芯片需求旺盛，美光业绩与指引双双“爆表”、提高资本支出，股价盘后涨超8%

华尔街见闻2025-12-18

在AI数据中心需求爆发、存储芯片供应持续趋紧的背景下，美光周三盘后交出一份明显强于预期的第一财季成绩单，并给出大幅超出市场预期的第二财季营收、毛利率和每股收益指引，表示记忆/存储芯片供应短缺将在2026年持续并维持更久，并将2026财年资本开支预期从180亿美元提高至200亿美元。受益于存储芯片供应趋紧、价格大幅上涨，以及人工智能数据中心需求迅猛增长，美光周三盘后公布第一财季业绩显示，该公司不但上...

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嘞撸虎7
2025-12-18
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Petitene
2025-12-18
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Mehrotra表示：“在2026财年第一季度，美光在公司整体层面以及所有业务部门均实现了创纪录的营收和显著的利润率扩张。我们对第二财季的展望显示，营收、毛利率、每股收益和自由现金流都将创下重要新高，我们预计公司的业务表现将在整个2026财年持续走强。凭借领先的技术实力、差异化的产品组合以及强有力的运营执行力，美光已成为AI生态中不可或缺的关键支撑者，我们正在持续投资，以满足客户对存储和内存不断增长的需求。”AI组件供不应求、存储芯片短缺美光的芯片是数据中心服务器、个人电脑、智能手机以及汽车等多种设备中的关键组成部分。同时，美光也是高带宽存储器（HBM）的三大主要供应商之一，另外两家分别是韩国的SK海力士和三星电子。HBM是训练和部署生成式人工智能模型所必需的核心组件。例如，在AMD最新一代AI芯片中，就大量使用了美光的存储产品。媒体分析称，人工智能计算相关组件的需求极为旺盛，已经超过供应能力，这一局面正在让美光等公司受益。同时，用于个人电脑的较为基础的存储芯片也出现了供应短缺。这在一定程度上是因为存储芯片行业正在将产能转向更先进的技术，以服务人工智能数据中心。包括戴尔科技和惠普在内的PC制造商已经向投资者警告，预计未来一年将出现存储芯片短缺，从而推高零部件价格。美光周三也表示，记忆/存储（芯片）供应将保持“显著的短缺（状态）”。供应短缺将在2026年持续，并维持更久。该公司还表示，对无法满足客户需求“感到失望”，（估计）只能满足1/2-2/3的关键客户的需求。Wedbush分析师预计，到今年年底，DRAM（动态随机存取存储器）价格至少将上涨30%，而NAND闪存（“非与”闪存）的价格至少将上涨20%。美光表示，公司在第一财季实现云存储业务销售额52.8亿美元，同比翻倍增长；核心数据中心业务销售额为23.8亿美元，同比增长仅4%。公司称，这两个业务部门的增长主要受益于更高的产品定价。分析认为，这也让美光在这个一向波动较大的行业中，在与客户谈判时占据了更有利的位置。在供应受限的情况下，美光的利润率有望进一步受益。彭博情报分析师Jake Silverman在一份报告中表示：“存储芯片价格在短期内不太可能停止上涨。”应对需求增长，提高资本支出美光此前已向投资者警告，随着公司努力应对需求增长，支出将持续上升。公司在2025财年用于新厂房和设备的支出为138亿美元，并表示在当前财年，相关投资金额将超过这一水平。该公司周三表示，将2026财年资本开支预期提高至200亿美元，公司原本预计180亿美元。美光表示，公司正在看到来自数据中心的强劲需求，这主要得益于大型云服务提供商持续加大支出。这些云服务商向客户提供硬件和云计算能力，并不断扩充相关基础设施。Sanjay Mehrotra在与分析师的财报电话会议上表示：“AI数据中心容量的扩张，正在推动对高性能、高容量存储和内存的需求大幅增长。服务器出货需求明显走强。”他还补充称，公司观察到2025年服务器出货量增长率将处于10%-20%间的高位水平。为了更有效地应对AI带来的需求激增，美光正在进行重大的战略调整。公司于12月3日宣布，计划退出其Crucial消费类业务。美光将继续通过销售渠道出货Crucial消费类产品直至2月结束的第二财季，此后将完全专注于企业和商业业务，以保留更多供应能力，用于AI芯片和数据中心相关需求。Rosenblatt分析师Kevin Cassidy认为，这一举措凸显了管理层对“高价值终端市场”的重视，投资者将密切关注管理层关于产能爬坡进度的评论，特别是如何将现有产能转化为针对高利润云端和数据中心产品的“可销售产量”。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"dataReport,movement","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":511942744277288,"gmtCreate":1766013652686,"gmtModify":1766013656556,"author":{"id":"4092032122452460","authorId":"4092032122452460","name":"嘞撸虎7","avatar":"https://static.tigerbbs.com/451ff62190f624c13c07b54476dd5930","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":11,"crmLevelSwitch":1,"idStr":"4092032122452460","authorIdStr":"4092032122452460"},"htmlText":"閱","listText":"閱","text":"閱","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/511942744277288","repostId":1174977226,"repostType":2,"repost":{"id":"1174977226","kind":"news","pubTimestamp":1766012459,"share":"https://ttm.financial/m/news/1174977226?lang=en_US&edition=fundamental","pubTime":"2025-12-18 07:00","market":"us","language":"zh","title":"Demand for chips is strong, Micron's performance and guidance are both \"off the charts\", capital expenditures are increased, and its stock price rose more than 8% after hours.","url":"https://stock-news.laohu8.com/highlight/detail?id=1174977226","media":"华尔街见闻","summary":"良好业绩加上远超预期的业绩指引，刺激美光股价周三盘后涨超8%。应对需求增长，提高资本支出美光此前已向投资者警告，随着公司努力应对需求增长，支出将持续上升。为了更有效地应对AI带来的需求激增，美光正在进行重大的战略调整。","content":"<html><head></head><body>Against the backdrop of explosive demand for AI data centers and continued tightening supply of memory chips, Micron handed over a significantly stronger-than-expected first-quarter report card after the market closed on Wednesday, and gave a second-quarter report card that significantly exceeded market expectations. Revenue, gross profit margin and earnings per share guidance, indicating that the shortage of memory/memory chip supply will continue and last longer in 2026, and raised its fiscal year 2026 capital expenditure forecast from $18 billion to $20 billion.Benefiting from tight supply of memory chips, sharp price increases, and rapid growth in demand for artificial intelligence data centers, Micron announced its first-quarter results after the market closed on Wednesday. Revenue, gross profit margin, and earnings per share guidance also exceeded expectations, and raised its fiscal year 2026 capital expenditure forecast from US $18 billion to US $20 billion, stimulating the company's stock price to rise by more than 8% after hours.Here are the highlights of Micron's fiscal first quarter earnings report:<img src=\"https://static.tigerbbs.com/5c66325d41d7b23ad634a1cff58e8c1c\" tg-width=\"2560\" tg-height=\"1631\"/>Key financial data:Revenue:Micron's adjusted revenue in the fiscal first quarter was US $13.64 billion, a year-on-year increase of 57%, higher than analysts' expectations of US $12.95 billion.Capital expenditures:Micron's net capital expenditures in the fiscal first quarter were $4.5 billion.Operating expenses:Operating expenses under GAAP were US $1.510 billion, compared with US $1.400 billion in the previous quarter and US $1.174 billion in the same period last year; Operating expenses on a non-GAAP basis were $1.334 billion, compared with $1.214 billion in the previous quarter and $1.047 billion in the same period last year.Operating profit:Under the GAAP caliber, operating profit was US $6.136 billion, accounting for 45.0% of revenue; On a non-GAAP basis, operating profit was US $6.419 billion, accounting for 47.0% of revenue, higher than analysts' expectations of US $5.37 billion.Gross profit:Calculated on a GAAP basis, the gross profit was US $7.646 billion, and the gross profit margin was 56.0%; Calculated on a non-GAAP basis, gross profit was US $7.753 billion, with a gross profit margin of 56.8%.Net profit:Calculated on a GAAP basis, net profit was US $5.24 billion, and diluted earnings per share was US $4.60; On a non-GAAP basis, net income was $5.48 billion, and diluted earnings per share were $4.78, higher than analysts' expectations of $3.95.Cash flow:Cash flow from operating activities was $8.41 billion, higher than analysts' expectations of $5.94 billion, higher than $5.73 billion in the previous quarter, and significantly higher than $3.24 billion in the same period last year.Business data:Cloud storage:Revenue in the first fiscal quarter was US $5.284 billion, compared with US $4.543 billion in the previous quarter and US $2.648 billion in the same period last year, doubling year-on-year. The segment's gross margin was 66%, compared with 59% in the previous quarter and 51% in the same period last year; Operating margin was 55%, compared with 48% in the previous quarter and 40% in the year-ago quarter.Data center business:Revenue in the fiscal first quarter was US $2.379 billion, compared with US $1.577 billion in the previous quarter and US $2.292 billion in the same period last year. Gross profit margin was 51%, 41% in the previous quarter and 50% in the same period last year; Operating margin was 37%, compared with 25% in the previous quarter and 38% in the year-ago quarter.Mobile and client services:Revenue in the fiscal first quarter was US $4.255 billion, compared with US $3.760 billion