公众号记得加星标⭐️，第一时间看推送不会错过。 凭借2020 年初以 69 亿美元收购 Mellanox Technologies，英伟达成为以太网和 InfiniBand 光收发 器的销售商。但在此交易完成的七年前，Mellanox 收购了光技术供应商 Kotura 和 IPtronics，成为 这些组件的供应商，正确地预见到光技术在未来的重要性。 但是， 当Mellanox在2017年拒绝Marvell的收购提议后，与激进投资者Starboard Value发生争执， 其光收发器业务的梦想破灭，业务规模大幅缩减。为了发展LinkX光缆和收发器业务，Mellanox开始 从Lumentum（后更名为Coherent）等公司采购激光器、光子集成电路（PIC）和其他组件。这些光 缆和收发器可能占到网络成本的一半以上，功耗也超过一半，因此，LinkX对Mellanox乃至现在的 Nvidia的重要性都难以言表。 与如今许多交易不同，英伟达对这两家公司的投资并非直接购买股票，而且这三家公司目前都未向美 国证券交易委员会提交8-K文件，详细说明对Lumentum和Coherent的具体投资内容。我们强烈怀疑 这些投资 ...

Core Insights - The total addressable market (TAM) for HBM memory is expected to grow significantly, with Micron's forecast indicating a potential market size of $100 billion by 2028, up from previous estimates of 2030 [3][5] - Micron's CEO highlighted the increasing demand for high-performance memory driven by investments in AI data centers, with server sales growth projected to reach nearly 10% by 2025 [1][2] - The company plans to increase capital expenditures by $2 billion to $20 billion in fiscal 2026 to meet the rising demand for DRAM and HBM memory [2][3] Market Growth and Projections - The DRAM industry is expected to see a bit shipment growth of around 20% in 2025, while NAND shipments are projected to grow by over 10% [2] - Micron's HBM revenue is anticipated to reach approximately $950 billion over the next six years if it maintains a 25% market share [4][5] - The overall HBM revenue could reach $5.55 trillion over the next six years, significantly higher than previous forecasts [5] Financial Performance - In the first quarter of fiscal 2026, Micron reported revenues of $13.64 billion, a year-over-year increase of 56.7%, with operating income rising 2.8 times [8][12] - The data center business generated $7.66 billion in revenue, reflecting a 55.1% growth, with operating income nearly doubling compared to the previous year [12][14] - Micron's NAND flash memory revenue reached $2.74 billion, a 22.4% increase, while DRAM sales amounted to $10.81 billion, up 68.9% year-over-year [10][12] Strategic Developments - Micron is accelerating the construction of new wafer fabrication facilities, with the first plant in Idaho expected to begin production by mid-2027 [2][3] - The company is also expanding its HBM packaging facility in Singapore, set to start operations in 2027, to enhance HBM supply [2][3] - The strategic positioning of Micron in the HBM market, coupled with its technological advantages, is expected to solidify its market leadership [12]