group 2: Samsung Electronics Performance - Samsung Electronics released a weaker-than-expected earnings guidance, forecasting a 56% decline in operating profit to 4.6 trillion KRW, below market expectations of 6.1 trillion KRW [3] - The decline is attributed to increased U.S. export controls on advanced AI chips, leading to a slowdown in HBM chip supply and rising inventory levels [3] - As a precaution, Samsung increased its inventory loss reserves this quarter to address potential devaluation of unsold chips, further impacting profitability [3] Group 3: LG Electronics Performance - LG Electronics also issued disappointing Q2 earnings guidance, expecting a 46.6% year-on-year decline in operating profit to 639.1 billion KRW [5] - The ongoing weakness in the television sector has offset moderate growth in other consumer electronics and enterprise businesses [5]

Core Viewpoint - Samsung Electronics has reported its first profit decline since 2023, primarily due to U.S. restrictions on AI chip sales to China and setbacks in selling advanced memory to Nvidia [1][2]. Financial Performance - Samsung's preliminary operating profit for Q2 is estimated at 4.6 trillion KRW (approximately 3.3 billion USD), a decrease of about 56% year-over-year [1]. - Analysts had anticipated a 41% decline in revenue, with the chip division's operating profit expected to reach 2.7 trillion KRW, up from 1.1 trillion KRW in the previous quarter but still down from 6.5 trillion KRW a year ago [2]. Market Position and Competition - Samsung is striving to regain its leading position in the high-bandwidth memory (HBM) chip sector, crucial for driving Nvidia's AI accelerators [2][5]. - The company’s latest product, the 12-layer HBM3E, has not yet received certification from Nvidia, allowing competitors like SK Hynix to gain an advantage [2][5]. - SK Hynix is positioned as a primary supplier for Nvidia, having delivered the first 12-layer HBM4 samples, while Micron Technology is also advancing rapidly in the market [5]. Future Outlook - Samsung plans to start mass production of HBM4 chips in the second half of the year and aims to close the gap with competitors [5][6]. - Analysts predict that SK Hynix will hold a 57% market share in HBM by 2025, followed by Samsung at 27% and Micron at 16% [6]. - Samsung's chip business head has acknowledged the need to improve its HBM market position and has committed to avoiding past mistakes with HBM4 [6].

Core Viewpoint - Micron's stock price dropped 8% due to a tepid profit margin forecast overshadowing strong AI-driven revenue prospects [2] Group 1: Financial Performance - Micron's revenue for the quarter ending December 31, 2024, was $8.05 billion, a 38% year-over-year increase, but an 8% decline quarter-over-quarter [7] - GAAP profit was $1.58 billion, nearly double the $793 million profit from the same period last year [7] - Adjusted gross margin is expected to be around 36.5%, slightly below the analyst average of 36.9%, marking a 3 percentage point decline from the previous quarter [2][7] Group 2: Market Dynamics - The NAND flash supply surplus continues to pressure profit margins, particularly affecting consumer memory chip pricing [2][4] - AI demand is driving the need for high bandwidth memory (HBM), with Micron predicting strong growth in HBM revenue, potentially reaching billions in FY2025 [6][15] - Despite growth in DRAM and NAND revenue, sales outside of data centers are declining due to depleted buyer inventories [7][16] Group 3: Product Segmentation - DRAM revenue was $6.1 billion, a 47% year-over-year increase but a 4% decline quarter-over-quarter, with HBM driving this growth [9] - NAND revenue was $1.9 billion, an 18% year-over-year increase but a 17% decline quarter-over-quarter [9] - Micron's HBM products are expected to gain market share against competitors like SK Hynix and Samsung, with HBM4 anticipated to launch in 2026 [15] Group 4: Future Outlook - Micron expects record revenue of approximately $8.9 billion for the upcoming third fiscal quarter, reflecting a 30.7% year-over-year growth [17] - The company is optimistic about recovering demand in the NAND market, anticipating a rebound in shipments in the coming months [9][17]