in the previous quarter and US $2.608 billion in the same period last year. Gross profit margin was 54%, 36% in the previous quarter and 27% in the same period last year; Operating margin was 47%, compared with 29% in the previous quarter and 15% in the year-ago quarter.Automotive & Embedded Business:Revenue in the fiscal first quarter was US $1.720 billion, compared with US $1.434 billion in the previous quarter and US $1.158 billion in the same period last year. Gross profit margin was 45%, 31% in the previous quarter and 20% in the same period last year; Operating margin was 36%, compared with 20% in the previous quarter and 7% in the year-ago quarter.Fiscal second quarter results guidance:Revenue: Revenue in the second fiscal quarter is expected to be US $18.7 billion, a fluctuation of US $400 million, far exceeding analysts' expectations of US $14.38 billion.Gross profit:Under the GAAP caliber, the gross profit margin is expected to be 67.0%, fluctuating by 1 percentage point;Under the non-GAAP caliber, the gross profit margin is expected to be 68.0%, fluctuating by 1 percentage point, which is higher than analysts' expectations of 55.7%.Operating expenses:Under the GAAP caliber, operating expenses are expected to be US $1.56 billion, with a fluctuation of US $20 million; On a non-GAAP basis, operating expenses are expected to be $1.38 billion, with a fluctuation of $20 million.Earnings per share:Under the GAAP caliber, diluted earnings per share are expected to be $8.19, up or down by $0.20; On a non-GAAP basis, diluted earnings per share are expected to be $8.42, fluctuating $0.20, far exceeding analysts' expectations of $4.71.Good performance and performance guidance that far exceeded expectations stimulated Micron's stock price to rise more than 8% after hours on Wednesday.<img src=\"https://static.tigerbbs.com/d1d14b4a46cf7deb5f600da08dacdea4\" title=\"\" tg-width=\"915\" tg-height=\"417\"/>Sanjay Mehrotra, Chairman, President and CEO of Micron Technology, said:\"In the first quarter of fiscal 2026, Micron achieved record revenue and significant margin expansion at the overall company level and across all business segments. Our outlook for the fiscal second quarter shows that revenue, gross margin, Earnings per share and free cash flow will both hit important new highs, and we expect the company's business performance to continue to strengthen throughout fiscal 2026. With leading technical strength, differentiated product portfolio and strong operational execution,Micron has become an indispensable key supporter in the AI ecosystem, and we are continuing to invest to meet customers' growing demand for storage and memory.”<h2 id=\"id_690666877\">AI components are in short supply and memory chips are in short supply</h2>Micron's chips are key components in data center servers, personal computers, smartphones, and many other devices, including cars. At the same time, Micron is also one of the three major suppliers of high bandwidth memory (HBM). The other two are Korea's SK Hynix and Samsung Electronics. HBM is a core component necessary to train and deploy generative AI models. For example, in AMD's latest generation of AI chips, Micron's storage products are widely used.According to media analysis, the demand for artificial intelligence computing-related components is extremely strong and has exceeded supply capacity. This situation is benefiting companies such as Micron.At the same time, the supply of more basic memory chips for personal computers is also in short supply. This is partly because the memory chip industry is shifting capacity to more advanced technologies to serve AI data centers.PC makers, including Dell Technologies and Hewlett-Packard, have warned investors that they expect a shortage of memory chips in the coming year, pushing up component prices.Micron also said on Wednesday that memory/storage (chip) supply will remain in a \"significant shortage (state).\" Supply shortages will persist in 2026 and longer. The company also said it was \"disappointed\" that it couldn't meet customer demand, (estimated) only 1/2-2/3 of its key customers.Wedbush analysts expect the price of DRAM (dynamic random access memory) to increase by at least 30% by the end of the year, while the price of NAND flash memory (\"non-AND\" flash memory) will increase by at least 20%.Micron said that the company achieved cloud storage business sales of US $5.28 billion in the first fiscal quarter, doubling year-on-year; Core data center business sales were US $2.38 billion, a year-on-year increase of only 4%. The growth of these two business units mainly benefited from higher product pricing, the company said.Analysts believe that this also gives Micron a more favorable position when negotiating with customers in this industry that has always been volatile. Micron's margins are expected to benefit further amid constrained supply.Bloomberg Intelligence analyst Jake Silverman said in a note:\"Memory chip prices are unlikely to stop rising anytime soon.\"<h2 id=\"id_1451052708\">Respond to demand growth and increase capital expenditures</h2>Micron has previously warned investors that spending will continue to rise as the company grapples with rising demand. The company spent $13.8 billion on new plant and equipment in fiscal year 2025 and said that in the current fiscal year, related investment amounts will exceed this level.The company said on Wednesday that it raised its capital expenditure forecast for fiscal year 2026 to $20 billion, compared with $18 billion originally expected.Micron said the company is seeing strong demand from data centers, mainly due to the continued increase in spending by large cloud service providers. These cloud service providers provide customers with hardware and cloud computing capabilities, and continue to expand related infrastructure.On an earnings call with analysts, Sanjay Mehrotra said:\"The expansion of AI data center capacity is driving a substantial increase in demand for high-performance, high-capacity storage and memory. The demand for server shipments has strengthened significantly.\"He also added that the company observed that the growth rate of server shipments in 2025 will be at a high level between 10% and 20%.In order to more effectively respond to the surge in demand brought about by AI, Micron is undergoing major strategic adjustments. The company announced on December 3 that it plans to exit its Crucial consumer business. Micron will continue to ship Crucial consumer products through sales channels until the second fiscal quarter ending in February, after which it will fully focus on enterprise and commercial businesses to retain more supply capacity for AI chip and data center-related needs.Rosenblatt analyst Kevin Cassidy believes that this move highlights management's emphasis on \"high-value end markets\", and investors will pay close attention to management's comments on the progress of capacity ramp-up, especially how to convert existing capacity into \"saleable output\" for high-profit cloud and data center products.