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05-05 22:57

$美光科技(MU)$ 到700没什么问题当然肯定之后有回调但是要是那么多散户都准备抄底的回调是不可能存在的。一定会涨到空狗都去加仓了才会下跌

02-26

这种成功一生只会有一次所哟他以后的预测基本都不对

《大空头》原型Michael Burry：英伟达的“采购承诺”与思科在互联网泡沫顶峰时期的情况如出一辙

02-25

citron我看十几年了他们除了黑中概股真的有道理其他都扯淡

02-25

黄金也是大宗还不是涨？又不是说大宗去就不值钱

香橼狙击闪迪(SNDK.US)：当成英伟达(NVDA.US)来炒？别做梦了，你卖的只是大宗商品！

02-24

别搞笑了如果你说的没错半导体行业早就没了

2025-12-04

看不懂人家退出是赚大钱结果一直跌

美股异动 | 美光科技跌约4%，公司将退出“消费级存储业务”，聚焦AI存储芯片

2025-11-12

怎么可能2，3年纯粹胡说八道了

“大空头”切换“战斗模式”！Burry：科技巨头“低估折旧导致利润虚高”

2025-10-27

$美国超微公司(AMD)$ 现在是炒概念阶段业绩肯定跟不上透支未来太多了现在是看接盘侠的时候

2025-08-30

阿里的达摩院成立n年了从来就没出过什么特别好的芯片设计到了AI反尔牛逼了？中芯先进产能一共就那么点不用台积电谁帮他代工？ intel肯定不帮他做的三星能帮他做？

市场消息：阿里开发新款AI芯片顶替英伟达，不再由台积电代工

2025-08-19

广发你懂个屁啊还出这种报告

GF Securities Downgrades Advanced Micro Devices to Hold From Buy, Price Target is $177<blockquote>广发证券将Advanced Micro Devices评级从买入下调至持有，目标价177美元</blockquote>

