美光、SK海力士面临HBM价格战，股价大跌

爱集微2025-07-19

美国记忆体大厂美光近日面临高频宽记忆体（HBM）价格战的压力，股价随韩国记忆体大厂SK海力士的下跌而走低。据报道，高盛分析师Giuni Lee于10月17日表示，预计2026年HBM价格将首次下滑，因此将SK海力士的投资评级从“买进”调降至“中立”。Lee指出，明年HBM市场竞争将加剧，定价能力可能逐步转移到SK海力士的某大客户手中。高盛分析团队对SK海力士明年的营益展望也持悲观态度，预测其营益将...

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Co.早前将明年HBM均价预估值从原本的年增7%大幅下修至年减6%，理由是HBM4的价格优势可能被侵蚀。受此影响，美光股价在10月17日收盘时下跌2.72%，报113.26美元，创6月9日以来新低；SK海力士股价则重挫8.95%，报269,500韩圜，创6月23日以来新低。值得注意的是，SK海力士是英伟达的主要HBM供应商。近期有韩媒报道，三星电子正与辉达洽谈供应12层堆叠“HBM3E”的相关事宜，涉及辉达GB300 Blackwell Ultra产品。若三星成为第三家12层HBM3E供应商，辉达将获得对SK海力士和美光的价格谈判优势。业界人士透露，SK海力士供应辉达的12层HBM3E比8层版本贵约60%。从辉达的角度来看，若三星HBM品质通过验证，无疑会选择下单，以促使供应商之间竞价。此外，据传辉达也因同样理由，一再推迟采用HBM4的时间表。此次HBM价格战的背景是市场供需关系的变化和竞争格局的加剧。随着三星电子的加入，HBM市场的竞争将更加激烈，供应商之间的价格博弈将直接影响各大厂商的盈利能力和市场地位。未来HBM市场的走势和各大厂商的策略调整，值得持续关注。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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