</body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Demand for chips is strong, Micron's performance and guidance are both \"off the charts\", capital expenditures are increased, and its stock price rose more than 8% after hours.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDemand for chips is strong, Micron's performance and guidance are both \"off the charts\", capital expenditures are increased, and its stock price rose more than 8% after hours.\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2025-12-18 07:00\n\n</h4>\n</header>\n<article>\n<html><head></head><body>Against the backdrop of explosive demand for AI data centers and continued tightening supply of memory chips, Micron handed over a significantly stronger-than-expected first-quarter report card after the market closed on Wednesday, and gave a second-quarter report card that significantly exceeded market expectations. Revenue, gross profit margin and earnings per share guidance, indicating that the shortage of memory/memory chip supply will continue and last longer in 2026, and raised its fiscal year 2026 capital expenditure forecast from $18 billion to $20 billion.Benefiting from tight supply of memory chips, sharp price increases, and rapid growth in demand for artificial intelligence data centers, Micron announced its first-quarter results after the market closed on Wednesday. Revenue, gross profit margin, and earnings per share guidance also exceeded expectations, and raised its fiscal year 2026 capital expenditure forecast from US $18 billion to US $20 billion, stimulating the company's stock price to rise by more than 8% after hours.Here are the highlights of Micron's fiscal first quarter earnings report:<img src=\"https://static.tigerbbs.com/5c66325d41d7b23ad634a1cff58e8c1c\" tg-width=\"2560\" tg-height=\"1631\"/>Key financial data:Revenue:Micron's adjusted revenue in the fiscal first quarter was US $13.64 billion, a year-on-year increase of 57%, higher than analysts' expectations of US $12.95 billion.Capital expenditures:Micron's net capital expenditures in the fiscal first quarter were $4.5 billion.Operating expenses:Operating expenses under GAAP were US $1.510 billion, compared with US $1.400 billion in the previous quarter and US $1.174 billion in the same period last year; Operating expenses on a non-GAAP basis were $1.334 billion, compared with $1.214 billion in the previous quarter and $1.047 billion in the same period last year.Operating profit:Under the GAAP caliber, operating profit was US $6.136 billion, accounting for 45.0% of revenue; On a non-GAAP basis, operating profit was US $6.419 billion, accounting for 47.0% of revenue, higher than analysts' expectations of US $5.37 billion.Gross profit:Calculated on a GAAP basis, the gross profit was US $7.646 billion, and the gross profit margin was 56.0%; Calculated on a non-GAAP basis, gross profit was US $7.753 billion, with a gross profit margin of 56.8%.Net profit:Calculated on a GAAP basis, net profit was US $5.24 billion, and diluted earnings per share was US $4.60; On a non-GAAP basis, net income was $5.48 billion, and diluted earnings per share were $4.78, higher than analysts' expectations of $3.95.Cash flow:Cash flow from operating activities was $8.41 billion, higher than analysts' expectations of $5.94 billion, higher than $5.73 billion in the previous quarter, and significantly higher than $3.24 billion in the same period last year.Business data:Cloud storage:Revenue in the first fiscal quarter was US $5.284 billion, compared with US $4.543 billion in the previous quarter and US $2.648 billion in the same period last year, doubling year-on-year. The segment's gross margin was 66%, compared with 59% in the previous quarter and 51% in the same period last year; Operating margin was 55%, compared with 48% in the previous quarter and 40% in the year-ago quarter.Data center business:Revenue in the fiscal first quarter was US $2.379 billion, compared with US $1.577 billion in the previous quarter and US $2.292 billion in the same period last year. Gross profit margin was 51%, 41% in the previous quarter and 50% in the same period last year; Operating margin was 37%, compared with 25% in the previous quarter and 38% in the year-ago quarter.Mobile and client services:Revenue in the fiscal first quarter was US $4.255 billion, compared with US $3.760 billion in the previous quarter and US $2.608 billion in the same period last year. Gross profit margin was 54%, 36% in the previous quarter and 27% in the same period last year; Operating margin was 47%, compared with 29% in the previous quarter and 15% in the year-ago quarter.Automotive & Embedded Business:Revenue in the fiscal first quarter was US $1.720 billion, compared with US $1.434 billion in the previous quarter and US $1.158 billion in the same period last year. Gross profit margin was 45%, 31% in the previous quarter and 20% in the same period last year; Operating margin was 36%, compared with 20% in the previous quarter and 7% in the year-ago quarter.Fiscal second quarter results guidance:Revenue: Revenue in the second fiscal quarter is expected to be US $18.7 billion, a fluctuation of US $400 million, far exceeding analysts' expectations of US $14.38 billion.Gross profit:Under the GAAP caliber, the gross profit margin is expected to be 67.0%, fluctuating by 1 percentage point;Under the non-GAAP caliber, the gross profit margin is expected to be 68.0%, fluctuating by 1 percentage point, which is higher than analysts' expectations of 55.7%.Operating expenses:Under the GAAP caliber, operating expenses are expected to be US $1.56 billion, with a fluctuation of US $20 million; On a non-GAAP basis, operating expenses are expected to be $1.38 billion, with a fluctuation of $20 million.Earnings per share:Under the GAAP caliber, diluted earnings per share are expected to be $8.19, up or down by $0.20; On a non-GAAP basis, diluted earnings per share are expected to be $8.42, fluctuating $0.20, far exceeding analysts' expectations of $4.71.Good performance and performance guidance that far exceeded expectations stimulated Micron's stock price to rise more than 8% after hours on Wednesday.<img src=\"https://static.tigerbbs.com/d1d14b4a46cf7deb5f600da08dacdea4\" title=\"\" tg-width=\"915\" tg-height=\"417\"/>Sanjay Mehrotra, Chairman, President and CEO of Micron Technology, said:\"In the first quarter of fiscal 2026, Micron achieved record revenue and significant margin expansion at the overall company level and across all business segments. Our outlook for the fiscal second quarter shows that revenue, gross margin, Earnings per share and free cash flow will both hit important new highs, and we expect the company's business performance to continue to strengthen throughout fiscal 2026. With leading technical strength, differentiated product portfolio and strong operational execution,Micron has become an indispensable key supporter in the AI ecosystem, and we are continuing to invest to meet customers' growing demand for storage and memory.”