2025-08-15

卧槽你现在140 发行130的股票怎么不去死

Circle宣布1000万股公开发行每股定价130美元

2025-06-27

$Coinbase Global, Inc.(COIN)$ 在亚洲时间真的难交易

2025-04-11

$标普500(.SPX)$ 说到底部的真的都好幽默现在正儿八经半山腰还有一半要跌

2025-04-10

$标普500(.SPX)$ 还早呢还有15%下跌空间

2025-04-07

$英伟达(NVDA)$ 逃吧等事情稳定下来再买

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才会下跌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/560993280145312","isVote":1,"tweetType":1,"viewCount":1826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536984690324648,"gmtCreate":1772120773625,"gmtModify":1772120776323,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"这种成功一生只会有一次 所哟他以后的预测基本都不对","listText":"这种成功一生只会有一次 所哟他以后的预测基本都不对","text":"这种成功一生只会有一次 所哟他以后的预测基本都不对","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536984690324648","repostId":"1135715002","repostType":2,"repost":{"id":"1135715002","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1772120011,"share":"https://www.laohu8.com/m/news/1135715002?lang=zh_CN&edition=full","pubTime":"2026-02-26 23:33","market":"us","language":"zh","title":"《大空头》原型Michael Burry：英伟达的“采购承诺”与思科在互联网泡沫顶峰时期的情况如出一辙","url":"https://stock-news.laohu8.com/highlight/detail?id=1135715002","media":"老虎资讯综合","summary":"因《大空头》成名的迈克尔·贝里正在加倍坚持他对英伟达的看空观点，对该芯片制造商最新财报中的一项数据敲响警钟，称其与上世纪90年代末互联网泡沫顶峰时期的模式相似。贝里在周四发布于Substack的新闻通讯中指出，英伟达的采购义务激增，从去年同期的161亿美元攀升至952亿美元。诚然，这位投资者指出，英伟达目前超过70%的利润率高于当时思科的水平，这可能提供一些下行保护。英伟达股价周四早盘跌幅超5%。","content":"<html><head></head><body><p style=\"text-align: start;\">因《大空头》成名的迈克尔·贝里（Michael Burry）正在加倍坚持他对英伟达的看空观点，对该芯片制造商最新财报中的一项数据敲响警钟，称其与上世纪90年代末互联网泡沫顶峰时期的模式相似。</p><p style=\"text-align: start;\">贝里在周四发布于Substack的新闻通讯中指出，英伟达的采购义务激增，从去年同期的161亿美元攀升至952亿美元。包括库存和采购协议在内的总供应义务目前约为1170亿美元，几乎与英伟达的年运营现金流相当。</p><p style=\"text-align: start;\">在周三的公司第四财季财报电话会议上，英伟达首席财务官科莱特·克雷斯表示，库存环比增长了8%，并且英伟达&#34;战略性地锁定了库存和产能，以满足比通常更远的未来几个季度的需求&#34;。</p><p style=\"text-align: start;\">在贝里看来，英伟达的表态表明，这家美国最大的上市公司在确切了解未来需求强度之前，就承诺购买大量供应。这意味着更多资金被更长时间地困在库存中。</p><p style=\"text-align: start;\"><strong>&#34;并非暂时现象&#34;</strong></p><p style=\"text-align: start;\">他写道：&#34;现在发生的一切并非暂时现象。这不是出口冲击，甚至不是外部因素造成的。这源于其商业计划内部。这一新现实反映了一个深思熟虑的决定，即比以往任何时候都更进一步地锁定供应链产能。&#34;</p><p style=\"text-align: start;\">这位著名投资者将当前情况与上世纪90年代末至2000年代初互联网泡沫顶峰时期的思科公司相提并论。</p><p style=\"text-align: start;\">在2000年和2001年，思科为确保产能以满足其快速增长预期，锁定了大量的供应承诺。当企业技术支出突然骤降时，思科面临的是无法消化的过剩库存和合同义务。该公司最终不得不减记数十亿美元，其股价也随之暴跌。</p><p style=\"text-align: start;\">&#34;这并非业务如常。这是风险，&#34;贝里在谈到英伟达时表示。&#34;在2000-2001年期间，思科延长了与供应商的采购承诺，以确保其预期的50%年增长率所需的产能，&#34;他说。</p><p style=\"text-align: start;\">诚然，这位投资者指出，英伟达目前超过70%的利润率高于当时思科的水平，这可能提供一些下行保护。但贝里认为，这些利润率是由异常强劲的需求和英伟达的提价能力所推动的。</p><p style=\"text-align: start;\">他写道：&#34;这类利润率可能会随着需求的变化而迅速回落。&#34;</p><p style=\"text-align: start;\"><strong>回应担忧</strong></p><p style=\"text-align: start;\">尽管如此，并非所有人都将这种积压视为警示信号。罗森布拉特证券（Rosenblatt Securities）的分析师表示，管理层在本季度回应了投资者的多重担忧，包括GPU产能、来自定制芯片的竞争、电力供应、内存供应和客户融资等问题。</p><p style=\"text-align: start;\">罗森布拉特分析师在给客户的报告中写道：&#34;我们认为这是一个充满信心的管理团队，他们将支持客户对其下一代平台的需求，并继续引领人工智能市场的发展。&#34;</p><p style=\"text-align: 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style=\"text-align: start;\">因《大空头》成名的迈克尔·贝里（Michael Burry）正在加倍坚持他对英伟达的看空观点，对该芯片制造商最新财报中的一项数据敲响警钟，称其与上世纪90年代末互联网泡沫顶峰时期的模式相似。</p><p style=\"text-align: start;\">贝里在周四发布于Substack的新闻通讯中指出，英伟达的采购义务激增，从去年同期的161亿美元攀升至952亿美元。包括库存和采购协议在内的总供应义务目前约为1170亿美元，几乎与英伟达的年运营现金流相当。</p><p style=\"text-align: start;\">在周三的公司第四财季财报电话会议上，英伟达首席财务官科莱特·克雷斯表示，库存环比增长了8%，并且英伟达&#34;战略性地锁定了库存和产能，以满足比通常更远的未来几个季度的需求&#34;。</p><p style=\"text-align: start;\">在贝里看来，英伟达的表态表明，这家美国最大的上市公司在确切了解未来需求强度之前，就承诺购买大量供应。这意味着更多资金被更长时间地困在库存中。</p><p style=\"text-align: start;\"><strong>&#34;并非暂时现象&#34;</strong></p><p style=\"text-align: start;\">他写道：&#34;现在发生的一切并非暂时现象。这不是出口冲击，甚至不是外部因素造成的。这源于其商业计划内部。这一新现实反映了一个深思熟虑的决定，即比以往任何时候都更进一步地锁定供应链产能。&#34;</p><p style=\"text-align: start;\">这位著名投资者将当前情况与上世纪90年代末至2000年代初互联网泡沫顶峰时期的思科公司相提并论。</p><p style=\"text-align: start;\">在2000年和2001年，思科为确保产能以满足其快速增长预期，锁定了大量的供应承诺。当企业技术支出突然骤降时，思科面临的是无法消化的过剩库存和合同义务。该公司最终不得不减记数十亿美元，其股价也随之暴跌。</p><p style=\"text-align: start;\">&#34;这并非业务如常。这是风险，&#34;贝里在谈到英伟达时表示。&#34;在2000-2001年期间，思科延长了与供应商的采购承诺，以确保其预期的50%年增长率所需的产能，&#34;他说。</p><p style=\"text-align: start;\">诚然，这位投资者指出，英伟达目前超过70%的利润率高于当时思科的水平，这可能提供一些下行保护。但贝里认为，这些利润率是由异常强劲的需求和英伟达的提价能力所推动的。</p><p style=\"text-align: start;\">他写道：&#34;这类利润率可能会随着需求的变化而迅速回落。&#34;</p><p style=\"text-align: start;\"><strong>回应担忧</strong></p><p style=\"text-align: start;\">尽管如此，并非所有人都将这种积压视为警示信号。罗森布拉特证券（Rosenblatt Securities）的分析师表示，管理层在本季度回应了投资者的多重担忧，包括GPU产能、来自定制芯片的竞争、电力供应、内存供应和客户融资等问题。</p><p style=\"text-align: start;\">罗森布拉特分析师在给客户的报告中写道：&#34;我们认为这是一个充满信心的管理团队，他们将支持客户对其下一代平台的需求，并继续引领人工智能市场的发展。&#34;</p><p style=\"text-align: start;\">这家华尔街公司周四将对英伟达的12个月目标价从245美元上调至300美元，这意味着未来一年有超过50%的上涨空间。</p><p style=\"text-align: start;\">英伟达股价周四早盘跌幅超5%。在ChatGPT推出后，该股在2023-2025年期间曾大幅飙升，但进入2026年以来，其涨幅不到1%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/faa4f7dc20572ad2edc6778390adc845\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/ae469a7b0a9accd31adbf51772f5ec50","relate_stocks":{"NVDA":"英伟达"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135715002","content_text":"因《大空头》成名的迈克尔·贝里（Michael Burry）正在加倍坚持他对英伟达的看空观点，对该芯片制造商最新财报中的一项数据敲响警钟，称其与上世纪90年代末互联网泡沫顶峰时期的模式相似。