智通财经APP获悉，华尔街金融巨头花旗集团近日发布研报称，在全球范围AI算力基础设施建设浪潮如火如荼以及"存储芯 片超级周期"宏观背景之下，半导体设备厂商们——尤其是阿斯麦(ASML.US)、泛林集团(LRCX.US)以及应用材料 (AMAT.US)这三大半导体设备巨头们，将是AI芯片(AI GPU/AI ASIC)与DRAM/NAND存储芯片产能急剧扩张之势的最大规 模受益者。花旗在这份研报中预测，全球半导体设备板块将迎来"Phase 2 牛市上行周期"，也就是说继2024-25年的超级牛市 之后有望迎来新一轮牛市轨迹。 随着微软、谷歌以及Meta等科技巨头们主导的全球超大规模AI数据中心建设进程愈发火热，全方位驱动芯片制造巨头们 3nm及以下先进制程AI芯片扩产与CoWoS/3D先进封装产能、DRAM/NAND存储芯片产能扩张大举加速，半导体设备板块 的长期牛市逻辑可谓越来越坚挺。 在华尔街巨头摩根士丹利、花旗、Loop Capital以及Wedbush看来，以AI算力硬件为核心的全球人工智能基础设施投资浪潮 远远未完结，现在仅仅处于开端，在前所未有的"AI推理端算力需求风暴"推动之下，持续至2030年的 ...

（原标题：AI基建狂潮之下存储需求狂飙 ?美光(MU.US)业绩碾压预期! 暗示"超级周期"延伸至2027 年） 智通财经APP获悉，美国最大规模计算机存储芯片制造商美光科技(MU.US)就当前季度给出了极度乐观 的业绩展望数据，远超华尔街分析师们近日不断上调的一致预期，并且意外提高2026财年资本支出，加 上美光CEO暗示这一轮"存储芯片超级周期"有望延续至2027年，进一步表明全球布局AI的史无前例热潮 之下存储芯片需求激增以及供应端长期短缺正使得该公司能够对其DRAM/NAND系列存储芯片产品收 取更高昂价格。 美光最新公布的远超华尔街分析师普遍预期的业绩数据与展望前景，以及全球最大规模的两大存储芯片 制造商——来自韩国的SK海力士与三星此前公布的强劲业绩与未来展望，所凸显出的包括HBM存储系 统在内的存储产品量价狂增之势，可谓全方位验证"存储超级周期"逻辑。在截至11月27日的2026财年第 一季度中，该存储芯片巨头业绩同样远超分析师们不断上修的预期，共同推动美光股价在美股盘后一度 暴涨超8%，在AI泡沫论调席卷全球之际可谓顽强托起"AI牛市叙事"以及投资者们"AI信仰"。 在所谓"存储芯片超级周期" ...

Core Viewpoint - Micron Technology (MU.US) has provided an extremely optimistic earnings outlook for the current quarter, significantly exceeding Wall Street analysts' expectations, and has unexpectedly increased its capital expenditure for fiscal year 2026, indicating a strong demand for storage chips driven by the unprecedented global AI boom [1][2]. Financial Performance - For the first quarter of fiscal year 2026, Micron's revenue is expected to be between $18.3 billion and $19.1 billion, compared to Wall Street's average expectation of $14.4 billion [3][4]. - The company reported a gross margin forecast of 67.0% under GAAP, significantly higher than the analysts' average expectation of 55.7% [4][11]. - Micron's capital expenditure forecast for fiscal year 2026 has been raised from $18 billion to $20 billion, reflecting the ongoing surge in storage chip demand [4][11]. Market Dynamics - The "super cycle" in the storage chip market is validated by strong performance from major competitors like SK Hynix and Samsung, indicating a significant increase in both volume and pricing for storage products, including HBM systems [1][2]. - The demand for high-performance DRAM and NAND products is surging due to the rapid expansion of AI data centers, leading Micron to focus its production capacity on these segments [2][9]. Stock Performance - Following the earnings announcement, Micron's stock surged over 8% in after-hours trading, with a year-to-date increase of over 170% [5][8]. - Wall Street analysts have raised their 12-month price target for Micron, with the average target approaching $300 [5][8]. Industry Outlook - TrendForce has revised its revenue forecasts for the DRAM industry, expecting a year-over-year growth of over 100% in 2026, positioning Micron as one of the biggest beneficiaries [2][3]. - The ongoing AI infrastructure investment wave is projected to reach $3 trillion to $4 trillion by 2030, driven by the demand for AI computing hardware and storage solutions [19].

