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 ...

HBM revenue is soaring to new heights.Memory chip manufacturer Micron (MU -2.83%) was slow to embrace the high-bandwidth memory (HBM) chip market. HBM is critical for artificial intelligence accelerators, providing the massive bandwidth necessary to run AI workloads effectively. In the early days of the AI boom, Micron was largely missing in action.That situation has now changed dramatically. Micron has successfully ramped up production of HBM chips and is pushing ahead with development of its next-generati ...

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 ...

BILL O'NEIL ARCHIVES: Analysis Of The Greatest Stocks Of All Time A key product for that segment is high-bandwidth memory (HBM), with sales up about 50% sequentially. Micron has expanded its customer base and now has six HBM customers. The company expects to gain market share as it ramps production of HBM4 products next year, executives said on a conference call with analysts. "We believe Micron's HBM4 outperforms all competing HBM4 products, delivering industry-leading performance as well as best-in-class ...

Core Viewpoint - Micron Technology anticipates that DRAM will contribute more to revenue growth than NAND in the upcoming quarter, with a projected gross margin increase of 580 basis points due to favorable product mix, strong pricing, and effective cost control [1][5] Group 1: Market Outlook - The HBM market is expected to reach $100 billion by 2030, with growth rates outpacing the overall DRAM market, particularly in 2026 [1][3] - The demand for HBM products is driven by increasing performance requirements, particularly in data centers, traditional servers, PCs, smartphones, and automotive markets [2][7][9] - The company is well-prepared for the HBM4 product launch, which is set to begin shipping in Q2 2026, with plans to ramp up production based on customer demand [1][3][15] Group 2: Financial Projections - Micron forecasts a revenue increase of $1.2 billion for the next quarter, primarily driven by DRAM, with expectations for gross margin improvement [1][5] - The company anticipates that the gross margin will continue to improve quarter-over-quarter, supported by tight DRAM supply and a favorable pricing environment [5][11] - Net capital expenditures for FY2026 are projected to be around $18 billion, primarily allocated to DRAM-related investments [10] Group 3: Competitive Positioning - Micron's HBM4 products are expected to lead the industry in performance and energy efficiency, leveraging proprietary technology and advanced CMOS logic chips [12][15] - The company has secured pricing agreements for the majority of HBM3E supply for 2026, indicating a strong market position despite potential pricing pressures from key customers [4][14] - Micron's ability to flexibly manage the supply of HBM and non-HBM products is supported by shared manufacturing processes and sufficient backend testing capacity [14]

Micron closed out fiscal 2025 with another blowout quarter, riding the AI boom to record revenue and bigger profits. The Idaho-based chipmaker reported $11.3 billion in revenue , up 22% from last quarter and a whopping 46% from a year ago. Adjusted earnings came in at $3.03 a share, up from $1.91 last quarter and — are you sensing a pattern here? — well ahead of the $1.18 reported last year. AI demand is everything Unsurprisingly, AI-heavy demand once again did the heavy lifting. Micron’s data-center bu ...

Core Insights - Micron Technology reported record revenue of $11.32 billion for FY25Q4, a 46% year-over-year increase and a 22% quarter-over-quarter increase, with expectations of $12.5 billion in revenue for FY26Q1, representing a 44% year-over-year growth and an 11% quarter-over-quarter growth [3][19] - The company achieved a GAAP gross margin of 44.7%, up 7 percentage points quarter-over-quarter, and anticipates a gross margin of 50.5% for FY26Q1, a 5.8 percentage point increase [3][21] - GAAP net income reached $3.2 billion, a 70% quarter-over-quarter increase, with expectations of $4.02 billion for FY26Q1 [3][19] Business Segments - DRAM revenue was $9 billion, a 69% year-over-year increase and a 27% quarter-over-quarter increase, accounting for 79% of total revenue [5] - NAND revenue was $2.3 billion, a 5% year-over-year decline, ending a streak of seven consecutive quarters of growth, with a revenue share of 20% [7] - CMBU business, representing cloud computing DRAM and overall data center HBM, generated $4.54 billion in revenue, a 214% year-over-year increase [12] - CDBU business, representing OEM data center DRAM and NAND, saw revenue of $1.58 billion, a 23% year-over-year decline [12] - MCBU business, representing mobile/PC DRAM and NAND, generated $3.76 billion, a 25% year-over-year increase [12] - AEBU business, representing automotive/industrial/consumer DRAM and NAND, achieved $1.44 billion in revenue, a 17% year-over-year increase [12] Market Outlook - The company expects DRAM bit demand to grow in the high-teens percentage for 2025, while NAND bit demand is projected to grow in the low to mid-teens percentage [14][21] - Server shipments are expected to increase by 10% year-over-year in 2025, driven by AI training and inference demand [15] - The automotive and industrial demand has exceeded expectations, with ongoing supply constraints for D4/LP4 products [16] Product Developments - HBM3E supply is largely locked in for 2026, while negotiations for HBM4 are ongoing, with initial samples sent to customers [14] - The company plans to focus on high-margin products, with expectations of continued gross margin improvement [20][21] - The first 1-gamma D5 product has entered mass production, and SSD revenue has reached new highs [16] Valuation Insights - The estimated total addressable market (TAM) for HBM in 2025 is projected at $35 billion, with Micron's market share expected to be around 25%, translating to approximately $8.8 billion in revenue [19] - Micron's current price-to-book (PB) ratio is 3.4x, significantly above its historical average of 1.8x, indicating a shift in valuation from a cyclical to a growth stock [20]