<h2 id=\"id_690666877\">AI components are in short supply and memory chips are in short supply</h2>Micron's chips are key components in data center servers, personal computers, smartphones, and many other devices, including cars. At the same time, Micron is also one of the three major suppliers of high bandwidth memory (HBM). The other two are Korea's SK Hynix and Samsung Electronics. HBM is a core component necessary to train and deploy generative AI models. For example, in AMD's latest generation of AI chips, Micron's storage products are widely used.According to media analysis, the demand for artificial intelligence computing-related components is extremely strong and has exceeded supply capacity. This situation is benefiting companies such as Micron.At the same time, the supply of more basic memory chips for personal computers is also in short supply. This is partly because the memory chip industry is shifting capacity to more advanced technologies to serve AI data centers.PC makers, including Dell Technologies and Hewlett-Packard, have warned investors that they expect a shortage of memory chips in the coming year, pushing up component prices.Micron also said on Wednesday that memory/storage (chip) supply will remain in a \"significant shortage (state).\" Supply shortages will persist in 2026 and longer. The company also said it was \"disappointed\" that it couldn't meet customer demand, (estimated) only 1/2-2/3 of its key customers.Wedbush analysts expect the price of DRAM (dynamic random access memory) to increase by at least 30% by the end of the year, while the price of NAND flash memory (\"non-AND\" flash memory) will increase by at least 20%.Micron said that the company achieved cloud storage business sales of US $5.28 billion in the first fiscal quarter, doubling year-on-year; Core data center business sales were US $2.38 billion, a year-on-year increase of only 4%. The growth of these two business units mainly benefited from higher product pricing, the company said.Analysts believe that this also gives Micron a more favorable position when negotiating with customers in this industry that has always been volatile. Micron's margins are expected to benefit further amid constrained supply.Bloomberg Intelligence analyst Jake Silverman said in a note:\"Memory chip prices are unlikely to stop rising anytime soon.\"<h2 id=\"id_1451052708\">Respond to demand growth and increase capital expenditures</h2>Micron has previously warned investors that spending will continue to rise as the company grapples with rising demand. The company spent $13.8 billion on new plant and equipment in fiscal year 2025 and said that in the current fiscal year, related investment amounts will exceed this level.The company said on Wednesday that it raised its capital expenditure forecast for fiscal year 2026 to $20 billion, compared with $18 billion originally expected.Micron said the company is seeing strong demand from data centers, mainly due to the continued increase in spending by large cloud service providers. These cloud service providers provide customers with hardware and cloud computing capabilities, and continue to expand related infrastructure.On an earnings call with analysts, Sanjay Mehrotra said:\"The expansion of AI data center capacity is driving a substantial increase in demand for high-performance, high-capacity storage and memory. The demand for server shipments has strengthened significantly.\"He also added that the company observed that the growth rate of server shipments in 2025 will be at a high level between 10% and 20%.In order to more effectively respond to the surge in demand brought about by AI, Micron is undergoing major strategic adjustments. The company announced on December 3 that it plans to exit its Crucial consumer business. Micron will continue to ship Crucial consumer products through sales channels until the second fiscal quarter ending in February, after which it will fully focus on enterprise and commercial businesses to retain more supply capacity for AI chip and data center-related needs.Rosenblatt analyst Kevin Cassidy believes that this move highlights management's emphasis on \"high-value end markets\", and investors will pay close attention to management's comments on the progress of capacity ramp-up, especially how to convert existing capacity into \"saleable output\" for high-profit cloud and data center products.</body></html>\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3761597\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/97dc49a1c38f37d8c33d7241fccf9976","relate_stocks":{"MU":"美光科技"},"source_url":"https://wallstreetcn.com/articles/3761597","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174977226","content_text":"在AI数据中心需求爆发、存储芯片供应持续趋紧的背景下，美光周三盘后交出一份明显强于预期的第一财季成绩单，并给出大幅超出市场预期的第二财季营收、毛利率和每股收益指引，表示记忆/存储芯片供应短缺将在2026年持续并维持更久，并将2026财年资本开支预期从180亿美元提高至200亿美元。受益于存储芯片供应趋紧、价格大幅上涨，以及人工智能数据中心需求迅猛增长，美光周三盘后公布第一财季业绩显示，该公司不但上季度业绩高于分析师预期，而且第二财季营收、毛利率、每股收益指引也大超预期，并将2026财年资本开支预期从180亿美元提高至200亿美元，刺激该公司股价盘后涨超8%。以下是美光第一财季财报要点：主要财务数据：营收：美光第一财季调整后营收136.4亿美元，同比增长57%，高于分析师预期的129.5亿美元。资本支出：美光第一财季净资本支出为45亿美元。运营支出：GAAP口径下的运营支出为15.10亿美元，上一季度为14.00亿美元，去年同期为11.74亿美元；非GAAP口径下的运营支出为13.34亿美元，上一季度为12.14亿美元，去年同期为10.47亿美元。运营利润：GAAP口径下，运营利润为61.36亿美元，占营收的45.0%；非GAAP口径下，运营利润为64.19亿美元，占营收的47.0%，高于分析师预期的53.7亿美元。毛利：按GAAP口径计算，毛利润为76.46亿美元，毛利率为56.0%；按非GAAP口径计算，毛利润为77.53亿美元，毛利率56.8%。净利润：按GAAP口径计算，净利润为52.4亿美元，摊薄后每股收益为4.60美元；按非GAAP口径计算，净利润为54.8亿美元，摊薄后每股收益为4.78美元，高于分析师预期的3.95美元。现金流：经营活动现金流为84.1亿美元，高于分析师预期的59.4亿美元，也高于上一季度的57.3亿美元，也显著高于去年同期的32.4亿美元。分业务数据：云储存：第一财季营收为52.84亿美元，上一季度为45.43亿美元，去年同期为26.48亿美元，同比翻倍。该部门毛利率为66%，上一季度为59%，去年同期为51%；运营利润率为55%，上一季度为48%，去年同期为40%。数据中心业务：第一财季营收为23.79亿美元，上一季度为15.77亿美元，去年同期为22.92亿美元。毛利率为51%，上一季度为41%，去年同期为50%；运营利润率为37%，上一季度为25%，去年同期为38%。移动与客户端业务：第一财季营收为42.55亿美元，上一季度为37.60亿美元，去年同期为26.08亿美元。毛利率为54%，上一季度为36%，去年同期为27%；运营利润率为47%，上一季度为29%，去年同期为15%。汽车与嵌入式业务：第一财季营收为17.20亿美元，上一季度为14.34亿美元，去年同期为11.58亿美元。毛利率为45%，上一季度为31%，去年同期为20%；运营利润率为36%，上一季度为20%，去年同期为7%。第二财季业绩指引：营收：预计第二财季营收为187亿美元，上下浮动4亿美元，远超分析师预期的143.8亿美元。毛利：GAAP口径下，毛利率预计为67.0%，上下浮动1个百分点；非GAAP口径下，毛利率预计为68.0%，上下浮动1个百分点，高于分析师预期55.7%。运营支出：GAAP口径下，运营支出预计为15.6亿美元，上下浮动2000万美元；非GAAP口径下，运营支出预计为13.8亿美元，上下浮动2000万美元。每股收益：GAAP口径下，摊薄后每股收益预计为8.19美元，上下浮动0.20美元；非GAAP口径下，摊薄后每股收益预计为8.42美元，上下浮动0.20美元，远超分析师预期的4.71美元。良好业绩加上远超预期的业绩指引，刺激美光股价周三盘后涨超8%。美光科技董事长、总裁兼首席执行官Sanjay Mehrotra表示：“在2026财年第一季度，美光在公司整体层面以及所有业务部门均实现了创纪录的营收和显著的利润率扩张。我们对第二财季的展望显示，营收、毛利率、每股收益和自由现金流都将创下重要新高，我们预计公司的业务表现将在整个2026财年持续走强。凭借领先的技术实力、差异化的产品组合以及强有力的运营执行力，美光已成为AI生态中不可或缺的关键支撑者，我们正在持续投资，以满足客户对存储和内存不断增长的需求。”AI组件供不应求、存储芯片短缺美光的芯片是数据中心服务器、个人电脑、智能手机以及汽车等多种设备中的关键组成部分。同时，美光也是高带宽存储器（HBM）的三大主要供应商之一，另外两家分别是韩国的SK海力士和三星电子。HBM是训练和部署生成式人工智能模型所必需的核心组件。例如，在AMD最新一代AI芯片中，就大量使用了美光的存储产品。媒体分析称，人工智能计算相关组件的需求极为旺盛，已经超过供应能力，这一局面正在让美光等公司受益。同时，用于个人电脑的较为基础的存储芯片也出现了供应短缺。这在一定程度上是因为存储芯片行业正在将产能转向更先进的技术，以服务人工智能数据中心。包括戴尔科技和惠普在内的PC制造商已经向投资者警告，预计未来一年将出现存储芯片短缺，从而推高零部件价格。美光周三也表示，记忆/存储（芯片）供应将保持“显著的短缺（状态）”。供应短缺将在2026年持续，并维持更久。