美国最大规模计算机存储芯片制造商美光科技(MU.US)就当前季度给出了极度乐观的业绩展望数据，远超华尔街分析师们近日不断上调的一致预期，并且意 外提高2026财年资本支出，加上美光CEO暗示这一轮"存储芯片超级周期"有望延续至2027年，进一步表明全球布局AI的史无前例热潮之下存储芯片需求激增 以及供应端长期短缺正使得该公司能够对其DRAM/NAND系列存储芯片产品收取更高昂价格。 美光最新公布的远超华尔街分析师普遍预期的业绩数据与展望前景，以及全球最大规模的两大存储芯片制造商——来自韩国的SK海力士与三星此前公布的 强劲业绩与未来展望，所凸显出的包括HBM存储系统在内的存储产品量价狂增之势，可谓全方位验证"存储超级周期"逻辑。在截至11月27日的2026财年第 一季度中，该存储芯片巨头业绩同样远超分析师们不断上修的预期，共同推动美光股价在美股盘后一度暴涨超8%，在AI泡沫论调席卷全球之际可谓顽强托 起"AI牛市叙事"以及投资者们"AI信仰"。 在所谓"存储芯片超级周期"这一无比强劲的牛市叙事催化之下，美光科技股价走势自今年下半年以来迈入狂飙模式，推动该股今年以来疯涨超170%。美光 为了能够将存储产能专注于 ...

Core Insights - Major investment banks, including Goldman Sachs, Morgan Stanley, and JPMorgan, are restructuring their TMT investment banking teams to capitalize on the booming AI technology sector [1][2] - Goldman Sachs' recent report indicates strong demand for AI server clusters, expected to continue through 2026, with optical network equipment also showing robust demand [1][3] - The AI infrastructure investment wave is projected to reach $3 trillion to $4 trillion by 2030, driven by unprecedented demand for AI computing power [4] Investment Banking Restructuring - Goldman Sachs is creating a new global infrastructure technology business unit, integrating telecom and CoreTech teams, led by Yasmine Coupal and Jason Tofsky [1][2] - A separate global internet and media team will be led by Brandon Watkins and Alekhya Uppalapati, as part of the restructuring efforts [2] AI Market Dynamics - OpenAI plans to invest approximately $1.4 trillion in building large-scale AI infrastructure to support AI training and inference [2] - Demand for AI ASIC clusters, led by Google, is expected to grow faster than AI GPU shipments, which will also maintain strong growth [2][3] - The DRAM market is experiencing moderate supply growth, with demand significantly outpacing supply, leading to expectations of substantial price increases [3] Stock Market Outlook - Goldman Sachs' stock strategists predict that the S&P 500 index will reach around 7600 points next year, indicating a potential 10% upside from current levels, driven by AI technology adoption and resilient economic growth [3][4] - The overall earnings per share for S&P 500 companies are expected to jump by 12% next year, with a further 10% increase in 2027 [3] AI Infrastructure Investment - The AI infrastructure investment wave is still in its early stages, with significant investments in AI hardware expected to continue [4] - The recent launch of Google's Gemini3 has sparked a new wave of AI applications, further validating the ongoing demand for AI computing infrastructure [4]

