Memory的纪要整理和交易思路的分析，可以参考下面文章： 存储行业趋势和分析 先更新一下最新的DRAM和Nand的价格： 随着超大规模企业资本支出增加、人工智能推理需求及估值变化，让市场更关注当前内存周期回升的持 续性；尽管 AI 资本支出和估值处于高位，但历史数据显示内存行业尚未接近峰值。所以关于Memory的 Super Cycles这个概念，之前野村提到过，大摩也在提这个概念。 当前市场让我们想起一句老话：历史不会简单重复，但总会有些相似之处。这次是AI推理驱动的需 求，上一次则是云计算的兴起。 在这个月UBS的memory monthly中，也表示由于demand的增长大于supply的增长，因此明年短缺会一直 存在。 1. 在周期上升阶段，对估值应更宽松而非保守。 通过研究过去周期的驱动因素，大摩可以为当前市场找到应对策略。基于这些分析，大摩给出以下几点 建议： 2. 对盈利预期应保持乐观而非谨慎，尤其是在超级周期中，价格上涨往往被低估。 3. 在寻找退出点时，采取逆向思维，提前在周期峰值前行动。 深入分析与展望 | | | Q124 | Q224 | Q324 | Q424 | 2024 | Q ...

Core Viewpoint - Micron Technology reported strong fiscal fourth-quarter results, exceeding analyst expectations, driven by robust growth in AI data centers, leading to a rise in its stock price in after-hours trading [1][2]. Financial Performance - Micron earned an adjusted $3.03 per share on sales of $11.32 billion for the quarter ending August 28, surpassing analyst expectations of $2.86 per share and $11.22 billion in sales [2]. - Year-over-year, Micron's earnings increased by 157%, while sales rose by 46%, marking the third consecutive quarter of triple-digit percentage gains in earnings [2]. - For the current quarter, Micron forecasts adjusted earnings of $3.75 per share on sales of $12.5 billion, compared to Wall Street's expectations of $3.10 per share and $11.91 billion in sales [3]. Stock Performance - In after-hours trading, Micron's stock rose nearly 2% to $169.27, following a 1.1% increase during the regular session, closing at $166.41 [4]. - The stock reached a record high of $170.45 in intraday trades last Thursday [4]. Market Position and Strategy - Micron's CEO highlighted the company's strong momentum entering fiscal 2026, emphasizing its unique position as the only U.S.-based memory manufacturer to capitalize on AI opportunities [5]. - The company produces two main types of memory chips: DRAM and NAND, with a recent boost from high-bandwidth memory (HBM) for AI applications [5][6]. - Micron is featured on three IBD lists: IBD 50, Leaderboard, and Tech Leaders, indicating its strong market presence [6].