贝里在周四发布于Substack的新闻通讯中指出，英伟达的采购义务激增，从去年同期的161亿美元攀升至952亿美元。包括库存和采购协议在内的总供应义务目前约为1170亿美元，几乎与英伟达的年运营现金流相当。在周三的公司第四财季财报电话会议上，英伟达首席财务官科莱特·克雷斯表示，库存环比增长了8%，并且英伟达\"战略性地锁定了库存和产能，以满足比通常更远的未来几个季度的需求\"。在贝里看来，英伟达的表态表明，这家美国最大的上市公司在确切了解未来需求强度之前，就承诺购买大量供应。这意味着更多资金被更长时间地困在库存中。\"并非暂时现象\"他写道：\"现在发生的一切并非暂时现象。这不是出口冲击，甚至不是外部因素造成的。这源于其商业计划内部。这一新现实反映了一个深思熟虑的决定，即比以往任何时候都更进一步地锁定供应链产能。\"这位著名投资者将当前情况与上世纪90年代末至2000年代初互联网泡沫顶峰时期的思科公司相提并论。在2000年和2001年，思科为确保产能以满足其快速增长预期，锁定了大量的供应承诺。当企业技术支出突然骤降时，思科面临的是无法消化的过剩库存和合同义务。该公司最终不得不减记数十亿美元，其股价也随之暴跌。\"这并非业务如常。这是风险，\"贝里在谈到英伟达时表示。\"在2000-2001年期间，思科延长了与供应商的采购承诺，以确保其预期的50%年增长率所需的产能，\"他说。诚然，这位投资者指出，英伟达目前超过70%的利润率高于当时思科的水平，这可能提供一些下行保护。但贝里认为，这些利润率是由异常强劲的需求和英伟达的提价能力所推动的。他写道：\"这类利润率可能会随着需求的变化而迅速回落。\"回应担忧尽管如此，并非所有人都将这种积压视为警示信号。罗森布拉特证券（Rosenblatt Securities）的分析师表示，管理层在本季度回应了投资者的多重担忧，包括GPU产能、来自定制芯片的竞争、电力供应、内存供应和客户融资等问题。罗森布拉特分析师在给客户的报告中写道：\"我们认为这是一个充满信心的管理团队，他们将支持客户对其下一代平台的需求，并继续引领人工智能市场的发展。\"这家华尔街公司周四将对英伟达的12个月目标价从245美元上调至300美元，这意味着未来一年有超过50%的上涨空间。英伟达股价周四早盘跌幅超5%。在ChatGPT推出后，该股在2023-2025年期间曾大幅飙升，但进入2026年以来，其涨幅不到1%。","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536584469115936,"gmtCreate":1772021152200,"gmtModify":1772023667451,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"citron我看十几年了 他们除了黑中概股真的有道理 其他都扯淡","listText":"citron我看十几年了 他们除了黑中概股真的有道理 其他都扯淡","text":"citron我看十几年了 他们除了黑中概股真的有道理 其他都扯淡","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/536584469115936","isVote":1,"tweetType":1,"viewCount":1939,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000187","authorId":"9000000000000187","name":"PeterMoore","avatar":"https://static.tigerbbs.com/999ddb8936398ccbb2193658ca1848c1","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000187","idStr":"9000000000000187"},"content":"Citron就中概黑得准，其他全是瞎扯！","text":"Citron就中概黑得准，其他全是瞎扯！","html":"Citron就中概黑得准，其他全是瞎扯！"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536442617082808,"gmtCreate":1771988322552,"gmtModify":1771988325563,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"黄金也是大宗还不是涨？ 又不是说大宗去就不值钱","listText":"黄金也是大宗还不是涨？ 又不是说大宗去就不值钱","text":"黄金也是大宗还不是涨？ 又不是说大宗去就不值钱","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536442617082808","repostId":"2614451720","repostType":2,"repost":{"id":"2614451720","kind":"news","pubTimestamp":1771983176,"share":"https://www.laohu8.com/m/news/2614451720?lang=zh_CN&edition=full","pubTime":"2026-02-25 09:32","market":"us","language":"zh","title":"香橼狙击闪迪(SNDK.US)：当成英伟达(NVDA.US)来炒？别做梦了，你卖的只是大宗商品！","url":"https://stock-news.laohu8.com/highlight/detail?id=2614451720","media":"智通财经","summary":"后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严重误判。受此消息影响，闪迪股价在周二盘中一度下跌近8%。香橼认为，当前NAND闪存需求和价格的飙升是典型的周期性现象，而这一周期正在接近顶峰。香橼将行业巨头三星电子视为闪迪面临的最大威胁，并详细阐述了三星惯用的竞争策略。目前，闪迪正处在一个关键的转型期。","content":"<html><body><p>智通财经APP获悉，受益于存储芯片超级周期而一路飙升的<a href=\"https://laohu8.com/S/SNDK\">闪迪</a>(SNDK.US)，在周二遭遇了来自知名做空机构香橼研究(Citron Research)的当头一棒。后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严重误判。</p><p>受此消息影响，闪迪股价在周二盘中一度下跌近8%。尽管这一跌幅与其年内迄今约175%的惊人涨幅，以及过去一年超过1200%的累计回报相比显得微不足道，但做空机构的入场无疑为这轮火箭式上涨投下了一道长长的阴影。</p><p><strong>“<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>有护城河，闪迪卖的是大宗商品”</strong></p><p>香橼在社交媒体平台X上发布的帖子中直言不讳地表示：“市场正在像定价英伟达(NVDA.US)一样定价闪迪。但有一个问题：英伟达拥有护城河，而闪迪销售的是一种大宗商品。”这则评论直指闪迪商业模式的核心脆弱性——其产品NAND闪存的强周期性。</p><p>香橼认为，当前NAND闪存需求和价格的飙升是典型的周期性现象，而这一周期正在接近顶峰。他们援引历史经验警告称：“我们在2008年、2012年、2018年都见过这一幕。这次不会有什么不同。存储芯片是一个周期性行业，而周期总会见顶。”</p><p>香橼强调，NAND内存的供应短缺局面可能迅速逆转，甚至“在一次财报电话会议后就消失”。</p><p>香橼将行业巨头<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>(SSNLF.US)视为闪迪面临的最大威胁，并详细阐述了<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>惯用的竞争策略。该机构指出，三星拥有长达30年优先考虑市场份额而非利润的历史。“他们会等待像闪迪这样的纯制造商在50%的高毛利率上感到舒适，然后‘按下开关’，通过增加供应来挤压价格。”</p><p>更紧迫的是，香橼观察到三星正在改变战术，直接侵入闪迪的核心领地。“三星刚刚告诉全世界，他们不会以低于50%毛利率的价格出售产品，并且正在将他们最好的芯片转移到与闪迪相同的高端固态硬盘市场。”Citron警告称，三星不再是仅仅凭借产能优势的“大猩猩”，他们正凭借更低价、更先进的技术去争夺闪迪的核心客户。</p><p><strong>重要股东减持引发更多疑虑</strong></p><p>除了行业竞争和周期因素，香橼还特别指出了另一关键信号：长期投资者<a href=\"https://laohu8.com/S/WDC\">西部数据</a>(WDC.US)的持续减持。作为闪迪的前母公司，西部数据正在通过一系列二次发行剥离其剩余股份。</p><p>香橼对此评论道：“当电视上的权威人士鼓噪着将散户投资者赶进‘牛市列车’时，长期投资者西部数据几天前却在比现价低25%的位置卖出了大量持股。问问自己为什么。因为他们知道周期正接近顶峰，他们不会等待钟声响起。”</p><p><img src=\"https://img.zhitongcaijing.com/image/20260225/1771982604235786.png?x-oss-process=image/format,jpg/quality,q_60\" title=\"1771982604235786.png\"/></p><p>值得注意的是，就在Citron宣布做空的前不久，闪迪刚刚发布了一份远超华尔街预期的第二季度财报。得益于数据中心对企业级SSD的旺盛需求，公司营收实现了可观的环比增长，并给出了乐观的第三季度展望。这份强劲的业绩报告本已推动股价进一步走高，使得香橼的做空时机显得尤为意味深长。</p><p>目前，闪迪正处在一个关键的转型期。随着西部数据的退出，公司正作为一家完全独立的实体，试图抓住AI和数据中心带来的NAND闪存需求增长机遇。然而，香橼的做空行动，无疑给这场“周期性与结构性增长”之间的市场辩论投下了重要一票。该公司下一份定于美东时间5月15日发布的第三季度财报，将成为检验市场信心和行业走向的下一个关键节点。</p></body></html>","source":"stock_zhitongcaijing","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>香橼狙击闪迪(SNDK.US)：当成英伟达(NVDA.US)来炒？别做梦了，你卖的只是大宗商品！</title>\n<style 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n香橼狙击闪迪(SNDK.US)：当成英伟达(NVDA.US)来炒？别做梦了，你卖的只是大宗商品！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 09:32 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1406942.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，受益于存储芯片超级周期而一路飙升的闪迪(SNDK.US)，在周二遭遇了来自知名做空机构香橼研究(Citron Research)的当头一棒。后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严重误判。