Core Insights - The launch of OpenAI's GPT-5.2 aims to compete with Google's Gemini 3, marking a significant phase in the ongoing rivalry between the two AI giants [1][5] - Morgan Stanley and other financial institutions believe that the global AI infrastructure investment wave is just beginning, with potential investments reaching $3 trillion to $4 trillion by 2030 [4] - The competition between Google and OpenAI is expected to drive significant demand for AI computing infrastructure, particularly in data center interconnect (DCI), optical interconnect, and enterprise-level high-performance storage [4][6] Investment Themes - Morgan Stanley identifies three major investment themes benefiting from the AI competition: DCI, optical interconnect, and enterprise-level high-performance storage [1][3] - The DCI and optical interconnect sectors are crucial for both Google and OpenAI's AI training and inference capabilities, with companies like Arista, Cisco, and Lumentum being highlighted as key beneficiaries [3][6] - The storage sector is also poised for growth, with companies like Seagate and Pure Storage expected to benefit from the increasing demand for high-performance storage solutions driven by AI applications [7][8] AI Model Developments - OpenAI's GPT-5.2 has achieved record performance in various benchmarks, including coding and scientific research, positioning it as a leading AI model in professional settings [5] - Google's Gemini 3 has generated significant AI token processing capacity, leading to increased demand for high-bandwidth memory (HBM) storage systems and enterprise SSDs [3][5] Market Dynamics - The competition between Google and OpenAI is seen as a catalyst for a broader AI boom, with implications for various sectors, including cloud computing and data storage [4][6] - The ongoing demand for AI infrastructure is expected to remain strong, with both companies investing heavily in their respective AI capabilities and infrastructure [1][4]

Core Viewpoint - The storage sector, particularly HDD leaders Seagate and Western Digital, is experiencing unprecedented growth driven by a "storage supercycle" fueled by AI data center demands and strong product pricing dynamics [1][2][4]. Group 1: Stock Performance - Seagate and Western Digital have seen stock price increases of 215% and 256% respectively year-to-date, reflecting strong market performance [1]. - SanDisk, a spinoff from Western Digital, has experienced an astonishing 500% increase in stock price this year [1]. Group 2: Market Dynamics - The demand for storage products is surging due to the rapid expansion of AI data centers, which require various storage solutions including HBM, SSD, and HDD [2][3]. - The HDD industry has maintained supply discipline, which, combined with a recovery in NAND cycles and long-term contracts with cloud providers, has led to increased visibility in orders and pricing for Seagate and Western Digital [2]. Group 3: Future Outlook - Analysts predict that the current storage supercycle will last at least until mid-2027, with expectations of continued price increases and strong demand for high-performance storage products [4][7]. - Citigroup has raised the target price for Seagate from $275 to $320 and for Western Digital from $180 to $200, indicating confidence in their continued growth [6]. Group 4: Competitive Landscape - Major players in the storage chip market, including SK Hynix, Samsung, and Micron, are also benefiting from the AI boom, with significant price increases expected for traditional DRAM and NAND products [6][7]. - The competitive advantage of SK Hynix in HBM storage systems positions it favorably among major AI clients like NVIDIA and Google [6].

Core Viewpoint - The report from Bank of America emphasizes a "super cycle" in the global storage market driven by unprecedented demand for AI infrastructure, particularly in high-performance storage solutions like HBM and enterprise SSDs, which are essential for AI applications and data centers [1][5][7]. Group 1: Market Dynamics - The global storage market is experiencing a significant surge, with major players like SK Hynix, Samsung, and Micron seeing stock price increases exceeding 100% this year, and companies like Seagate and Western Digital witnessing over 200% growth [1][2]. - The demand for high-performance storage products, particularly HBM and enterprise SSDs, is expected to continue growing, with Bank of America predicting that the current storage super cycle will last until at least early 2027 [5][10]. Group 2: Company Performance - SK Hynix is establishing a leading position in HBM4/4e and HBM3e, becoming the preferred supplier for major AI clients like NVIDIA and Google, with expectations of significant price increases for HBM products [2][8]. - Bank of America projects a potential stock price increase of 50% for SK Hynix and 40% for Samsung, based on their strong market positions and the ongoing demand for high-performance storage solutions [5][10][13]. Group 3: Future Outlook - The report indicates that the demand for DRAM and NAND products will continue to exceed supply, with expectations of further price increases in the coming months, particularly for DRAM contracts [2][14]. - The anticipated launch of new AI applications, such as Google's Gemini3, is expected to drive further demand for AI computing power and associated storage solutions, reinforcing the bullish outlook for storage companies [5][6][7].

