Nat King Cole had a memorable year in 1954. That was when the legendary singer's "Unforgettable" album went platinum, meaning it sold one million copies. The title song was later inducted into the Grammy Hall of Fame in 2000 for its cultural impact. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💵 Today, artificial intelligence is having a monstrous cultural impact on the world and it promises to play a much bigger role. And memory — particularly the long-term kind — is a key el ...

CANADA - 2025/09/06: In this photo illustration, the Micron Technology logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesAs generative AI transforms various industries, one of the most essential – yet frequently overlooked – elements driving this change is memory. Memory manufacturer Micron (NASDAQ:MU) is central to this evolution, supplying the high-bandwidth memory (HBM) and DRAM necessary to ...

以下文章来源于半导体行业观察 ，作者编辑部 半导体行业观察 . 半导体深度原创媒体，百万读者共同关注。搜索公众号：半导体芯闻、半导体产业洞察，阅读更多原创 内容 将投中网设为"星标⭐"，第一时间收获最新推送 一个属于存储的超级周期要到来。 来源丨 半导体行业观察 日前，存储厂商美光交出了一份漂亮业绩。 财报显示，该公司本季度营收为113.2亿美元，而上一季度为93.0亿美元；全年营收则从251.1亿美 元增长至373.8亿美元。当中，美光HBM、高容量DIMM和LP服务器DRAM的总收入达到100亿美 元，较2024财年增长了五倍。人工智能对HBM的需求支撑了美光本财年近50%的收入增长，管理 层也上调了2025年服务器的增长预期，这表明美光的高两位数增长并非终点。 自上次公布财报以来，美光股价已上涨约 31%，并从季度内每股 104 美元的低点回升了约 58%， 今年迄今上涨了 90%，财报也证实，HBM 还具有更大的上涨空间。 从美光、三星和SK海力士的表现看来，HBM俨然成为了印钞机。 美光HBM的后来先上？ 美光公司进入 HBM 领域较晚，于 2021 年 6 月推出了 HBM2E 内存，而当时三星和 ...

报告预测， 到2027年，HBM在DRAM市场总价值中的占比将高达43%。 HBM的高价值和强劲需求将有效平滑传统DRAM价格的周期性波动，从而抬 高整个DRAM市场的利润底线。 摩根大通认为，在AI计算对高性能内存的巨大需求的推动下，"内存饥渴"趋势正在推动整个行业进入结构性增长阶段，DRAM市场正迎来一个从2024年 持续至2027年的"前所未有的四年定价上行周期"，预计到2027年，全球存储市场规模将达到近3000亿美元。 摩根大通分析师Jay Kwon、Sangsik Lee等在近日发布的报告中表示， 由云服务提供商引领的"内存饥渴"趋势正在推动整个行业进入结构性增长阶 段。 报告指出，这一轮周期的核心驱动力来自AI计算对高性能内存的巨大需求， 其影响已从高端的高带宽内存（HBM）迅速扩展至传统DRAM和NAND闪 存。 市场动态显示，供应商在未来12个月内可能难以满足全部需求，从而支撑价格持续走强。 这场行业变局不仅限于DRAM市场的价格复苏，NAND闪存市场同样在经历强劲反弹，部分原因是硬盘驱动器（HDD）出现严重短缺，迫使客户转向企 业级固态硬盘（eSSD）。 因此，摩根大通大幅上调了全球存储市 ...

J P M O R G A N Asia Pacific Equity Research 25 September 2025 Global Memory Market Memory 'hunger game' begins; datacenter compute demand on fire, driving four-year upcycle Technology - Semiconductors Jay Kwon AC (82-2) 758-5725 jay.h.kwon@jpmorgan.com J.P. Morgan Securities (Far East) Limited, Seoul Branch Harlan Sur (1-415) 315-6700 harlan.sur@jpmorgan.com J.P. Morgan Securities LLC See page 37 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and ...