受此消息影响，闪迪股价在周二盘中一度下跌近8%。尽管这一跌幅与其年内迄今约175%的惊人涨幅，以及过去一年超过1200%的累计回报相比显得微不足道，但做空机构...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1406942.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","BK4579":"人工智能","BK4614":"Manus概念股","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","BK4581":"高盛持仓","LU0861579265.USD":"联博低波幅策略股票基金A","BK4532":"文艺复兴科技持仓","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1923622291.USD":"Natixis Thematics Safety R/A 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ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","BK4612":"AI芯片"},"source_url":"http://www.zhitongcaijing.com/content/detail/1406942.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2614451720","content_text":"智通财经APP获悉，受益于存储芯片超级周期而一路飙升的闪迪(SNDK.US)，在周二遭遇了来自知名做空机构香橼研究(Citron Research)的当头一棒。后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严重误判。受此消息影响，闪迪股价在周二盘中一度下跌近8%。尽管这一跌幅与其年内迄今约175%的惊人涨幅，以及过去一年超过1200%的累计回报相比显得微不足道，但做空机构的入场无疑为这轮火箭式上涨投下了一道长长的阴影。“英伟达有护城河，闪迪卖的是大宗商品”香橼在社交媒体平台X上发布的帖子中直言不讳地表示：“市场正在像定价英伟达(NVDA.US)一样定价闪迪。但有一个问题：英伟达拥有护城河，而闪迪销售的是一种大宗商品。”这则评论直指闪迪商业模式的核心脆弱性——其产品NAND闪存的强周期性。香橼认为，当前NAND闪存需求和价格的飙升是典型的周期性现象，而这一周期正在接近顶峰。他们援引历史经验警告称：“我们在2008年、2012年、2018年都见过这一幕。这次不会有什么不同。存储芯片是一个周期性行业，而周期总会见顶。”香橼强调，NAND内存的供应短缺局面可能迅速逆转，甚至“在一次财报电话会议后就消失”。香橼将行业巨头三星电子(SSNLF.US)视为闪迪面临的最大威胁，并详细阐述了三星惯用的竞争策略。该机构指出，三星拥有长达30年优先考虑市场份额而非利润的历史。“他们会等待像闪迪这样的纯制造商在50%的高毛利率上感到舒适，然后‘按下开关’，通过增加供应来挤压价格。”更紧迫的是，香橼观察到三星正在改变战术，直接侵入闪迪的核心领地。“三星刚刚告诉全世界，他们不会以低于50%毛利率的价格出售产品，并且正在将他们最好的芯片转移到与闪迪相同的高端固态硬盘市场。”Citron警告称，三星不再是仅仅凭借产能优势的“大猩猩”，他们正凭借更低价、更先进的技术去争夺闪迪的核心客户。重要股东减持引发更多疑虑除了行业竞争和周期因素，香橼还特别指出了另一关键信号：长期投资者西部数据(WDC.US)的持续减持。作为闪迪的前母公司，西部数据正在通过一系列二次发行剥离其剩余股份。香橼对此评论道：“当电视上的权威人士鼓噪着将散户投资者赶进‘牛市列车’时，长期投资者西部数据几天前却在比现价低25%的位置卖出了大量持股。问问自己为什么。因为他们知道周期正接近顶峰，他们不会等待钟声响起。”值得注意的是，就在Citron宣布做空的前不久，闪迪刚刚发布了一份远超华尔街预期的第二季度财报。得益于数据中心对企业级SSD的旺盛需求，公司营收实现了可观的环比增长，并给出了乐观的第三季度展望。这份强劲的业绩报告本已推动股价进一步走高，使得香橼的做空时机显得尤为意味深长。目前，闪迪正处在一个关键的转型期。随着西部数据的退出，公司正作为一家完全独立的实体，试图抓住AI和数据中心带来的NAND闪存需求增长机遇。然而，香橼的做空行动，无疑给这场“周期性与结构性增长”之间的市场辩论投下了重要一票。该公司下一份定于美东时间5月15日发布的第三季度财报，将成为检验市场信心和行业走向的下一个关键节点。","news_type":1,"symbols_score_info":{"2NVD.UK":0.6,"NVDS":0.6,"NVDY":0.6,"ANV":0.6,"NVDW":0.6,"NVD":0.6,"NVIW.SI":0.6,"NVDU":0.6,"NVD2.UK":0.6,"NVDS.UK":0.6,"NVDG":0.6,"NVDX":0.6,"NVD3.UK":0.6,"NVDQ":0.6,"NVDB":0.6,"SNVD.UK":0.6,"DIPS":0.6,"3NVD.UK":0.6,"NVDA":1.84,"SNDK":1.97,"NVII":0.6,"NVDD":0.6}},"isVote":1,"tweetType":1,"viewCount":947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536106467272128,"gmtCreate":1771904453399,"gmtModify":1771904455691,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"别搞笑了 如果你说的没错 半导体行业早就没了","listText":"别搞笑了 如果你说的没错 半导体行业早就没了","text":"别搞笑了 如果你说的没错 半导体行业早就没了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536106467272128","isVote":1,"tweetType":1,"viewCount":619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":507204862559240,"gmtCreate":1764859992996,"gmtModify":1764859995690,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"看不懂 人家退出是赚大钱 结果一直跌","listText":"看不懂 人家退出是赚大钱 结果一直跌","text":"看不懂 人家退出是赚大钱 结果一直跌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/507204862559240","repostId":"2588079636","repostType":2,"repost":{"id":"2588079636","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1764861090,"share":"https://www.laohu8.com/m/news/2588079636?lang=zh_CN&edition=full","pubTime":"2025-12-04 23:11","market":"other","language":"zh","title":"美股异动 | 美光科技跌约4%，公司将退出“消费级存储业务”，聚焦AI存储芯片","url":"https://stock-news.laohu8.com/highlight/detail?id=2588079636","media":"华尔街见闻","summary":"美光宣布将彻底关闭已运营近30年的Crucial品牌业务，将继续通过消费渠道出货产品至2026年2月。美光是全球第三大DRAM供应商，在用于SSD的NAND闪存领域占据13%的市场份额，其退出将在消费级存储市场留下巨大空白，在分析师警告内存短缺可能持续数年之际，尚不清楚是否有公司能够填补这一缺口。","content":"<html><head></head><body><blockquote><p>美光宣布将彻底关闭已运营近30年的Crucial品牌业务，将继续通过消费渠道出货产品至2026年2月。美光是全球第三大DRAM供应商，在用于SSD的NAND闪存领域占据13%的市场份额，其退出将在消费级存储市场留下巨大空白，在分析师警告内存短缺可能持续数年之际，尚不清楚是否有公司能够填补这一缺口。</p></blockquote><p>12月4日，美光科技盘初跌约4%，公司宣布将退出消费级存储业务，转而全力投入AI数据中心所需的先进存储芯片HBM生产。这一战略调整正值全球存储芯片供应紧张之际，或将进一步加剧消费电子市场供应短缺问题。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96bb8d6dd98a5054689bd13f0e970fb5\" tg-width=\"910\" tg-height=\"395\"/></p><p style=\"text-align: justify;\">周三，美光宣布，将在全球范围内停止其“Crucial”品牌消费级产品在零售商、电商平台和经销商的销售，但消费渠道的产品出货将持续至2026年2月。该公司首席商务官Sumit Sadana表示，AI驱动的数据中心增长导致对存储器的需求激增，美光做出这一艰难决定是为了改善对更大规模战略客户的供应和支持。</p><p style=\"text-align: justify;\">分析表示，<strong>AI基础设施建设热潮正在造成包括存储在内的关键产品短缺，而几家头部公司计划在未来几年投入数千亿美元建设大型数据中心，进一步推高了需求。</strong></p><p style=\"text-align: justify;\"><strong>据市场研究公司TrendForce数据，美光是全球第三大DRAM供应商，仅次于三星和SK海力士，三家公司合计占据DRAM市场92%的份额。美光在用于SSD的NAND闪存领域占据13%的市场份额。美光的退出将在消费级存储市场留下巨大空白，而在分析师警告内存短缺可能持续数年的背景下，目前尚不清楚是否有公司能够填补这一缺口。</strong></p><h2 id=\"hbm\">消费业务让位HBM业务</h2><p style=\"text-align: justify;\"><strong>美光将继续通过消费渠道出货产品至2026年2月，但将彻底关闭已运营近30年的Crucial品牌业务。该品牌产品包括NVMe固态硬盘、外置存储设备，以及DDR4和DDR5内存条等PC用户常用的升级部件。</strong></p><p style=\"text-align: justify;\">美光长期以来一直在向HBM（高带宽存储器）业务转型，这已成为全球三大存储器供应商——美光、韩国SK海力士和三星——之间竞争最激烈的领域。HBM是一种动态随机存取存储器，通过垂直堆叠芯片来降低功耗，帮助处理大量数据，在AI开发中不可或缺。这类芯片价格远高于消费级存储器，通常能带来可观的利润率。</p><p style=\"text-align: justify;\">美光CEO Sanjay Mehrotra今年9月透露，在8月季度，美光HBM收入增长至近20亿美元，折合年化约80亿美元。相比之下，该公司的Crucial消费级业务从未在财报中单独列示。Summit Insights分析师Kinngai Chan表示，消费级存储业务并非美光业务的重要驱动力。