Core Insights - Google's launch of the Gemini 3 AI application ecosystem has significantly increased demand for AI computing power, leading to bullish sentiments from major investment firms regarding Google's stock and its AI ecosystem [1][2][3] - Meta Platforms is reportedly negotiating a multi-billion dollar deal with Google for TPU AI computing clusters, further igniting global investment interest in Google's TPU technology [2][9] - The latest TPU v7 shows a remarkable performance leap, with BF16 computing power reaching 4614 TFLOPS, indicating a substantial advancement over previous generations [3][12] Investment Opportunities - Major investment firms like Morgan Stanley and Mizuho are optimistic about companies within Google's AI ecosystem, including Broadcom, Lumentum, and Micron Technology, as they stand to benefit from the surge in AI demand [1][6][10] - The AI infrastructure investment wave is expected to reach $3-4 trillion by 2030, with Google's TPU AI computing clusters projected to capture a significant market share [15][16] - Micron Technology is identified as a key beneficiary of Google's AI computing expansion, particularly in high-performance storage systems required for AI data centers [8][12] Market Dynamics - The competition between Google's TPU AI computing clusters and NVIDIA's GPU technology is intensifying, with analysts predicting that Google's TPU could disrupt NVIDIA's current market dominance [9][15] - The AI infrastructure market is still in its early stages, with significant growth potential as demand for AI computing power continues to rise [3][15] - The integration of high-performance networking components, such as optical circuit switches (OCS), is crucial for supporting the expanding TPU AI systems [10][11]

Core Viewpoint - The global storage chip market is experiencing a "super cycle" driven by a significant increase in demand for DRAM and NAND products, particularly due to the expansion of AI data centers, leading to substantial price hikes for key storage components like DDR5 chips [1][3][8]. Price Increases - Samsung Electronics has raised prices for certain storage chips by up to 60% in November compared to September, with the price of a 32GB DDR5 module increasing from $149 to $239 [1][4]. - The prices for 16GB and 128GB DDR5 modules have also risen by approximately 50%, reaching $135 and $1,194 respectively, while larger capacities like 64GB and 96GB have seen increases of over 30% [4][5]. Supply Shortages - The severe shortage of DRAM storage chips has led to panic buying among enterprise-level customers, indicating a tight supply situation in the market [5]. - Analysts suggest that Samsung's slower transition to HBM storage systems compared to competitors may provide it with a more optimistic pricing power in the broader storage chip market due to its larger inventory [5]. Market Dynamics - The demand for high-performance storage products, particularly DDR5 and HBM systems, is being driven by the need for AI training and inference capabilities, with DRAM capacities in AI servers often exceeding traditional CPU servers by 4-8 times [2][3]. - Major storage companies like SK Hynix, Samsung, and Micron are focusing their production capacity on HBM systems, which has contributed to the supply constraints for DDR5 and other storage products [2][3]. Future Outlook - Analysts predict that Samsung may increase quarterly contract prices by 40% to 50% from October to December, surpassing the broader industry average of 30% [6]. - The ongoing AI infrastructure investments are expected to sustain the "super cycle" in the storage market, with demand for core storage chips remaining robust through 2026 and potentially into 2027 [8][9].