{"id":666447,"date":"2026-09-30T17:59:20","date_gmt":"2026-10-01T00:59:20","guid":{"rendered":"https:\/\/nai500.com\/?p=666447"},"modified":"2026-09-30T17:59:20","modified_gmt":"2026-10-01T00:59:20","slug":"%e7%87%9f%e6%94%b6%e7%bf%bb4%e5%80%8d%ef%bc%8c%e7%be%8e%e5%85%89%e6%83%b3%e8%a6%81%e6%91%98%e6%8e%89%e9%80%b1%e6%9c%9f%e8%82%a1%e5%b8%bd%e5%ad%90%ef%bc%81","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/09\/%e7%87%9f%e6%94%b6%e7%bf%bb4%e5%80%8d%ef%bc%8c%e7%be%8e%e5%85%89%e6%83%b3%e8%a6%81%e6%91%98%e6%8e%89%e9%80%b1%e6%9c%9f%e8%82%a1%e5%b8%bd%e5%ad%90%ef%bc%81\/","title":{"rendered":"\u71df\u6536\u7ffb4\u500d\uff0c\u7f8e\u5149\u60f3\u8981\u6458\u6389\u201c\u9031\u671f\u80a1&#8221;\u5e3d\u5b50\uff01"},"content":{"rendered":"<p><a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=MU\">\u7f8e\u5149\u79d1\u6280\uff08NASDAQ: MU\uff09<\/a>\u525b\u525b\u4ea4\u51fa\u76842026\u8ca1\u5e74\u7b2c\u56db\u5b63\u5ea6\u8ca1\u5831\uff0c\u518d\u6b21\u5237\u65b0\u83ef\u723e\u8857\u9810\u671f\u3002\u9019\u5bb6\u5b58\u5132\u82af\u7247\u88fd\u9020\u5546\u71df\u6536\u540c\u6bd4\u7ffb\u4e86\u56db\u500d\u4ee5\u4e0a\uff0c\u696d\u7e3e\u8207\u4e0b\u4e00\u5b63\u5ea6\u6307\u5f15\u96d9\u96d9\u5927\u5e45\u8d85\u51fa\u5e02\u5834\u5171\u8b58\u3002\u4f46\u5728\u696d\u7e3e\u6578\u5b57\u4e4b\u5916\uff0c\u5e02\u5834\u66f4\u95dc\u6ce8\u7684\u662f\uff1a\u5728AI\u6d6a\u6f6e\u63a8\u52d5HBM\uff08\u9ad8\u5e36\u5bec\u5167\u5b58\uff09\u4f9b\u4e0d\u61c9\u6c42\u7684\u80cc\u666f\u4e0b\uff0c\u9019\u5bb6\u9577\u671f\u88ab\u51a0\u4ee5\u201c\u5f37\u9031\u671f\u80a1&#8221;\u6a19\u7c3d\u7684\u516c\u53f8\uff0c\u80fd\u5426\u501f\u6b64\u91cd\u5851\u5176\u9577\u671f\u4f30\u503c\u908f\u8f2f\u3002<\/p>\n<h2>Q4\u71df\u6536\u7ffb\u56db\u500d\uff0cHBM\u6210\u70ba\u589e\u9577\u4e3b\u5f15\u64ce<\/h2>\n<p>\u7f8e\u5149Q4\u5be6\u73fe\u71df\u6536$542.3\u5104\uff0c\u9ad8\u65bc\u83ef\u723e\u8857\u9810\u671f\u7684$510.7\u5104\uff1b\u6bcf\u80a1\u6536\u76ca$33.42\uff0c\u9ad8\u65bc\u5e02\u5834\u9810\u671f\u7684$31.61\u3002\u4e0b\u4e00\u5b63\u5ea6\u6307\u5f15\u540c\u6a23\u8d85\u51fa\u9810\u671f\uff1a\u516c\u53f8\u7d66\u51fa\u6bcf\u80a1\u6536\u76ca$38.15\u3001\u71df\u6536$615\u5104\u7684\u76ee\u6a19\uff0c\u800c\u83ef\u723e\u8857\u6b64\u524d\u9810\u671f\u50c5\u70ba$35.40\u3001$570\u5104\u3002<\/p>\n<p>\u696d\u7e3e\u589e\u9577\u7684\u6838\u5fc3\u9a45\u52d5\u529b\u96c6\u4e2d\u5728DRAM\uff08\u52d5\u614b\u96a8\u6a5f\u5b58\u53d6\u5b58\u5132\u5668\uff09\u54c1\u985e\u3002\u7f8e\u5149DRAM\u92b7\u552e\u540c\u6bd4\u98c6\u5347343%\uff0c\u5df2\u5360\u516c\u53f8\u7e3d\u92b7\u552e\u984d\u768473%\u3002\u5176\u4e2d\uff0c\u88abAI\u884c\u696d\u8996\u70ba\u786c\u901a\u8ca8\u7684HBM\u2014\u2014\u5c07DRAM\u5806\u758a\u4e26\u8207\u8655\u7406\u5668\u7dca\u9130\u653e\u7f6e\u4ee5\u4fdd\u969cAI\u82af\u7247\u6eff\u8ca0\u8377\u904b\u884c\u7684\u5c08\u7528\u5167\u5b58\u2014\u2014\u662f\u95dc\u9375\u4f86\u6e90\u3002\u7f8e\u5149CEO