</p><p style=\"text-align: justify;\">相比之下，美光最新季度的云存储业务部门实现了213%的同比增长，反映出AI数据中心需求的强劲势头。高盛分析师周二将美光股票目标价从180美元上调至205美元，尽管维持持有评级，但表示由于存储器&#34;持续的价格势头&#34;，预计美光两周后公布的季度业绩将&#34;健康地超出市场预期&#34;。</p><h2 id=\"ai\">AI芯片引发存储供应紧张</h2><p style=\"text-align: justify;\"><strong>此次决策凸显AI基础设施建设热潮正在造成存储芯片等关键投入品短缺。少数几家公司承诺在未来几年投入数千亿美元建设大型数据中心，导致存储供应面临全球性紧张。</strong></p><p style=\"text-align: justify;\">英伟达和AMD等公司生产的AI芯片需要消耗大量最先进的存储芯片。例如，当前一代英伟达GB200芯片每个图形处理器配备192GB内存，谷歌最新AI芯片Ironwood TPU需要192GB高带宽内存。AMD当前AI芯片MI350则配备288GB高带宽内存。</p><p style=\"text-align: justify;\">相比之下，手机和电脑使用的存储规格较低、数量也少得多——许多笔记本电脑仅配备16GB内存。这种需求差异促使美光将有限产能向利润更高的AI数据中心市场倾斜。</p><h2 id=\"a37bfbed\">消费市场面临供应缺口</h2><p style=\"text-align: justify;\">美光退出将对消费级存储市场产生显著影响。据TrendForce数据，美光在用于固态硬盘的NAND闪存领域占据13%的市场份额。在DRAM市场，美光作为第三大供应商，其退出使PC组装商失去了信赖的Crucial品牌选择。</p><p style=\"text-align: justify;\">除三星和SK海力士外，美光还为英伟达RTX 5000系列显卡供应GDDR7显存。据TrendForce数据，消费级和企业级系统的出货量均已出现下降。</p><p style=\"text-align: justify;\"><strong>据报道，三星和SK海力士也在优先考虑盈利能力，而非进行风险较高的产能扩张。在全球存储器供应链持续紧张、从智能手机闪存芯片到AI数据中心使用的先进高带宽存储器都面临供应紧张的背景下，美光的退出可能进一步加剧消费市场的供应压力。</strong></p></body></html>","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>美股异动 | 美光科技跌约4%，公司将退出“消费级存储业务”，聚焦AI存储芯片</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{ 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n美股异动 | 美光科技跌约4%，公司将退出“消费级存储业务”，聚焦AI存储芯片\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2025-12-04 23:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>美光宣布将彻底关闭已运营近30年的Crucial品牌业务，将继续通过消费渠道出货产品至2026年2月。美光是全球第三大DRAM供应商，在用于SSD的NAND闪存领域占据13%的市场份额，其退出将在消费级存储市场留下巨大空白，在分析师警告内存短缺可能持续数年之际，尚不清楚是否有公司能够填补这一缺口。</p></blockquote><p>12月4日，美光科技盘初跌约4%，公司宣布将退出消费级存储业务，转而全力投入AI数据中心所需的先进存储芯片HBM生产。这一战略调整正值全球存储芯片供应紧张之际，或将进一步加剧消费电子市场供应短缺问题。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96bb8d6dd98a5054689bd13f0e970fb5\" tg-width=\"910\" tg-height=\"395\"/></p><p style=\"text-align: justify;\">周三，美光宣布，将在全球范围内停止其“Crucial”品牌消费级产品在零售商、电商平台和经销商的销售，但消费渠道的产品出货将持续至2026年2月。该公司首席商务官Sumit Sadana表示，AI驱动的数据中心增长导致对存储器的需求激增，美光做出这一艰难决定是为了改善对更大规模战略客户的供应和支持。</p><p style=\"text-align: justify;\">分析表示，<strong>AI基础设施建设热潮正在造成包括存储在内的关键产品短缺，而几家头部公司计划在未来几年投入数千亿美元建设大型数据中心，进一步推高了需求。</strong></p><p style=\"text-align: justify;\"><strong>据市场研究公司TrendForce数据，美光是全球第三大DRAM供应商，仅次于三星和SK海力士，三家公司合计占据DRAM市场92%的份额。美光在用于SSD的NAND闪存领域占据13%的市场份额。美光的退出将在消费级存储市场留下巨大空白，而在分析师警告内存短缺可能持续数年的背景下，目前尚不清楚是否有公司能够填补这一缺口。</strong></p><h2 id=\"hbm\">消费业务让位HBM业务</h2><p style=\"text-align: justify;\"><strong>美光将继续通过消费渠道出货产品至2026年2月，但将彻底关闭已运营近30年的Crucial品牌业务。该品牌产品包括NVMe固态硬盘、外置存储设备，以及DDR4和DDR5内存条等PC用户常用的升级部件。</strong></p><p style=\"text-align: justify;\">美光长期以来一直在向HBM（高带宽存储器）业务转型，这已成为全球三大存储器供应商——美光、韩国SK海力士和三星——之间竞争最激烈的领域。HBM是一种动态随机存取存储器，通过垂直堆叠芯片来降低功耗，帮助处理大量数据，在AI开发中不可或缺。这类芯片价格远高于消费级存储器，通常能带来可观的利润率。</p><p style=\"text-align: justify;\">美光CEO Sanjay Mehrotra今年9月透露，在8月季度，美光HBM收入增长至近20亿美元，折合年化约80亿美元。相比之下，该公司的Crucial消费级业务从未在财报中单独列示。Summit Insights分析师Kinngai Chan表示，消费级存储业务并非美光业务的重要驱动力。</p><p style=\"text-align: justify;\">相比之下，美光最新季度的云存储业务部门实现了213%的同比增长，反映出AI数据中心需求的强劲势头。高盛分析师周二将美光股票目标价从180美元上调至205美元，尽管维持持有评级，但表示由于存储器&#34;持续的价格势头&#34;，预计美光两周后公布的季度业绩将&#34;健康地超出市场预期&#34;。</p><h2 id=\"ai\">AI芯片引发存储供应紧张</h2><p style=\"text-align: justify;\"><strong>此次决策凸显AI基础设施建设热潮正在造成存储芯片等关键投入品短缺。少数几家公司承诺在未来几年投入数千亿美元建设大型数据中心，导致存储供应面临全球性紧张。</strong></p><p style=\"text-align: justify;\">英伟达和AMD等公司生产的AI芯片需要消耗大量最先进的存储芯片。例如，当前一代英伟达GB200芯片每个图形处理器配备192GB内存，谷歌最新AI芯片Ironwood TPU需要192GB高带宽内存。AMD当前AI芯片MI350则配备288GB高带宽内存。</p><p style=\"text-align: justify;\">相比之下，手机和电脑使用的存储规格较低、数量也少得多——许多笔记本电脑仅配备16GB内存。这种需求差异促使美光将有限产能向利润更高的AI数据中心市场倾斜。</p><h2 id=\"a37bfbed\">消费市场面临供应缺口</h2><p style=\"text-align: justify;\">美光退出将对消费级存储市场产生显著影响。据TrendForce数据，美光在用于固态硬盘的NAND闪存领域占据13%的市场份额。在DRAM市场，美光作为第三大供应商，其退出使PC组装商失去了信赖的Crucial品牌选择。</p><p style=\"text-align: justify;\">除三星和SK海力士外，美光还为英伟达RTX 5000系列显卡供应GDDR7显存。据TrendForce数据，消费级和企业级系统的出货量均已出现下降。</p><p style=\"text-align: justify;\"><strong>据报道，三星和SK海力士也在优先考虑盈利能力，而非进行风险较高的产能扩张。在全球存储器供应链持续紧张、从智能手机闪存芯片到AI数据中心使用的先进高带宽存储器都面临供应紧张的背景下，美光的退出可能进一步加剧消费市场的供应压力。</strong></p></body></html>\n\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/3760683","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2588079636","content_text":"美光宣布将彻底关闭已运营近30年的Crucial品牌业务，将继续通过消费渠道出货产品至2026年2月。美光是全球第三大DRAM供应商，在用于SSD的NAND闪存领域占据13%的市场份额，其退出将在消费级存储市场留下巨大空白，在分析师警告内存短缺可能持续数年之际，尚不清楚是否有公司能够填补这一缺口。12月4日，美光科技盘初跌约4%，公司宣布将退出消费级存储业务，转而全力投入AI数据中心所需的先进存储芯片HBM生产。这一战略调整正值全球存储芯片供应紧张之际，或将进一步加剧消费电子市场供应短缺问题。周三，美光宣布，将在全球范围内停止其“Crucial”品牌消费级产品在零售商、电商平台和经销商的销售，但消费渠道的产品出货将持续至2026年2月。该公司首席商务官Sumit Sadana表示，AI驱动的数据中心增长导致对存储器的需求激增，美光做出这一艰难决定是为了改善对更大规模战略客户的供应和支持。分析表示，AI基础设施建设热潮正在造成包括存储在内的关键产品短缺，而几家头部公司计划在未来几年投入数千亿美元建设大型数据中心，进一步推高了需求。据市场研究公司TrendForce数据，美光是全球第三大DRAM供应商，仅次于三星和SK海力士，三家公司合计占据DRAM市场92%的份额。美光在用于SSD的NAND闪存领域占据13%的市场份额。美光的退出将在消费级存储市场留下巨大空白，而在分析师警告内存短缺可能持续数年的背景下，目前尚不清楚是否有公司能够填补这一缺口。消费业务让位HBM业务美光将继续通过消费渠道出货产品至2026年2月，但将彻底关闭已运营近30年的Crucial品牌业务。该品牌产品包括NVMe固态硬盘、外置存储设备，以及DDR4和DDR5内存条等PC用户常用的升级部件。美光长期以来一直在向HBM（高带宽存储器）业务转型，这已成为全球三大存储器供应商——美光、韩国SK海力士和三星——之间竞争最激烈的领域。HBM是一种动态随机存取存储器，通过垂直堆叠芯片来降低功耗，帮助处理大量数据，在AI开发中不可或缺。这类芯片价格远高于消费级存储器，通常能带来可观的利润率。美光CEO Sanjay Mehrotra今年9月透露，在8月季度，美光HBM收入增长至近20亿美元，折合年化约80亿美元。相比之下，该公司的Crucial消费级业务从未在财报中单独列示。