该公司还表示，对无法满足客户需求“感到失望”，（估计）只能满足1/2-2/3的关键客户的需求。Wedbush分析师预计，到今年年底，DRAM（动态随机存取存储器）价格至少将上涨30%，而NAND闪存（“非与”闪存）的价格至少将上涨20%。美光表示，公司在第一财季实现云存储业务销售额52.8亿美元，同比翻倍增长；核心数据中心业务销售额为23.8亿美元，同比增长仅4%。公司称，这两个业务部门的增长主要受益于更高的产品定价。分析认为，这也让美光在这个一向波动较大的行业中，在与客户谈判时占据了更有利的位置。在供应受限的情况下，美光的利润率有望进一步受益。彭博情报分析师Jake Silverman在一份报告中表示：“存储芯片价格在短期内不太可能停止上涨。”应对需求增长，提高资本支出美光此前已向投资者警告，随着公司努力应对需求增长，支出将持续上升。公司在2025财年用于新厂房和设备的支出为138亿美元，并表示在当前财年，相关投资金额将超过这一水平。该公司周三表示，将2026财年资本开支预期提高至200亿美元，公司原本预计180亿美元。美光表示，公司正在看到来自数据中心的强劲需求，这主要得益于大型云服务提供商持续加大支出。这些云服务商向客户提供硬件和云计算能力，并不断扩充相关基础设施。Sanjay Mehrotra在与分析师的财报电话会议上表示：“AI数据中心容量的扩张，正在推动对高性能、高容量存储和内存的需求大幅增长。服务器出货需求明显走强。”他还补充称，公司观察到2025年服务器出货量增长率将处于10%-20%间的高位水平。为了更有效地应对AI带来的需求激增，美光正在进行重大的战略调整。公司于12月3日宣布，计划退出其Crucial消费类业务。美光将继续通过销售渠道出货Crucial消费类产品直至2月结束的第二财季，此后将完全专注于企业和商业业务，以保留更多供应能力，用于AI芯片和数据中心相关需求。Rosenblatt分析师Kevin Cassidy认为，这一举措凸显了管理层对“高价值终端市场”的重视，投资者将密切关注管理层关于产能爬坡进度的评论，特别是如何将现有产能转化为针对高利润云端和数据中心产品的“可销售产量”。","news_type":1,"symbols_score_info":{"MU":2}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":511941223305840,"gmtCreate":1766013294405,"gmtModify":1766021615861,"author":{"id":"3543469928678243","authorId":"3543469928678243","name":"Petitene","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3543469928678243","authorIdStr":"3543469928678243"},"htmlText":"說說你對這篇新聞的看法...","listText":"說說你對這篇新聞的看法...","text":"說說你對這篇新聞的看法...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/511941223305840","repostId":1174977226,"repostType":2,"repost":{"id":"1174977226","kind":"news","pubTimestamp":1766012459,"share":"https://ttm.financial/m/news/1174977226?lang=en_US&edition=fundamental","pubTime":"2025-12-18 07:00","market":"us","language":"zh","title":"Demand for chips is strong, Micron's performance and guidance are both \"off the charts\", capital expenditures are increased, and its stock price rose more than 8% after hours.","url":"https://stock-news.laohu8.com/highlight/detail?id=1174977226","media":"华尔街见闻","summary":"良好业绩加上远超预期的业绩指引，刺激美光股价周三盘后涨超8%。应对需求增长，提高资本支出美光此前已向投资者警告，随着公司努力应对需求增长，支出将持续上升。为了更有效地应对AI带来的需求激增，美光正在进行重大的战略调整。","content":"<html><head></head><body>Against the backdrop of explosive demand for AI data centers and continued tightening supply of memory chips, Micron handed over a significantly stronger-than-expected first-quarter report card after the market closed on Wednesday, and gave a second-quarter report card that significantly exceeded market expectations. Revenue, gross profit margin and earnings per share guidance, indicating that the shortage of memory/memory chip supply will continue and last longer in 2026, and raised its fiscal year 2026 capital expenditure forecast from $18 billion to $20 billion.Benefiting from tight supply of memory chips, sharp price increases, and rapid growth in demand for artificial intelligence data centers, Micron announced its first-quarter results after the market closed on Wednesday. Revenue, gross profit margin, and earnings per share guidance also exceeded expectations, and raised its fiscal year 2026 capital expenditure forecast from US $18 billion to US $20 billion, stimulating the company's stock price to rise by more than 8% after hours.Here are the highlights of Micron's fiscal first quarter earnings report:<img src=\"https://static.tigerbbs.com/5c66325d41d7b23ad634a1cff58e8c1c\" tg-width=\"2560\" tg-height=\"1631\"/>Key financial data:Revenue:Micron's adjusted revenue in the fiscal first quarter was US $13.64 billion, a year-on-year increase of 57%, higher than analysts' expectations of US $12.95 billion.Capital expenditures:Micron's net capital expenditures in the fiscal first quarter were $4.5 billion.Operating expenses:Operating expenses under GAAP were US $1.510 billion, compared with US $1.400 billion in the previous quarter and US $1.174 billion in the same period last year; Operating expenses on a non-GAAP basis were $1.334 billion, compared with $1.214 billion in the previous quarter and $1.047 billion in the same period last year.Operating profit:Under the GAAP caliber, operating profit was US $6.136 billion, accounting for 45.0% of revenue; On a non-GAAP basis, operating profit was US $6.419 billion, accounting for 47.0% of revenue, higher than analysts' expectations of US $5.37 billion.Gross profit:Calculated on a GAAP basis, the gross profit was US $7.646 billion, and the gross profit margin was 56.0%; Calculated on a non-GAAP basis, gross profit was US $7.753 billion, with a gross profit margin of 56.8%.Net profit:Calculated on a GAAP basis, net profit was US $5.24 billion, and diluted earnings per share was US $4.60; On a non-GAAP basis, net income was $5.48 billion, and diluted earnings per share were $4.78, higher than analysts' expectations of $3.95.Cash flow:Cash flow from operating activities was $8.41 billion, higher than analysts' expectations of $5.94 billion, higher than $5.73 billion in the previous quarter, and significantly higher than $3.24 billion in the same period last year.Business data:Cloud storage:Revenue in the first fiscal quarter was US $5.284 billion, compared with US $4.543 billion in the previous quarter and US $2.648 billion in the same period last year, doubling year-on-year. The segment's gross margin was 66%, compared with 59% in the previous quarter and 51% in the same period last year; Operating margin was 55%, compared with 48% in the previous quarter and 40% in the year-ago quarter.Data center business:Revenue in the fiscal first quarter was US $2.379 billion, compared with US $1.577 billion in the previous quarter and US $2.292 billion in the same period last year. Gross profit margin was 51%, 41% in the previous quarter and 50% in the same period last year; Operating margin was 37%, compared with 25% in the previous quarter and 38% in the year-ago quarter.Mobile and client services:Revenue in the fiscal first quarter was US $4.255 billion, compared with US $3.760 billion in the previous quarter and US $2.608 billion in the same period last year. Gross profit margin was 54%, 36% in the previous quarter and 27% in the same period last year; Operating margin was 47%, compared with 29% in the previous quarter and 15% in the year-ago quarter.Automotive & Embedded Business:Revenue in the fiscal first quarter was US $1.720 billion, compared with US $1.434 billion in the previous quarter and US $1.158 billion in the same period last year. Gross profit margin was 45%, 31% in the previous quarter and 20% in the same period last year; Operating margin was 36%, compared with 20% in the previous quarter and 7% in the year-ago quarter.Fiscal second quarter results guidance:Revenue: Revenue in the second fiscal quarter is expected to be US $18.7 billion, a fluctuation of US $400 million, far exceeding analysts' expectations of US $14.38 billion.Gross profit:Under the GAAP caliber, the gross profit margin is expected to be 67.0%, fluctuating by 1 percentage point;Under the non-GAAP caliber, the gross profit margin is expected to be 68.0%, fluctuating by 1 percentage point, which is higher than analysts' expectations of 55.7%.Operating expenses:Under the GAAP caliber, operating expenses are expected to be US $1.56 billion, with a fluctuation of US $20 million; On a non-GAAP basis, operating expenses are expected to be $1.38 billion, with a fluctuation of $20 million.Earnings per share:Under the GAAP caliber, diluted earnings per share are expected to be $8.19, up or down by $0.20; On a non-GAAP basis, diluted earnings per share are expected to be $8.42, fluctuating $0.20, far exceeding analysts' expectations of $4.71.Good performance and performance guidance that far exceeded expectations stimulated Micron's stock price to rise more than 8% after hours on Wednesday.