Sanjay Mehrotra\u5728\u8ca1\u5831\u96fb\u8a71\u6703\u4e0a\u8868\u793a\uff0c\u516c\u53f8\u5df2\u78ba\u7acb\u9762\u5411\u672a\u4f86HBM\u7522\u54c1\u7684\u5f37\u52c1\u8def\u7dda\u5716\uff0c\u4e26\u62ab\u9732\u6b63\u8207\u82af\u7247\u5de8\u982d\u82f1\u5049\u9054\u5408\u4f5c\u958b\u767c\u696d\u5167\u9996\u500b\u5b9a\u5236HBM\u65b9\u6848\u3002<\/p>\n<h2>AI\u6539\u5beb\u5b58\u5132\u898f\u5247\uff0c\u7f8e\u5149\u62bc\u6ce8\u9577\u9031\u671f\u7522\u80fd<\/h2>\n<p>\u5b58\u5132\u884c\u696d\u6578\u5341\u5e74\u4f86\u59cb\u7d42\u8655\u65bc\u201c\u7e41\u69ae\u2014\u904e\u5269\u2014\u50f9\u683c\u66b4\u8dcc&#8221;\u7684\u5faa\u74b0\uff1a\u79d1\u6280\u5ee0\u5546\u64f4\u7522\u6642\u9700\u6c42\u63a8\u9ad8\u50f9\u683c\uff0c\u5eab\u5b58\u5806\u7a4d\u6216\u4f9b\u61c9\u8ffd\u4e0a\u5f8c\u50f9\u683c\u96a8\u4e4b\u56de\u843d\uff0c\u9019\u4f7f\u5f97\u7f8e\u5149\u76c8\u5229\u5c0d\u4f9b\u9700\u8b8a\u5316\u9ad8\u5ea6\u654f\u611f\u3002\u4f46\u5728\u7ba1\u7406\u5c64\u8207\u90e8\u5206\u5e02\u5834\u89c0\u5bdf\u8005\u770b\u4f86\uff0cAI\u6b63\u5728\u6539\u5beb\u9019\u4e00\u898f\u5247\u3002<\/p>\n<p>HBM\u7684\u908f\u8f2f\u5728\u65bc\uff1aAI\u6a21\u578b\u53ef\u8abf\u7528\u7684\u5167\u5b58\u8d8a\u5927\u3001\u8a2a\u554f\u901f\u5ea6\u8d8a\u5feb\uff0c\u6a21\u578b\u80fd\u529b\u8d8a\u5f37\uff0c\u800c\u76ee\u524dHBM\u4f9b\u61c9\u56b4\u91cd\u4e0d\u8db3\u3002\u5168\u7403\u50c5\u4e09\u5bb6\u516c\u53f8\u5177\u5099\u898f\u6a21\u5316\u751f\u7522HBM\u7684\u80fd\u529b\uff0c\u9019\u8b93\u7f8e\u5149\u7372\u5f97\u4e86\u5f37\u52c1\u7684\u5b9a\u50f9\u6b0a\u3002Gabelli Funds\u57fa\u91d1\u7d93\u7406Hendi Susanto\u5c0dCNBC\u8868\u793a\uff0c\u201c\u76ee\u524d\u5c1a\u672a\u807d\u5230\u4efb\u4f55\u8ca0\u9762\u6578\u64da\u9ede\u6307\u5411\u5b58\u5132\u9031\u671f\u5728\u53ef\u9810\u898b\u7684\u672a\u4f86\u8f49\u5411\u4e0b\u884c&#8221;\u3002<\/p>\n<p>\u70ba\u627f\u63a5\u9019\u4e00\u9577\u671f\u9700\u6c42\uff0c\u7f8e\u5149\u6b63\u5728\u64f4\u5927\u7522\u80fd\u8207\u7814\u767c\u6295\u5165\uff1a<\/p>\n<ul>\n<li><strong>\u7f8e\u570b\u672c\u571f\u64f4\u7522<\/strong>\uff1a7\u6708\u516c\u53f8\u5c07\u5c0d\u7f8e\u6295\u8cc7\u8a08\u5283\u63d0\u9ad8\u81f3\u52302035\u5e74\u7d2f\u8a08\u8d85$2500\u5104\uff0c\u8986\u84cb\u7