Summit Insights分析师Kinngai Chan表示，消费级存储业务并非美光业务的重要驱动力。相比之下，美光最新季度的云存储业务部门实现了213%的同比增长，反映出AI数据中心需求的强劲势头。高盛分析师周二将美光股票目标价从180美元上调至205美元，尽管维持持有评级，但表示由于存储器\"持续的价格势头\"，预计美光两周后公布的季度业绩将\"健康地超出市场预期\"。AI芯片引发存储供应紧张此次决策凸显AI基础设施建设热潮正在造成存储芯片等关键投入品短缺。少数几家公司承诺在未来几年投入数千亿美元建设大型数据中心，导致存储供应面临全球性紧张。英伟达和AMD等公司生产的AI芯片需要消耗大量最先进的存储芯片。例如，当前一代英伟达GB200芯片每个图形处理器配备192GB内存，谷歌最新AI芯片Ironwood TPU需要192GB高带宽内存。AMD当前AI芯片MI350则配备288GB高带宽内存。相比之下，手机和电脑使用的存储规格较低、数量也少得多——许多笔记本电脑仅配备16GB内存。这种需求差异促使美光将有限产能向利润更高的AI数据中心市场倾斜。消费市场面临供应缺口美光退出将对消费级存储市场产生显著影响。据TrendForce数据，美光在用于固态硬盘的NAND闪存领域占据13%的市场份额。在DRAM市场，美光作为第三大供应商，其退出使PC组装商失去了信赖的Crucial品牌选择。除三星和SK海力士外，美光还为英伟达RTX 5000系列显卡供应GDDR7显存。据TrendForce数据，消费级和企业级系统的出货量均已出现下降。据报道，三星和SK海力士也在优先考虑盈利能力，而非进行风险较高的产能扩张。在全球存储器供应链持续紧张、从智能手机闪存芯片到AI数据中心使用的先进高带宽存储器都面临供应紧张的背景下，美光的退出可能进一步加剧消费市场的供应压力。","news_type":1,"symbols_score_info":{"MU":1.5}},"isVote":1,"tweetType":1,"viewCount":1628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":499105293348952,"gmtCreate":1762877509006,"gmtModify":1762877511196,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"怎么可能2，3年 纯粹胡说八道了","listText":"怎么可能2，3年 纯粹胡说八道了","text":"怎么可能2，3年 纯粹胡说八道了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/499105293348952","repostId":"2582333868","repostType":2,"repost":{"id":"2582333868","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1762829144,"share":"https://www.laohu8.com/m/news/2582333868?lang=zh_CN&edition=full","pubTime":"2025-11-11 10:45","market":"fut","language":"zh","title":"“大空头”切换“战斗模式”！Burry：科技巨头“低估折旧导致利润虚高”","url":"https://stock-news.laohu8.com/highlight/detail?id=2582333868","media":"华尔街见闻","summary":"\"大空头\"Michael Burry指出AI芯片等设备实际寿命仅2-3年，但部分公司将折旧周期延长至6年。他预计从2026到2028年，大型科技公司将因低估折旧而虚增1760亿美元的利润。摩根士丹利和美银也曾发出警告，未来折旧费用激增将严重冲击科技巨头盈利能力。","content":"<html><head></head><body><blockquote><p>&#34;大空头&#34;Michael Burry指出AI芯片等设备实际寿命仅2-3年，但部分公司将折旧周期延长至6年。他预计从2026到2028年，大型科技公司将因低估折旧而虚增1760亿美元的利润。摩根士丹利和美银也曾发出警告，未来折旧费用激增将严重冲击科技巨头盈利能力。</p></blockquote><p style=\"text-align: left;\">以预测2008年金融危机而闻名的“大空头”Michael Burry再次将矛头对准科技巨头。</p><p style=\"text-align: left;\">11月11日，Michael Burry在其社交平台发帖称，<strong>科技巨头通过延长资产的“有效使用寿命”来低估折旧，从而人为地抬高收益</strong>。<strong>他估计从2026年到2028年，大型科技公司将因低估折旧而虚增1760亿美元的利润。</strong></p><p style=\"text-align: left;\">Burry承诺将在11月25日披露更多细节。他特别指出，<strong>到2028年，甲骨文的利润可能被夸大26.9%，而Meta的利润可能被夸大20.8%。</strong></p><p style=\"text-align: left;\">值得注意的是，此前他曾披露持有英伟达和Palantir看跌期权，这再度引发市场对其看空AI行业立场的关注。</p><p style=\"text-align: left;\">此前，摩根士丹利和美国银行等华尔街投行也已发出警告，认为<strong>市场严重低估了当前AI投资的真实规模，且对未来折旧费用的冲击准备不足，这可能导致科技巨头的真实盈利能力远低于市场预期。</strong></p><h2 id=\"efffd80b\">会计“戏法”，延长硬件寿命以平滑成本</h2><p style=\"text-align: justify;\">Burry认为科技巨头正在会计处理上玩“把戏”。</p><p style=\"text-align: justify;\">他在其X平台的帖子中指出，科技巨头们通过延长资产的“有效使用寿命”来低估折旧，从而人为地抬高收益，而这是“现代最常见的欺诈之一”。</p><p style=\"text-align: justify;\">他认为，<strong>在科技公司大规模采购英伟达芯片和服务器以扩充算力的背景下，这些通常只有2至3年产品周期的计算设备，其折旧年限不应被延长。</strong></p><p style=\"text-align: justify;\">然而，包括Meta、Alphabet、微软、甲骨文和亚马逊在内的“超大规模”玩家们却正是这么做的，一些公司甚至将折旧周期延长至6年。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad289aa18c6e902f42ae0de3dac53393\" tg-width=\"891\" tg-height=\"411\"/></p><p>(科技巨头每年关于服务器和网络设备的预计使用寿命)</p><p style=\"text-align: justify;\">不过，亚马逊在2025年第一季度已将部分服务器和网络设备的预计使用寿命从六年缩短至五年，理由正是AI技术发展的加速。</p><p style=\"text-align: justify;\"><strong>一旦这种趋势逆转并扩大，将导致折旧费用被加速确认，对短期盈利造成冲击。</strong></p><h2 id=\"3f62a55b\">折旧“定时炸弹”，市场尚未消化未来的盈利冲击</h2><p style=\"text-align: justify;\"><strong>此前美银也曾认为，华尔街对未来折旧费用的增长速度“反应迟钝”。</strong></p><p style=\"text-align: justify;\"><strong>美银分析师Justin Post在报告中指出，随着谷歌、Meta和亚马逊的资本支出在2024年和2025年大幅增长，其折旧费用必然会在2026年后加速。</strong></p><p style=\"text-align: justify;\">据其测算，到2027年，仅这三家公司的折旧费用，<strong>市场普遍预测就可能比实际情况低了近164亿美元，这意味着它们未来的实际盈利能力或远低于当前的市场共识。</strong></p><p style=\"text-align: justify;\"><strong>此外，AI资产的“短寿”问题加剧了这一风险。</strong>用于AI计算的GPU等硬件技术迭代快、负荷高，有效寿命可能仅为三到五年。这一趋势与科技巨头延长设备使用年限的做法背道而驰。</p><h2 id=\"a34dfe99\">华尔街的警钟，被低估的资本开支与“表外”扩张</h2><p style=\"text-align: justify;\">摩根士丹利的研究则强调科技巨头AI资本开支强度正逼近互联网泡沫时期的峰值水平，但公开数据并未完全反映投资全貌。</p><p style=\"text-align: justify;\"><strong>摩根士丹利强调，两大因素导致了实际投资规模被低估。</strong></p><p style=\"text-align: justify;\"><strong>首先</strong>是融资租赁的兴起。微软和甲骨文等公司正越来越多地通过此种“表外”工具建设数据中心，其初始投资不计入传统的资本支出。</p><p style=\"text-align: justify;\">据该行估算，计入融资租赁后，微软2026财年的资本支出与销售额之比将从28%跃升至38%。</p><p style=\"text-align: justify;\"><strong>其次</strong>是“在建工程（CIP）”的延迟效应，大量已支出的资本沉淀在资产负债表上，尚未开始计提折旧，其对利润的冲击才刚刚开始。</p><p style=\"text-align: justify;\">美国银行则警告称，<strong>AI基础设施市场可能重演历史上因激进投资导致产能过剩和价格战的模式</strong>。</p><p style=\"text-align: justify;\"><strong>美银认为，如果供应增长持续超过需求，最早在2027年，行业内可能会爆发更激进的定价策略</strong>。</p><p style=\"text-align: justify;\"><strong>届时，为了维持数据中心的利用率，超大规模厂商可能被迫降价，从而侵蚀其盈利能力。这一预测，也为Burry关于科技巨头盈利能力虚高的观点提供了另一层面的佐证。</strong></p></body></html>","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>“大空头”切换“战斗模式”！Burry：科技巨头“低估折旧导致利润虚高”</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{ 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n“大空头”切换“战斗模式”！Burry：科技巨头“低估折旧导致利润虚高”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2025-11-11 10:45</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>&#34;大空头&#34;Michael Burry指出AI芯片等设备实际寿命仅2-3年，但部分公司将折旧周期延长至6年。他预计从2026到2028年，大型科技公司将因低估折旧而虚增1760亿美元的利润。