<img src=\"https://static.tigerbbs.com/d1d14b4a46cf7deb5f600da08dacdea4\" title=\"\" tg-width=\"915\" tg-height=\"417\"/>Sanjay Mehrotra, Chairman, President and CEO of Micron Technology, said:\"In the first quarter of fiscal 2026, Micron achieved record revenue and significant margin expansion at the overall company level and across all business segments. Our outlook for the fiscal second quarter shows that revenue, gross margin, Earnings per share and free cash flow will both hit important new highs, and we expect the company's business performance to continue to strengthen throughout fiscal 2026. With leading technical strength, differentiated product portfolio and strong operational execution,Micron has become an indispensable key supporter in the AI ecosystem, and we are continuing to invest to meet customers' growing demand for storage and memory.”<h2 id=\"id_690666877\">AI components are in short supply and memory chips are in short supply</h2>Micron's chips are key components in data center servers, personal computers, smartphones, and many other devices, including cars. At the same time, Micron is also one of the three major suppliers of high bandwidth memory (HBM). The other two are Korea's SK Hynix and Samsung Electronics. HBM is a core component necessary to train and deploy generative AI models. For example, in AMD's latest generation of AI chips, Micron's storage products are widely used.According to media analysis, the demand for artificial intelligence computing-related components is extremely strong and has exceeded supply capacity. This situation is benefiting companies such as Micron.At the same time, the supply of more basic memory chips for personal computers is also in short supply. This is partly because the memory chip industry is shifting capacity to more advanced technologies to serve AI data centers.PC makers, including Dell Technologies and Hewlett-Packard, have warned investors that they expect a shortage of memory chips in the coming year, pushing up component prices.Micron also said on Wednesday that memory/storage (chip) supply will remain in a \"significant shortage (state).\" Supply shortages will persist in 2026 and longer. The company also said it was \"disappointed\" that it couldn't meet customer demand, (estimated) only 1/2-2/3 of its key customers.Wedbush analysts expect the price of DRAM (dynamic random access memory) to increase by at least 30% by the end of the year, while the price of NAND flash memory (\"non-AND\" flash memory) will increase by at least 20%.Micron said that the company achieved cloud storage business sales of US $5.28 billion in the first fiscal quarter, doubling year-on-year; Core data center business sales were US $2.38 billion, a year-on-year increase of only 4%. The growth of these two business units mainly benefited from higher product pricing, the company said.Analysts believe that this also gives Micron a more favorable position when negotiating with customers in this industry that has always been volatile. Micron's margins are expected to benefit further amid constrained supply.Bloomberg Intelligence analyst Jake Silverman said in a note:\"Memory chip prices are unlikely to stop rising anytime soon.\"<h2 id=\"id_1451052708\">Respond to demand growth and increase capital expenditures</h2>Micron has previously warned investors that spending will continue to rise as the company grapples with rising demand. The company spent $13.8 billion on new plant and equipment in fiscal year 2025 and said that in the current fiscal year, related investment amounts will exceed this level.The company said on Wednesday that it raised its capital expenditure forecast for fiscal year 2026 to $20 billion, compared with $18 billion originally expected.Micron said the company is seeing strong demand from data centers, mainly due to the continued increase in spending by large cloud service providers. These cloud service providers provide customers with hardware and cloud computing capabilities, and continue to expand related infrastructure.On an earnings call with analysts, Sanjay Mehrotra said:\"The expansion of AI data center capacity is driving a substantial increase in demand for high-performance, high-capacity storage and memory. The demand for server shipments has strengthened significantly.\"He also added that the company observed that the growth rate of server shipments in 2025 will be at a high level between 10% and 20%.In order to more effectively respond to the surge in demand brought about by AI, Micron is undergoing major strategic adjustments. The company announced on December 3 that it plans to exit its Crucial consumer business. Micron will continue to ship Crucial consumer products through sales channels until the second fiscal quarter ending in February, after which it will fully focus on enterprise and commercial businesses to retain more supply capacity for AI chip and data center-related needs.Rosenblatt analyst Kevin Cassidy believes that this move highlights management's emphasis on \"high-value end markets\", and investors will pay close attention to management's comments on the progress of capacity ramp-up, especially how to convert existing capacity into \"saleable output\" for high-profit cloud and data center products.</body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Demand for chips is strong, Micron's performance and guidance are both \"off the charts\", capital expenditures are increased, and its stock price rose more than 8% after hours.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDemand for chips is strong, Micron's performance and guidance are both \"off the charts\", capital expenditures are increased, and its stock price rose more than 8% after hours.