如果您希望可以时常见面，欢迎标星收藏哦~ https://www.businesskorea.co.kr/news/articleView.html?idxno=252922 点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 来源：内容 编译自 businesskorea 。 有预测显示，三星电子在高带宽存储器（HBM）市场的份额有望在明年突破30%。尽管今年上半 年三星的表现不及预期，落后于 SK 海力士和美国美光科技，但分析师预计，随着其下一代产品 HBM4 全面进入 英伟达供应链，三星的出货量将迎来增长。 根据市场研究机构 Counterpoint Research 9 月 24 日发布的最新存储半导体数据显示，第二季度 SK 海力士以 62% 的市场份额位居 HBM 市场第一，美光以 21% 排名第二，三星电子以 17% 位 列第三。这意味着全球 HBM 产品有 八成出自韩国企业。 Counterpoint 预测，尽管三星电子第二季度的市场份额低于预期，但明年有望突破 30% ...

Core Insights - Micron Technology reported strong financial results for the fourth quarter of fiscal year 2025, exceeding Wall Street expectations and providing robust guidance for the upcoming quarter, driven by strong demand for artificial intelligence (AI) [1][3] - The company has achieved profitability for seven consecutive quarters, with the current DRAM cycle potentially extended due to AI demand [1][9] Financial Performance - Revenue for the fourth quarter reached approximately $11.32 billion, a year-over-year increase of 46%, surpassing analyst expectations of $11.15 billion [4] - Non-GAAP diluted earnings per share (EPS) for the fourth quarter was $3.03, up 156.8% year-over-year, exceeding analyst expectations of $2.86 [4] - Adjusted operating income for the fourth quarter was $3.955 billion, a 126.6% increase year-over-year, also above analyst expectations [4] - Adjusted gross margin for the fourth quarter was 45.7%, up 9.2 percentage points year-over-year, exceeding analyst expectations of 44.1% [4] Segment Performance - DRAM revenue for the fourth quarter was $9 billion, a 27% increase quarter-over-quarter, accounting for approximately 79% of total revenue [5] - NAND revenue for the fourth quarter was $2.3 billion, a 5% increase quarter-over-quarter, making up about 20% of total revenue [5] Guidance and Future Outlook - For the first quarter of fiscal year 2026, Micron expects revenue to be around $12.5 billion, with a range of $12.2 billion to $12.8 billion, exceeding analyst expectations of $11.9 billion [8] - The company anticipates an adjusted EPS of $3.75 for the first quarter, indicating a year-over-year growth of 109.5%, which is significantly higher than analyst expectations [10] - Micron has raised its industry demand growth forecast for DRAM and NAND, expecting DRAM bit demand growth to exceed 15% and NAND bit demand growth between 10% and 15% for the year [11] Product Development and Market Position - Micron's high-bandwidth memory (HBM) revenue reached a record high in the fourth quarter, with significant growth in cloud storage business revenue [9] - The company has expanded its HBM customer base to six and anticipates that its HBM products will be fully booked for the upcoming year [12] - Micron is actively discussing specifications and supply volumes for HBM4 products, which are expected to offer higher bandwidth and lower power consumption compared to previous generations [12]

Core Insights - Micron Technology reported Q4 FY2025 results with revenue of $11.32 billion, a 46% year-over-year increase, exceeding analyst expectations [1] - Adjusted EPS was $3.03, reflecting a 156.8% year-over-year growth, also surpassing analyst forecasts [1] - Revenue from high-bandwidth memory (HBM) for AI data processing reached a record high in this quarter, driving data center business to achieve all-time high performance for the year [1] Revenue Guidance - For Q1 FY2026, Micron expects revenue to be between $12.2 billion and $12.8 billion, representing over 40% year-over-year growth [1] - The midpoint of the EPS guidance for Q1 is $3.75, indicating a year-over-year increase of 109.5%, significantly higher than analyst expectations [1] HBM Product Development - The CEO of Micron stated that the number of HBM customers has expanded to six, with expectations that most HBM products will be booked out next year [1] - The company has begun delivering samples of HBM4 products to customers and is actively discussing specifications and supply volumes for HBM4 [1]