摩根士丹利和美银也曾发出警告，未来折旧费用激增将严重冲击科技巨头盈利能力。</p></blockquote><p style=\"text-align: left;\">以预测2008年金融危机而闻名的“大空头”Michael Burry再次将矛头对准科技巨头。</p><p style=\"text-align: left;\">11月11日，Michael Burry在其社交平台发帖称，<strong>科技巨头通过延长资产的“有效使用寿命”来低估折旧，从而人为地抬高收益</strong>。<strong>他估计从2026年到2028年，大型科技公司将因低估折旧而虚增1760亿美元的利润。</strong></p><p style=\"text-align: left;\">Burry承诺将在11月25日披露更多细节。他特别指出，<strong>到2028年，甲骨文的利润可能被夸大26.9%，而Meta的利润可能被夸大20.8%。</strong></p><p style=\"text-align: left;\">值得注意的是，此前他曾披露持有英伟达和Palantir看跌期权，这再度引发市场对其看空AI行业立场的关注。</p><p style=\"text-align: left;\">此前，摩根士丹利和美国银行等华尔街投行也已发出警告，认为<strong>市场严重低估了当前AI投资的真实规模，且对未来折旧费用的冲击准备不足，这可能导致科技巨头的真实盈利能力远低于市场预期。</strong></p><h2 id=\"efffd80b\">会计“戏法”，延长硬件寿命以平滑成本</h2><p style=\"text-align: justify;\">Burry认为科技巨头正在会计处理上玩“把戏”。</p><p style=\"text-align: justify;\">他在其X平台的帖子中指出，科技巨头们通过延长资产的“有效使用寿命”来低估折旧，从而人为地抬高收益，而这是“现代最常见的欺诈之一”。</p><p style=\"text-align: justify;\">他认为，<strong>在科技公司大规模采购英伟达芯片和服务器以扩充算力的背景下，这些通常只有2至3年产品周期的计算设备，其折旧年限不应被延长。</strong></p><p style=\"text-align: justify;\">然而，包括Meta、Alphabet、微软、甲骨文和亚马逊在内的“超大规模”玩家们却正是这么做的，一些公司甚至将折旧周期延长至6年。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad289aa18c6e902f42ae0de3dac53393\" tg-width=\"891\" tg-height=\"411\"/></p><p>(科技巨头每年关于服务器和网络设备的预计使用寿命)</p><p style=\"text-align: justify;\">不过，亚马逊在2025年第一季度已将部分服务器和网络设备的预计使用寿命从六年缩短至五年，理由正是AI技术发展的加速。</p><p style=\"text-align: justify;\"><strong>一旦这种趋势逆转并扩大，将导致折旧费用被加速确认，对短期盈利造成冲击。</strong></p><h2 id=\"3f62a55b\">折旧“定时炸弹”，市场尚未消化未来的盈利冲击</h2><p style=\"text-align: justify;\"><strong>此前美银也曾认为，华尔街对未来折旧费用的增长速度“反应迟钝”。</strong></p><p style=\"text-align: justify;\"><strong>美银分析师Justin Post在报告中指出，随着谷歌、Meta和亚马逊的资本支出在2024年和2025年大幅增长，其折旧费用必然会在2026年后加速。</strong></p><p style=\"text-align: justify;\">据其测算，到2027年，仅这三家公司的折旧费用，<strong>市场普遍预测就可能比实际情况低了近164亿美元，这意味着它们未来的实际盈利能力或远低于当前的市场共识。</strong></p><p style=\"text-align: justify;\"><strong>此外，AI资产的“短寿”问题加剧了这一风险。</strong>用于AI计算的GPU等硬件技术迭代快、负荷高，有效寿命可能仅为三到五年。这一趋势与科技巨头延长设备使用年限的做法背道而驰。</p><h2 id=\"a34dfe99\">华尔街的警钟，被低估的资本开支与“表外”扩张</h2><p style=\"text-align: justify;\">摩根士丹利的研究则强调科技巨头AI资本开支强度正逼近互联网泡沫时期的峰值水平，但公开数据并未完全反映投资全貌。</p><p style=\"text-align: justify;\"><strong>摩根士丹利强调，两大因素导致了实际投资规模被低估。</strong></p><p style=\"text-align: justify;\"><strong>首先</strong>是融资租赁的兴起。微软和甲骨文等公司正越来越多地通过此种“表外”工具建设数据中心，其初始投资不计入传统的资本支出。</p><p style=\"text-align: justify;\">据该行估算，计入融资租赁后，微软2026财年的资本支出与销售额之比将从28%跃升至38%。</p><p style=\"text-align: justify;\"><strong>其次</strong>是“在建工程（CIP）”的延迟效应，大量已支出的资本沉淀在资产负债表上，尚未开始计提折旧，其对利润的冲击才刚刚开始。</p><p style=\"text-align: justify;\">美国银行则警告称，<strong>AI基础设施市场可能重演历史上因激进投资导致产能过剩和价格战的模式</strong>。</p><p style=\"text-align: justify;\"><strong>美银认为，如果供应增长持续超过需求，最早在2027年，行业内可能会爆发更激进的定价策略</strong>。</p><p style=\"text-align: justify;\"><strong>届时，为了维持数据中心的利用率，超大规模厂商可能被迫降价，从而侵蚀其盈利能力。这一预测，也为Burry关于科技巨头盈利能力虚高的观点提供了另一层面的佐证。</strong></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"ORCL":"甲骨文","META":"Meta Platforms, Inc."},"source_url":"https://wallstreetcn.com/articles/3759101","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2582333868","content_text":"\"大空头\"Michael Burry指出AI芯片等设备实际寿命仅2-3年，但部分公司将折旧周期延长至6年。他预计从2026到2028年，大型科技公司将因低估折旧而虚增1760亿美元的利润。摩根士丹利和美银也曾发出警告，未来折旧费用激增将严重冲击科技巨头盈利能力。以预测2008年金融危机而闻名的“大空头”Michael Burry再次将矛头对准科技巨头。11月11日，Michael Burry在其社交平台发帖称，科技巨头通过延长资产的“有效使用寿命”来低估折旧，从而人为地抬高收益。他估计从2026年到2028年，大型科技公司将因低估折旧而虚增1760亿美元的利润。Burry承诺将在11月25日披露更多细节。他特别指出，到2028年，甲骨文的利润可能被夸大26.9%，而Meta的利润可能被夸大20.8%。值得注意的是，此前他曾披露持有英伟达和Palantir看跌期权，这再度引发市场对其看空AI行业立场的关注。此前，摩根士丹利和美国银行等华尔街投行也已发出警告，认为市场严重低估了当前AI投资的真实规模，且对未来折旧费用的冲击准备不足，这可能导致科技巨头的真实盈利能力远低于市场预期。会计“戏法”，延长硬件寿命以平滑成本Burry认为科技巨头正在会计处理上玩“把戏”。他在其X平台的帖子中指出，科技巨头们通过延长资产的“有效使用寿命”来低估折旧，从而人为地抬高收益，而这是“现代最常见的欺诈之一”。他认为，在科技公司大规模采购英伟达芯片和服务器以扩充算力的背景下，这些通常只有2至3年产品周期的计算设备，其折旧年限不应被延长。然而，包括Meta、Alphabet、微软、甲骨文和亚马逊在内的“超大规模”玩家们却正是这么做的，一些公司甚至将折旧周期延长至6年。(科技巨头每年关于服务器和网络设备的预计使用寿命)不过，亚马逊在2025年第一季度已将部分服务器和网络设备的预计使用寿命从六年缩短至五年，理由正是AI技术发展的加速。一旦这种趋势逆转并扩大，将导致折旧费用被加速确认，对短期盈利造成冲击。折旧“定时炸弹”，市场尚未消化未来的盈利冲击此前美银也曾认为，华尔街对未来折旧费用的增长速度“反应迟钝”。美银分析师Justin Post在报告中指出，随着谷歌、Meta和亚马逊的资本支出在2024年和2025年大幅增长，其折旧费用必然会在2026年后加速。据其测算，到2027年，仅这三家公司的折旧费用，市场普遍预测就可能比实际情况低了近164亿美元，这意味着它们未来的实际盈利能力或远低于当前的市场共识。此外，AI资产的“短寿”问题加剧了这一风险。用于AI计算的GPU等硬件技术迭代快、负荷高，有效寿命可能仅为三到五年。这一趋势与科技巨头延长设备使用年限的做法背道而驰。华尔街的警钟，被低估的资本开支与“表外”扩张摩根士丹利的研究则强调科技巨头AI资本开支强度正逼近互联网泡沫时期的峰值水平，但公开数据并未完全反映投资全貌。摩根士丹利强调，两大因素导致了实际投资规模被低估。首先是融资租赁的兴起。微软和甲骨文等公司正越来越多地通过此种“表外”工具建设数据中心，其初始投资不计入传统的资本支出。据该行估算，计入融资租赁后，微软2026财年的资本支出与销售额之比将从28%跃升至38%。其次是“在建工程（CIP）”的延迟效应，大量已支出的资本沉淀在资产负债表上，尚未开始计提折旧，其对利润的冲击才刚刚开始。美国银行则警告称，AI基础设施市场可能重演历史上因激进投资导致产能过剩和价格战的模式。美银认为，如果供应增长持续超过需求，最早在2027年，行业内可能会爆发更激进的定价策略。届时，为了维持数据中心的利用率，超大规模厂商可能被迫降价，从而侵蚀其盈利能力。这一预测，也为Burry关于科技巨头盈利能力虚高的观点提供了另一层面的佐证。","news_type":1,"symbols_score_info":{"META":1.5,"ORCL":1.5}},"isVote":1,"tweetType":1,"viewCount":1415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":493804552299064,"gmtCreate":1761578486316,"gmtModify":1761578488194,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a> 现在是炒概念阶段 业绩肯定跟不上 透支未来太多了 现在是看接盘侠的时候","listText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a> 现在是炒概念阶段 业绩肯定跟不上 透支未来太多了 现在是看接盘侠的时候","text":"$美国超微公司(AMD)$ 现在是炒概念阶段 业绩肯定跟不上 透支未来太多了 现在是看接盘侠的时候","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/493804552299064","isVote":1,"tweetType":1,"viewCount":1907,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":472999400366184,"gmtCreate":1756509982518,"gmtModify":1756520316132,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"阿里的达摩院成立n年了 从来就没出过什么特别好的芯片设计 到了AI反尔牛逼了？ 