Core Viewpoint - The storage chip sector in the A-share market has shown strong performance despite increased volatility in the overall market, driven by price hikes from international giants and positive forecasts for NAND Flash prices [2][3]. Group 1: Market Performance - From September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 yuan to 177 yuan and 144 yuan respectively, reaching historical highs [2]. - The price increase expectations were ignited by SanDisk's announcement of a price hike of over 10% for some products, marking the second price increase this year [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, with CFM forecasting a comprehensive price increase in the storage market during that period [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [3]. - For the entire fiscal year 2025, Micron's revenue hit a record $37.4 billion, up nearly 50% year-on-year, primarily driven by demand from data centers and AI servers [3]. - Micron's high-value business segments, including HBM and high-capacity DIMM, generated $10 billion in revenue, five times that of the previous fiscal year [3][4]. Group 3: Domestic Manufacturers' Challenges and Strategies - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [6]. - The traditional business model of relying on purchasing storage wafers from international suppliers has limited profit margins for domestic firms [6]. - Domestic manufacturers are shifting focus towards upstream technology to capture higher value, particularly through the development of proprietary controller chips [6][7]. Group 4: Technological Advancements - Jiangbolong has shipped over 80 million units of its self-developed controller chips, with its UFS 4.1 products outperforming market standards [7]. - Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip and is developing UFS controller chips, expected to be ready for production in 2025 [7]. - Demingli has also achieved mass production of its SATA SSD controller chip, which is the first in China to utilize RISC-V architecture [7]. Group 5: Investment and Market Expansion - Baiwei Storage raised 1.871 billion yuan for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [9]. - Domestic firms are targeting enterprise markets, such as data centers and AI servers, where profit margins are higher and customers prioritize reliability over price [10]. - Jiangbolong's enterprise storage revenue reached 693 million yuan in the first half of 2025, a 138.66% increase, while Baiwei Storage has secured core supplier status with major AI server manufacturers [10].

财报显示，该公司本季度营收为113.2亿美元，而上一季度为93.0亿美元；全年营收则从251.1亿美元 增长至373.8亿美元。当中，美光HBM、高容量DIMM和LP服务器DRAM的总收入达到100亿美元， 较2024财年增长了五倍。人工智能对HBM的需求支撑了美光本财年近50%的收入增长，管理层也上 调了2025年服务器的增长预期，这表明美光的高两位数增长并非终点。 自上次公布财报以来，美光股价已上涨约 31%，并从季度内每股 104 美元的低点回升了约 58%，今 年迄今上涨了 90%，财报也证实，HBM 还具有更大的上涨空间。 从美光、三星和SK海力士的表现看来，HBM俨然成为了印钞机。 公众号记得加星标⭐️，第一时间看推送不会错过。 日前，美国存储厂商美光交出了一份漂亮业绩。 我们近期已向客户交付了 HBM4 样品，其业界领先的带宽超过 2.8 TB/s，引脚速度超过 11 Gbps。 我们相信，美光科技的 HBM4 性能超越所有竞品 HBM4 产品，不仅拥有业界领先的性能，还拥有一 流的能效。我们久经考验的 1-gamma DRAM、创新高效的 HBM4 设计、自主研发的先进 CMOS 基础芯片以及 ...

硬·AI 作者 | 赵 颖 编辑 | 硬 AI AI需求强劲支撑上，存储芯片巨头美光交了一份亮眼的成绩单，上季营收劲增46%，而且指引碾压预期再 创新高，并预期资本支出将进一步增长。 在财报发布后的财报电话会中，美光表达了乐观的预期，2025财年资本支出将大幅增长，占收入比重将达 到35%左右，2025财年预计实现数十亿美元的HBM收入；先进制程的供应非常紧张，供应紧张不仅存在 于HBM市场，也存在于非HBM市场。 美光预计，2025财年资本支出将大幅增长，占收入比重将达到35%左右，预计新建晶圆厂和HBM资本支出投资的增长将 占增长的绝大部分；先进制程的供应非常紧张，在2022年和2023 年随着资本支出的减少，以及全行业向新技术节点的转 型，晶圆产能已从峰值水平大幅下降。供应紧张不仅存在于HBM市场，也存在于非HBM市场。 公司参与者 Satya Kumar - 投资者关系 Sanjay Mehrotra - 总裁兼首席执行官 Mark Murphy - 执行副总裁兼首席财务官 电话会议参与者 以下是电话会要点： 1、美光在2024财年的资本支出为81亿美元，根据目前的资本支出和收入预期，预计 2025财 ...

