美光科技-尽管比特供应增长受限，价格动量仍推动超预期业绩与指引上调；AI 驱动的内存需求保持强劲

J P M O R G A N North America Equity Research 18 December 2025 Micron Technology Pricing Momentum Drives Outsized Beat-and-Raise Despite Constrained Bit Supply Growth; AI-Driven Memory Demand Remains Strong Results were strong and guidance was even better, coming in well-ahead of most buy-side bogeys we heard ahead of the print. Feb-Qtr guidance implies revenue more than doubles Y/Y (+130%), but this still does not fully address unconstrained bit demand, as near-term DRAM/NAND bit growth remains hampered by ...