美光科技 20251120 摘要 美光通过 Beta 和 Gamma 节点转换提升 DRAM 产能，应对 AI 驱动的 需求增长，预计市场紧张局势将持续至 2026 年后，推动强劲定价趋势， 并积极与客户商讨多年协议以确保供应。 美光预计年度运营率将因市场供需紧张而上升，可能在一个月后的财报 电话会议上提高此前预估的 180 亿美元。数据中心市场对多年承诺合同 的需求尤为强烈，成为行业普遍趋势。 尽管价格上涨，但设备性能未受明显影响，尤其是在 AI 应用领域，高性 能 DRAM 至关重要。美光专注于数据中心产品组合和 NAND 存储，高 性能是关键驱动因素。 美光预计利润率将恢复甚至超越 2018 年峰值，得益于高性能内存在产 品组合中占比提升。市场供给紧张推动价格上涨，运营表现出色，成本 控制良好。 美光 HPM4 性能优于 HPM3E，采用先进工艺技术和独特设计，并与台 积电合作优化 HPM4E 制造工艺，已向客户提供超过 11 Gbps 速度样品， 增强了市场信心。 Q&A Micron 公司在技术和产品方面的现状如何？ Micron 公司目前在技术和产品方面处于历史上最强大的地位。我们在 DRAM 和 ...

Group 1: Microsoft and OpenAI Partnership - Microsoft and OpenAI have signed a non-binding deal that allows OpenAI to restructure into a for-profit company, marking a significant phase in their partnership [2] - Microsoft has invested $11 billion in OpenAI, which under previous agreements had exclusive rights to sell OpenAI software tools through its Azure platform [3] - OpenAI's nonprofit arm is expected to receive over $100 billion, approximately 20% of the $500 billion valuation it seeks in private markets [3] Group 2: Market Performance - Global stocks have reached record highs, with the Dow Jones closing above 46,000 and the Nasdaq above 22,000 for the first time [4] - The Nikkei in Japan also hit a fresh record high, while the FTSE 100 in Europe is poised to set another record [5] - Rate cut expectations are rising due to jobless claims reaching their highest in nearly four years, despite a slight increase in CPI [5] Group 3: IPO Activity - Gemini Space Station, founded by the Winklevoss twins, priced its IPO at $28 per share, above the expected range of $24 to $26, valuing the company at $3.3 billion [6] - The offering capped at $425 million, with 15.2 million shares sold [6] - This week has seen a busy IPO market with notable companies like Legions and Figer also launching [7] Group 4: Economic Indicators - The University of Michigan's preliminary sentiment survey for September is expected to show a slight decline to 58, indicating consumer caution amid inflation and high borrowing costs [9] - Current conditions are anticipated to rise to 62, while expectations remain steady at 56 [10] - Inflation expectations are projected to ease slightly, with the one-year outlook dipping to 4.7% from 4.8% [10] Group 5: Federal Reserve and Interest Rates - A rate cut by the Federal Reserve is widely expected next week, with a quarter-point cut anticipated [24][33] - The impact of rate cuts on long-term yields is uncertain, as historical data shows mixed results in previous cycles [31][32] - Factors such as supply and demand for bonds, creeping inflation, and global yield trends are influencing long-term rates [29][30] Group 6: Corporate Developments - Paramount Sky Dance is reportedly preparing a cash bid for Warner Brothers Discovery, which could reshape the US streaming landscape [39] - Adobe reported better-than-expected Q3 results, with revenue rising 11% year-on-year to $5.41 billion and net income climbing to $4.18 per share [40] - SK Hynix announced readiness for mass production of next-generation high bandwidth memory chips, crucial for AI computing [42]