d10\u7d04\u5dde\u8207\u611b\u9054\u8377\u5dde\u65b0\u5ee0\uff0c\u9577\u671f\u76ee\u6a19\u662f\u5c0740%\u7684DRAM\u7522\u80fd\u653e\u5728\u7f8e\u570b\u3002\u611b\u9054\u8377\u9996\u5ea7\u5de5\u5ee0\u9810\u8a082027\u5e74\u5e74\u4e2d\u958b\u59cb\u751f\u7522\u6676\u5713\uff0c\u7b2c\u4e8c\u5ea7\u5de5\u5ee0\u8a08\u52832028\u5e74\u5e95\u6295\u7522\uff1b\u7d10\u7d04\u88fd\u9020\u5712\u5340\u53ef\u5bb9\u7d0d\u56db\u5ea7\u65b0\u5ee0\u3002<\/li>\n<\/ul>\n<ul>\n<li><strong>\u6d77\u5916\u914d\u5957<\/strong>\uff1a\u65b0\u52a0\u5761\u5148\u9032\u5c01\u88dd\u5de5\u5ee0\u9810\u8a08\u81ea2027\u5e74\u8d77\u5c0dHBM\u4f9b\u61c9\u5f62\u6210\u5be6\u8cea\u6027\u8ca2\u737b\u3002<\/li>\n<\/ul>\n<ul>\n<li><strong>\u7522\u54c1\u8fed\u4ee3<\/strong>\uff1a\u7576\u524dHBM4\u7522\u54c1\u5df2\u5411\u4e00\u5bb6\u9818\u5148\u5ba2\u6236\u7684\u5e73\u81fa\u5927\u898f\u6a21\u51fa\u8ca8\uff1b\u4e0b\u4e00\u4ee3HBM4E\u9810\u8a082027\u5e74\u91cf\u7522\u3002<\/li>\n<\/ul>\n<ul>\n<li><strong>\u9577\u671f\u7814\u767c\u4f48\u5c40<\/strong>\uff1a\u516c\u53f8\u4e0a\u6708\u5ba3\u4f48\u6210\u7acbMicron Research Labs\uff0c\u672a\u4f86\u5341\u5e74\u6295\u8cc7$100\u5104\uff0c\u805a\u7126\u672a\u4f86\u5b58\u5132\u6280\u8853\u3001\u5148\u9032\u8a08\u7b97\u8207\u4e0b\u4e00\u4ee3\u88fd\u9020\u5de5\u85dd\uff1b\u540c\u6642\u63a8\u51fa\u898f\u6a21$2.5\u5104\u7684Paradigm\u98a8\u6295\u57fa\u91d1\uff0c\u5c07Micron Ventures\u7e3d\u627f\u8afe\u8cc7\u672c\u63a8\u81f3$5.5\u5104\u3002<\/li>\n<\/ul>\n<h2>\u9ad8\u6210\u9577\u6558\u4e8b\u8207\u9031\u671f\u96b1\u6182\u4e26\u5b58<\/h2>\n<p>\u4ee5\u7576\u524d\u524d\u77bb\u5e02\u76c8\u7387\uff08P\/E\uff096.8\u500d\u8a08\u7b97\uff0c\u7f8e\u5149\u7684\u9060\u671f\u4f30\u503c\u4ecd\u8655\u6b77\u53f2\u504f\u4f4e\u5340\u9593\u3002<\/p>\n<p>\u8986\u84cb\u7f8e\u5149\u6700\u770b\u591a\u7684\u6a5f\u69cb\u2014\u2014\u7f8e\u570b\u9280\u884c\u2014\u2014\u9810\u8a08\u516c\u53f82030\u5e74\u6bcf\u80a1\u6536\u76ca\u5c07\u7a81\u7834$230\u3002\u6309\u7576\u524d\u524d\u77bb\u4f30\u503c\u6c34\u5e73\u6298\u7b97\uff0c\u5c0d\u61c9\u80a1\u50f9\u7d04$1,566\uff1b\u82e5\u5e02\u5834\u8a8d\u53ef\u5176\u201c\u9031\u671f\u5c6c\u6027\u6e1b\u5f31&#8221;\uff0c\u4f30\u503c\u4e2d\u6a1e\u62ac\u5347\u81f315\u81f320\u500d\u5340\u9593\uff0c\u630917\u500d\u4e2d\u503c\u3001$150\u81f3$230 