无法交货！存储巨头向英伟达道歉

芯报告02-23

人工智能从根本上重塑全球产业。一家大公司始终把生存放在首位，尤其是在如今。在动荡变革的时代，生存下来的不是最强者，而是最能适应环境者。我们正经历一个快速变化、高度不确定的新常态时代。人工智能正在吞噬一切。面对市场的高度波动，SK海力士在平衡HBM（高带宽内存）与普通芯片的利润时，展现出了一种基于“生存”与“适应性”的复杂策略。纠正市场扭曲的认知虽然HBM在人工智能浪潮下需求激增，但SK集团董事长...

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Storage giant apologizes to Nvidia","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDY":0.6,"ANV":0.6,"2NVD.UK":0.6,"NVDB":0.6,"3NVD.UK":0.6,"NVD":0.6,"NVDS.UK":0.6,"NVDW":0.6,"DIPS":0.6,"NVDX":0.6,"NVDQ":0.6,"NVDS":0.6,"NVDA":0.9,"NVDD":0.6,"NVII":0.6,"NVD2.UK":0.6,"NVDG":0.6,"SNVD.UK":0.6,"NVDU":0.6,"NVD3.UK":0.6,"NVIW.SI":0.6},"content_text":"人工智能从根本上重塑全球产业。一家大公司始终把生存放在首位，尤其是在如今。在动荡变革的时代，生存下来的不是最强者，而是最能适应环境者。我们正经历一个快速变化、高度不确定的新常态时代。人工智能正在吞噬一切。面对市场的高度波动，SK海力士在平衡HBM（高带宽内存）与普通芯片的利润时，展现出了一种基于“生存”与“适应性”的复杂策略。纠正市场扭曲的认知虽然HBM在人工智能浪潮下需求激增，但SK集团董事长崔泰源指出，普通芯片的利润率（高达80%）实际上高于HBM（超过60%）。公司意识到，虽然HBM带来了巨额利润，但认为它比普通芯片更具获利能力的看法，在某种程度上是“扭曲的”。利用当前传统DRAM市场极度短缺的现状，将其作为2027年HBM业务谈判的重要筹码。公司希望借此在2027年的HBM合同中，争取到更优惠的定价和更有利的合作条款，从而巩固市场领先地位。将生存与适应置于首位去年12月，市场预期SK海力士今年的营业利润将超过500亿美元。今年1月预测可能超过700亿美元。而现在新的预测显示可能超过1000亿美元。这听起来像是好消息，但也可能变成1000亿美元的亏损。这就是市场波动的程度。在市场波动剧烈（利润预测可能在1000亿美元盈利与1000亿美元亏损之间摆动）的新常态下，SK海力士强调生存和环境适应能力。这意味着公司不仅要追逐高增长的AI领域，还要在动荡中保持稳健。公司通过与核心客户洽谈多年期长期合约来锁定供应稳定性，而不是盲目根据短期价格波动来剧烈调整产能配比，从而确保业务的持续稳健发展。公司根据产品的高端程度，对不同的制程工艺进行了明确的工厂和产能分配。1b nm制程： 集中在M15X工厂，专门用于生产高端的HBM3E和HBM4产品，保障AI客户的供应。1c nm制程： 2026年将主要用于传统DRAM的产能爬坡，预计到年底1c nm在传统DRAM中的占比将超过50%。未来交替： HBM产品对1c nm制程的大规模采用将推迟到2027年，主要用于HBM4E的生产。应对供应短缺与客户管理目前人工智能存储芯片面临超过30%的缺口。最近与 Meta、微软和英伟达CEO黄仁勋的会面时，崔泰源表示：“我首先是去道歉，因为我们无法提供足够的存储半导体。我们根本无法满足客户的需求。”面对无法满足核心客户需求的情况，SK海力士通过高层直接沟通（如崔泰源亲自会面道歉）来管理预期，同时关注非AI行业（如PC和智能手机）因芯片短缺而面临的生存压力。压制NAND扩张， NAND业务的投资仅用于制程迁移（321层），在总资本开支中维持在低双位数占比，避免干扰DRAM和HBM的资源分配。寻求合作与切实可行的方案面对AI转型带来的产业重塑，SK海力士主张超越单纯的挑战发现，通过密切合作制定切实可行的解决方案，平衡市场需求与自身产能分配。SK海力士的平衡之道在于，在维持普通芯片高利润优势的同时，积极应对AI带来的HBM需求压力，并以极度谨慎的态度应对极端的市场波动。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2613205273","isCrawlerRequest":true}