Group 1 - The semiconductor materials and equipment sector is experiencing a strong upward trend, with the Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Index rising by 9.37% [1] - Notable individual stock performances include ShenGong Co., which increased by 20.01%, and Shengmei Shanghai, which rose by 15.35% [1] - The Sci-Tech Semiconductor ETF (588170) has also seen significant gains, up 9.42%, with a trading volume of 4.52 billion yuan and a turnover rate of 38.2% [1] Group 2 - The semiconductor equipment and materials sector is showing strength, with several stocks hitting their daily limit up, including Changchuan Technology and Weidao Nano [2] - Analysts suggest that the semiconductor cycle may be entering an upward phase, driven by AI computing demand, which is expected to enhance overall industry demand [2] - The global semiconductor industry is in an accelerated growth phase, with AI demand being a core driver, particularly for high-end chips like GPUs and HBM [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) tracks the Sci-Tech Innovation Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (59%) and materials (25%) [3] - The semiconductor equipment and materials industry is crucial for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution [3] - The Semiconductor Materials ETF (562590) also emphasizes the upstream semiconductor sector, with significant allocations to equipment and materials [3]

Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [32]. Core Insights - The company achieved record revenue of $37.4 billion for FY2025, a 49% year-over-year increase, with a gross margin improvement of 17 percentage points to 41% and an EPS of $8.29, reflecting a 538% year-over-year growth [9][10]. - Q4 FY2025 revenue reached $11.3 billion, marking a quarterly record with a 22% quarter-over-quarter growth and a 46% year-over-year growth [10]. - DRAM revenue constituted 79% of total revenue in Q4, amounting to $9 billion, with a year-over-year increase of 69% and a quarter-over-quarter increase of 27% [10][11]. - The report highlights significant advancements in core products, particularly in DRAM and HBM technologies, with the company being the first to ship 1-gamma DRAM [12][13]. Financial Performance Overview - FY2025 revenue reached $37.4 billion, a 49% increase year-over-year; gross margin improved by 17 percentage points to 41%; EPS was $8.29, up 538% year-over-year [9]. - Q4 FY2025 revenue was $11.3 billion, with a 22% quarter-over-quarter growth and a 46% year-over-year growth [10]. - DRAM revenue in Q4 was $9 billion, representing 79% of total revenue, with a year-over-year increase of 69% and a quarter-over-quarter increase of 27% [10]. Business Segment Performance - Cloud Memory Business Unit (CMBU) reported Q4 revenue of $4.5 billion, a 34% quarter-over-quarter increase, with a gross margin of 59% [11]. - Core Data Center Business Unit (CDBU) generated $1.6 billion in Q4 revenue, growing 3% quarter-over-quarter, with a gross margin of 41% [11]. - Mobile Client Business Unit (MCBU) achieved $3.8 billion in Q4 revenue, a 16% quarter-over-quarter increase, with a gross margin of 36% [11]. - Automotive and Embedded Business Unit (AEBU) reported $1.4 billion in Q4 revenue, a 27% quarter-over-quarter increase, with a gross margin of 31% [11]. Core Products and Technology Progress - The 1-gamma DRAM node achieved mature yields at a record speed, 50% faster than the previous generation, with the first certification from OEM customers in Q4 [12]. - HBM revenue approached $2 billion in Q4, with an annualized run rate nearing $8 billion [13]. - G9 NAND mass production is progressing in line with market demand, with successful customer certification for data center PCIe Gen6 SSDs [13]. Market Demand and Industry Outlook - Total server shipments in 2025 are expected to grow by approximately 10%, with strong demand for AI servers [14]. - High-performance storage demand driven by AI inference is boosting the demand for large-capacity SSDs [15]. - The PC market is projected to see mid-single-digit percentage growth in shipments due to the end of support for Windows 10 and AI PC adoption [16]. - The automotive and industrial market is experiencing increased demand for memory and storage driven by ADAS and AI applications [19]. Capacity and Capital Expenditures - Capital expenditures for FY2025 are projected at $13.8 billion, with FY2026 expenditures expected to exceed those of FY2025 [22]. - A new wafer fab in Idaho is expected to start production in the second half of 2027, with additional capacity planned [20]. - The first EUV equipment for 1-gamma DRAM production is scheduled for installation in Q4 2025 [21]. Financial Guidance and Cash Flow - Q1 FY2026 revenue is expected to reach a record $12.5 billion, with a gross margin of 51.5% and EPS of $3.75 [23]. - In Q4 FY2025, operating cash flow was $5.7 billion, with free cash flow of $803 million [24].