EPS\u6e2c\u7b97\uff0c2031\u5e74\u80a1\u50f9\u5340\u9593\u53ef\u80fd\u843d\u5728$2,550\u81f3$3,910\uff0c\u8f03\u7576\u524d\u50f9\u4f4d\u5b58\u5728\u6700\u9ad8\u7d04271%\u7684\u4e0a\u884c\u7a7a\u9593\u3002<\/p>\n<p>\u4f46\u9577\u671f\u6295\u8cc7\u8005\u4ecd\u9762\u81e8\u5169\u9ede\u4e0d\u78ba\u5b9a\u6027\uff1a\u5176\u4e00\uff0c\u5b58\u5132\u5e02\u5834\u9577\u671f\u5177\u6709boom-or-bust\u5c6c\u6027\uff0c\u65b0\u7522\u80fd\u6295\u7522\u9700\u8981\u6642\u9593\uff0c\u77ed\u671f\u5167\u4f9b\u9700\u7dca\u5f35\u96e3\u4ee5\u7de9\u89e3\uff0c\u4f46\u5ba2\u6236\u901a\u904e\u7b97\u6cd5\u512a\u5316\u3001\u964d\u4f4e\u5c0d\u7269\u7406\u5167\u5b58\u4f9d\u8cf4\u7684\u52aa\u529b\uff0c\u53ef\u80fd\u5728\u4e2d\u9577\u671f\u58d3\u7e2eHBM\u9700\u6c42\uff1b\u5176\u4e8c\uff0c\u884c\u696d\u6b77\u53f2\u4e0a\u7684\u50f9\u683c\u56de\u843d\u898f\u5f8b\uff0c\u610f\u5473\u8457\u7576\u524d\u5b9a\u50f9\u6b0a\u7d05\u5229\u672a\u5fc5\u7dda\u6027\u5ef6\u7e8c\u3002<\/p>\n<p>\u7f8e\u5149\u76ee\u524d\u6b63\u8655\u65bc\u516c\u53f8\u6240\u7a31\u201c\u6578\u5341\u5e74\u4e00\u9047&#8221;\u7684\u6280\u8853\u5207\u63db\u4e4b\u4e2d\u3002\u8ca1\u5831\u8207\u8cc7\u672c\u958b\u652f\u8a08\u5283\u8868\u660e\uff0c\u7ba1\u7406\u5c64\u6b63\u5617\u8a66\u7528\u4e00\u8f2aAI\u9a45\u52d5\u7684\u5b58\u5132\u666f\u6c23\u9031\u671f\u70ba\u516c\u53f8\u722d\u53d6\u66f4\u9577\u671f\u7684\u6210\u9577\u6558\u4e8b\u2014\u2014\u9019\u4e00\u62bc\u6ce8\u662f\u5426\u6210\u7acb\uff0c\u5c07\u53d6\u6c7a\u65bcHBM\u4f9b\u9700\u5e73\u8861\u5728\u672a\u4f86\u6578\u5e74\u5982\u4f55\u6f14\u8b8a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u7f8e\u5149\u79d1\u6280\uff08NASDAQ: MU\uff09\u525b\u525b\u4ea4\u51fa\u76842026\u8ca1\u5e74\u7b2c\u56db\u5b63\u5ea6\u8ca1\u5831\uff0c\u518d\u6b21\u5237\u65b0\u83ef\u723e\u8857\u9810\u671f\u3002\u9019\u5bb6\u5b58\u5132\u82af\u7247\u88fd\u9020\u5546\u71df\u6536 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":490507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431],"tags":[675,2174,2156,2138],"class_list":["post-666447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","tag--zh-hant","tag-2174","tag-2156","tag-2138","sectors-technology-zh-hant","locations-us-zh-hant","exchange-nasdaq-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/666447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=666447"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/666447\/revisions"}],"predecessor-version":[{"id":666450,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/666447\/revisions\/666450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/490507"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=666447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=666447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=666447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}