\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2025-12-18 07:00\n\n</h4>\n</header>\n<article>\n<html><head></head><body>Against the backdrop of explosive demand for AI data centers and continued tightening supply of memory chips, Micron handed over a significantly stronger-than-expected first-quarter report card after the market closed on Wednesday, and gave a second-quarter report card that significantly exceeded market expectations. Revenue, gross profit margin and earnings per share guidance, indicating that the shortage of memory/memory chip supply will continue and last longer in 2026, and raised its fiscal year 2026 capital expenditure forecast from $18 billion to $20 billion.Benefiting from tight supply of memory chips, sharp price increases, and rapid growth in demand for artificial intelligence data centers, Micron announced its first-quarter results after the market closed on Wednesday. Revenue, gross profit margin, and earnings per share guidance also exceeded expectations, and raised its fiscal year 2026 capital expenditure forecast from US $18 billion to US $20 billion, stimulating the company's stock price to rise by more than 8% after hours.Here are the highlights of Micron's fiscal first quarter earnings report:<img src=\"https://static.tigerbbs.com/5c66325d41d7b23ad634a1cff58e8c1c\" tg-width=\"2560\" tg-height=\"1631\"/>Key financial data:Revenue:Micron's adjusted revenue in the fiscal first quarter was US $13.64 billion, a year-on-year increase of 57%, higher than analysts' expectations of US $12.95 billion.Capital expenditures:Micron's net capital expenditures in the fiscal first quarter were $4.5 billion.Operating expenses:Operating expenses under GAAP were US $1.510 billion, compared with US $1.400 billion in the previous quarter and US $1.174 billion in the same period last year; Operating expenses on a non-GAAP basis were $1.334 billion, compared with $1.214 billion in the previous quarter and $1.047 billion in the same period last year.Operating profit:Under the GAAP caliber, operating profit was US $6.136 billion, accounting for 45.0% of revenue; On a non-GAAP basis, operating profit was US $6.419 billion, accounting for 47.0% of revenue, higher than analysts' expectations of US $5.37 billion.Gross profit:Calculated on a GAAP basis, the gross profit was US $7.646 billion, and the gross profit margin was 56.0%; Calculated on a non-GAAP basis, gross profit was US $7.753 billion, with a gross profit margin of 56.8%.Net profit:Calculated on a GAAP basis, net profit was US $5.24 billion, and diluted earnings per share was US $4.60; On a non-GAAP basis, net income was $5.48 billion, and diluted earnings per share were $4.78, higher than analysts' expectations of $3.95.Cash flow:Cash flow from operating activities was $8.41 billion, higher than analysts' expectations of $5.94 billion, higher than $5.73 billion in the previous quarter, and significantly higher than $3.24 billion in the same period last year.Business data:Cloud storage:Revenue in the first fiscal quarter was US $5.284 billion, compared with US $4.543 billion in the previous quarter and US $2.648 billion in the same period last year, doubling year-on-year. The segment's gross margin was 66%, compared with 59% in the previous quarter and 51% in the same period last year; Operating margin was 55%, compared with 48% in the previous quarter and 40% in the year-ago quarter.Data center business:Revenue in the fiscal first quarter was US $2.379 billion, compared with US $1.577 billion in the previous quarter and US $2.292 billion in the same period last year. Gross profit margin was 51%, 41% in the previous quarter and 50% in the same period last year; Operating margin was 37%, compared with 25% in the previous quarter and 38% in the year-ago quarter.Mobile and client services:Revenue in the fiscal first quarter was US $4.255 billion, compared with US $3.760 billion in the previous quarter and US $2.608 billion in the same period last year. Gross profit margin was 54%, 36% in the previous quarter and 27% in the same period last year; Operating margin was 47%, compared with 29% in the previous quarter and 15% in the year-ago quarter.Automotive & Embedded Business:Revenue in the fiscal first quarter was US $1.720 billion, compared with US $1.434 billion in the previous quarter and US $1.158 billion in the same period last year. Gross profit margin was 45%, 31% in the previous quarter and 20% in the same period last year; Operating margin was 36%, compared with 20% in the previous quarter and 7% in the year-ago quarter.Fiscal second quarter results guidance:Revenue: Revenue in the second fiscal quarter is expected to be US $18.7 billion, a fluctuation of US $400 million, far exceeding analysts' expectations of US $14.38 billion.Gross profit:Under the GAAP caliber, the gross profit margin is expected to be 67.0%, fluctuating by 1 percentage point;Under the non-GAAP caliber, the gross profit margin is expected to be 68.0%, fluctuating by 1 percentage point, which is higher than analysts' expectations of 55.7%.Operating expenses:Under the GAAP caliber, operating expenses are expected to be US $1.56 billion, with a fluctuation of US $20 million; On a non-GAAP basis, operating expenses are expected to be $1.38 billion, with a fluctuation of $20 million.Earnings per share:Under the GAAP caliber, diluted earnings per share are expected to be $8.19, up or down by $0.20; On a non-GAAP basis, diluted earnings per share are expected to be $8.42, fluctuating $0.20, far exceeding analysts' expectations of $4.71.Good performance and performance guidance that far exceeded expectations stimulated Micron's stock price to rise more than 8% after hours on Wednesday.<img src=\"https://static.tigerbbs.com/d1d14b4a46cf7deb5f600da08dacdea4\" title=\"\" tg-width=\"915\" tg-height=\"417\"/>Sanjay Mehrotra, Chairman, President and CEO of Micron Technology, said:\"In the first quarter of fiscal 2026, Micron achieved record revenue and significant margin expansion at the overall company level and across all business segments. Our outlook for the fiscal second quarter shows that revenue, gross margin, Earnings per share and free cash flow will both hit important new highs, and we expect the company's business performance to continue to strengthen throughout fiscal 2026. With leading technical strength, differentiated product portfolio and strong operational execution,Micron has become an indispensable key supporter in the AI ecosystem, and we are continuing to invest to meet customers' growing demand for storage and memory.”<h2 id=\"id_690666877\">AI components are in short supply and memory chips are in short supply</h2>Micron's chips are key components in data center servers, personal computers, smartphones, and many other devices, including cars. At the same time, Micron is also one of the three major suppliers of high bandwidth memory (HBM). The other two are Korea's SK Hynix and Samsung Electronics. HBM is a core component necessary to train and deploy generative AI models. For example, in AMD's latest generation of AI chips, Micron's storage products are widely used.According to media analysis, the demand for artificial intelligence computing-related components is extremely strong and has exceeded supply capacity. This situation is benefiting companies such as Micron.At the same time, the supply of more basic memory chips for personal computers is also in short supply. This is partly because the memory chip industry is shifting capacity to more advanced technologies to serve AI data centers.PC makers, including Dell Technologies and Hewlett-Packard, have warned investors that they expect a shortage of memory chips in the coming year, pushing up component prices.Micron also said on Wednesday that memory/storage (chip) supply will remain in a \"significant shortage (state).\" Supply shortages will persist in 2026 and longer. The company also said it was \"disappointed\" that it couldn't meet customer demand, (estimated) only 1/2-2/3 of its key customers.Wedbush analysts expect the price of DRAM (dynamic random access memory) to increase by at least 30% by the end of the year, while the price of NAND flash memory (\"non-AND\" flash memory) will increase by at least 20%.Micron said that the company achieved cloud storage business sales of US $5.28 billion in the first fiscal quarter, doubling year-on-year; Core data center business sales were US $2.38 billion, a year-on-year increase of only 4%. The growth of these two business units mainly benefited from higher product pricing, the company said.Analysts believe that this also gives Micron a more favorable position when negotiating with customers in this industry that has always been volatile. Micron's margins are expected to benefit further amid constrained supply.Bloomberg Intelligence analyst Jake Silverman said in a note:\"Memory chip prices are unlikely to stop rising anytime soon.\"<h2 id=\"id_1451052708\">Respond to demand growth and increase capital expenditures</h2>Micron has previously warned investors that spending will continue to rise as the company grapples with rising demand. The company spent $13.8 billion on new plant and equipment in fiscal year 2025 and said that in the current fiscal year, related investment amounts will exceed this level.The company said on Wednesday that it raised its capital expenditure forecast for fiscal year 2026 to $20 billion, compared with $18 billion originally expected.Micron said the company is seeing strong demand from data centers, mainly due to the continued increase in spending by large cloud service providers. These cloud service providers provide customers with hardware and cloud computing capabilities, and continue to expand related infrastructure.On an earnings call with analysts, Sanjay Mehrotra said:\"The expansion of AI data center capacity is driving a substantial increase in demand for high-performance, high-capacity storage and memory. The demand for server shipments has strengthened significantly.\"He also added that the company observed that the growth rate of server shipments in 2025 will be at a high level between 10% and 20%.In order to more effectively respond to the surge in demand brought about by AI, Micron is undergoing major strategic adjustments. The company announced on December 3 that it plans to exit its Crucial consumer business. Micron will continue to ship Crucial consumer products through sales channels until the second fiscal quarter ending in February, after which it will fully focus on enterprise and commercial businesses to retain more supply capacity for AI chip and data center-related needs.Rosenblatt analyst Kevin Cassidy believes that this move highlights management's emphasis on \"high-value end markets\", and investors will pay close attention to management's comments on the progress of capacity ramp-up, especially how to convert existing capacity into \"saleable output\" for high-profit cloud and data center products.</body></html>\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3761597\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/97dc49a1c38f37d8c33d7241fccf9976","relate_stocks":{"MU":"美光科技"},"source_url":"https://wallstreetcn.com/articles/3761597","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174977226","content_text":"在AI数据中心需求爆发、存储芯片供应持续趋紧的背景下，美光周三盘后交出一份明显强于预期的第一财季成绩单，并给出大幅超出市场预期的第二财季营收、毛利率和每股收益指引，表示记忆/存储芯片供应短缺将在2026年持续并维持更久，并将2026财年资本开支预期从180亿美元提高至200亿美元。受益于存储芯片供应趋紧、价格大幅上涨，以及人工智能数据中心需求迅猛增长，美光周三盘后公布第一财季业绩显示，该公司不但上季度业绩高于分析师预期，而且第二财季营收、毛利率、每股收益指引也大超预期，并将2026财年资本开支预期从180亿美元提高至200亿美元，刺激该公司股价盘后涨超8%。以下是美光第一财季财报要点：主要财务数据：营收：美光第一财季调整后营收136.4亿美元，同比增长57%，高于分析师预期的129.5亿美元。资本支出：美光第一财季净资本支出为45亿美元。运营支出：GAAP口径下的运营支出为15.10亿美元，上一季度为14.00亿美元，去年同期为11.74亿美元；非GAAP口径下的运营支出为13.34亿美元，上一季度为12.14亿美元，去年同期为10.47亿美元。运营利润：GAAP口径下，运营利润为61.36亿美元，占营收的45.0%；非GAAP口径下，运营利润为64.19亿美元，占营收的47.0%，高于分析师预期的53.7亿美元。毛利：按GAAP口径计算，毛利润为76.46亿美元，毛利率为56.0%；按非GAAP口径计算，毛利润为77.53亿美元，毛利率56.8%。净利润：按GAAP口径计算，净利润为52.4亿美元，摊薄后每股收益为4.60美元；按非GAAP口径计算，净利润为54.8亿美元，摊薄后每股收益为4.78美元，高于分析师预期的3.95美元。现金流：经营活动现金流为84.1亿美元，高于分析师预期的59.4亿美元，也高于上一季度的57.3亿美元，也显著高于去年同期的32.4亿美元。分业务数据：云储存：第一财季营收为52.84亿美元，上一季度为45.43亿美元，去年同期为26.48亿美元，同比翻倍。该部门毛利率为66%，上一季度为59%，去年同期为51%；运营利润率为55%，上一季度为48%，去年同期为40%。数据中心业务：第一财季营收为23.79亿美元，上一季度为15.77亿美元，去年同期为22.92亿美元。毛利率为51%，上一季度为41%，去年同期为50%；运营利润率为37%，上一季度为25%，去年同期为38%。移动与客户端业务：第一财季营收为42.55亿美元，上一季度为37.60亿美元，去年同期为26.08亿美元。毛利率为54%，上一季度为36%，去年同期为27%；运营利润率为47%，上一季度为29%，去年同期为15%。汽车与嵌入式业务：第一财季营收为17.20亿美元，上一季度为14.34亿美元，去年同期为11.58亿美元。毛利率为45%，上一季度为31%，去年同期为20%；运营利润率为36%，上一季度为20%，去年同期为7%。第二财季业绩指引：营收：预计第二财季营收为187亿美元，上下浮动4亿美元，远超分析师预期的143.8亿美元。毛利：GAAP口径下，毛利率预计为67.0%，上下浮动1个百分点；非GAAP口径下，毛利率预计为68.0%，上下浮动1个百分点，高于分析师预期55.7%。运营支出：GAAP口径下，运营支出预计为15.6亿美元，上下浮动2000万美元；非GAAP口径下，运营支出预计为13.8亿美元，上下浮动2000万美元。每股收益：GAAP口径下，摊薄后每股收益预计为8.19美元，上下浮动0.20美元；非GAAP口径下，摊薄后每股收益预计为8.42美元，上下浮动0.20美元，远超分析师预期的4.71美元。良好业绩加上远超预期的业绩指引，刺激美光股价周三盘后涨超8%。美光科技董事长、总裁兼首席执行官Sanjay Mehrotra表示：“在2026财年第一季度，美光在公司整体层面以及所有业务部门均实现了创纪录的营收和显著的利润率扩张。我们对第二财季的展望显示，营收、毛利率、每股收益和自由现金流都将创下重要新高，我们预计公司的业务表现将在整个2026财年持续走强。凭借领先的技术实力、差异化的产品组合以及强有力的运营执行力，美光已成为AI生态中不可或缺的关键支撑者，我们正在持续投资，以满足客户对存储和内存不断增长的需求。”AI组件供不应求、存储芯片短缺美光的芯片是数据中心服务器、个人电脑、智能手机以及汽车等多种设备中的关键组成部分。同时，美光也是高带宽存储器（HBM）的三大主要供应商之一，另外两家分别是韩国的SK海力士和三星电子。HBM是训练和部署生成式人工智能模型所必需的核心组件。例如，在AMD最新一代AI芯片中，就大量使用了美光的存储产品。媒体分析称，人工智能计算相关组件的需求极为旺盛，已经超过供应能力，这一局面正在让美光等公司受益。同时，用于个人电脑的较为基础的存储芯片也出现了供应短缺。这在一定程度上是因为存储芯片行业正在将产能转向更先进的技术，以服务人工智能数据中心。包括戴尔科技和惠普在内的PC制造商已经向投资者警告，预计未来一年将出现存储芯片短缺，从而推高零部件价格。美光周三也表示，记忆/存储（芯片）供应将保持“显著的短缺（状态）”。供应短缺将在2026年持续，并维持更久。该公司还表示，对无法满足客户需求“感到失望”，（估计）只能满足1/2-2/3的关键客户的需求。Wedbush分析师预计，到今年年底，DRAM（动态随机存取存储器）价格至少将上涨30%，而NAND闪存（“非与”闪存）的价格至少将上涨20%。美光表示，公司在第一财季实现云存储业务销售额52.8亿美元，同比翻倍增长；核心数据中心业务销售额为23.8亿美元，同比增长仅4%。公司称，这两个业务部门的增长主要受益于更高的产品定价。分析认为，这也让美光在这个一向波动较大的行业中，在与客户谈判时占据了更有利的位置。在供应受限的情况下，美光的利润率有望进一步受益。彭博情报分析师Jake Silverman在一份报告中表示：“存储芯片价格在短期内不太可能停止上涨。”应对需求增长，提高资本支出美光此前已向投资者警告，随着公司努力应对需求增长，支出将持续上升。公司在2025财年用于新厂房和设备的支出为138亿美元，并表示在当前财年，相关投资金额将超过这一水平。该公司周三表示，将2026财年资本开支预期提高至200亿美元，公司原本预计180亿美元。美光表示，公司正在看到来自数据中心的强劲需求，这主要得益于大型云服务提供商持续加大支出。这些云服务商向客户提供硬件和云计算能力，并不断扩充相关基础设施。Sanjay Mehrotra在与分析师的财报电话会议上表示：“AI数据中心容量的扩张，正在推动对高性能、高容量存储和内存的需求大幅增长。服务器出货需求明显走强。”他还补充称，公司观察到2025年服务器出货量增长率将处于10%-20%间的高位水平。为了更有效地应对AI带来的需求激增，美光正在进行重大的战略调整。公司于12月3日宣布，计划退出其Crucial消费类业务。美光将继续通过销售渠道出货Crucial消费类产品直至2月结束的第二财季，此后将完全专注于企业和商业业务，以保留更多供应能力，用于AI芯片和数据中心相关需求。Rosenblatt分析师Kevin Cassidy认为，这一举措凸显了管理层对“高价值终端市场”的重视，投资者将密切关注管理层关于产能爬坡进度的评论，特别是如何将现有产能转化为针对高利润云端和数据中心产品的“可销售产量”。","news_type":1,"symbols_score_info":{"MU":2}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":11,"commentSize":2,"repostSize":2,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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