中芯先进产能一共就那么点 不用台积电 谁帮他代工？ intel肯定不帮他做的 三星能帮他做？","listText":"阿里的达摩院成立n年了 从来就没出过什么特别好的芯片设计 到了AI反尔牛逼了？ 中芯先进产能一共就那么点 不用台积电 谁帮他代工？ intel肯定不帮他做的 三星能帮他做？","text":"阿里的达摩院成立n年了 从来就没出过什么特别好的芯片设计 到了AI反尔牛逼了？ 中芯先进产能一共就那么点 不用台积电 谁帮他代工？ intel肯定不帮他做的 三星能帮他做？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/472999400366184","repostId":"1143336870","repostType":2,"repost":{"id":"1143336870","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1756474727,"share":"https://www.laohu8.com/m/news/1143336870?lang=zh_CN&edition=full","pubTime":"2025-08-29 21:38","market":"us","language":"zh","title":"市场消息：阿里开发新款AI芯片顶替英伟达，不再由台积电代工","url":"https://stock-news.laohu8.com/highlight/detail?id=1143336870","media":"老虎资讯综合","summary":"转为由国内一家企业代工。","content":"<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 盘初大涨超9%。同时， <a href=\"https://laohu8.com/S/NVDA\">英伟达</a> 快速下挫超3%， <a href=\"https://laohu8.com/S/TSM\">台积电</a> 跌超2%。市场消息：<strong>阿里开发了一款新的AI芯片，填补英伟达在中国市场的空白。</strong>知情人士称，这款新芯片目前正在测试中，旨在服务于更广泛的人工智能推理任务，而且与英伟达兼容。</p><p>新的芯片不再由台积电代工，转为由国内一家企业代工。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45000285c8e73c4a5ead23daadd14c82\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d5a7686317b6ccdb1ef7f6133b3f4c\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adb08d03b8d918c2c8ec9dd9fd9c0dcd\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","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\" 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n市场消息：阿里开发新款AI芯片顶替英伟达，不再由台积电代工\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-08-29 21:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 盘初大涨超9%。同时， <a href=\"https://laohu8.com/S/NVDA\">英伟达</a> 快速下挫超3%， <a href=\"https://laohu8.com/S/TSM\">台积电</a> 跌超2%。市场消息：<strong>阿里开发了一款新的AI芯片，填补英伟达在中国市场的空白。</strong>知情人士称，这款新芯片目前正在测试中，旨在服务于更广泛的人工智能推理任务，而且与英伟达兼容。</p><p>新的芯片不再由台积电代工，转为由国内一家企业代工。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45000285c8e73c4a5ead23daadd14c82\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d5a7686317b6ccdb1ef7f6133b3f4c\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adb08d03b8d918c2c8ec9dd9fd9c0dcd\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5177d7812ef76cff1bd9b42843979808","relate_stocks":{"BABA":"阿里巴巴","TSM":"台积电","NVDA":"英伟达"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143336870","content_text":"周五， 阿里巴巴 盘初大涨超9%。同时， 英伟达 快速下挫超3%， 台积电 跌超2%。市场消息：阿里开发了一款新的AI芯片，填补英伟达在中国市场的空白。知情人士称，这款新芯片目前正在测试中，旨在服务于更广泛的人工智能推理任务，而且与英伟达兼容。新的芯片不再由台积电代工，转为由国内一家企业代工。","news_type":1,"symbols_score_info":{"BABA":1.1,"NVDA":1.1,"TSM":1.1}},"isVote":1,"tweetType":1,"viewCount":2842,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":469565018927448,"gmtCreate":1755614220908,"gmtModify":1755615717003,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"广发你懂个屁啊 还出这种报告&nbsp;","listText":"广发你懂个屁啊 还出这种报告&nbsp;","text":"广发你懂个屁啊 还出这种报告","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/469565018927448","repostId":"2560919279","repostType":2,"repost":{"id":"2560919279","kind":"highlight","weMediaInfo":{"introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"media_name":"MT Newswires Live","id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"pubTimestamp":1755611451,"share":"https://www.laohu8.com/m/news/2560919279?lang=zh_CN&edition=full","pubTime":"2025-08-19 21:50","market":"fut","language":"en","title":"GF Securities Downgrades Advanced Micro Devices to Hold From Buy, Price Target is $177<blockquote>广发证券将Advanced Micro Devices评级从买入下调至持有，目标价177美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2560919279","media":"MT Newswires Live","summary":"Advanced Micro Devices (AMD) has an average rating of overweight and mean price target of $189.87, according to analysts polled by FactSet.(MT Newswires covers equity, commodity and economic research ","content":"<p><html><body> Advanced Micro Devices (AMD) has an average rating of overweight and mean price target of $189.87, according to analysts polled by FactSet.</p><p><blockquote><html><body>根据FactSet调查的分析师，Advanced Micro Devices(AMD)的平均评级为跑赢大盘，平均目标价为189.87美元。</body></html></blockquote></p><p>(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)</p><p><blockquote>（MT Newswires涵盖北美、亚洲和欧洲主要银行和研究公司的股票、大宗商品和经济研究。研究提供商可以通过以下方式联系我们：https://www.mtnewswires.com/contact-us）</blockquote></p><p>Price: 170.64, Change: -5.50, Percent Change: -3.12</p><p><blockquote>价格：170.64，变化：-5.50，变化百分比：-3.12</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"mtnewswires_news","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>GF Securities Downgrades Advanced Micro Devices to Hold From Buy, Price Target is $177<blockquote>广发证券将Advanced Micro Devices评级从买入下调至持有，目标价177美元</blockquote></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\">\nGF Securities Downgrades Advanced Micro Devices to Hold From Buy, Price Target is $177<blockquote>广发证券将Advanced Micro Devices评级从买入下调至持有，目标价177美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1092851196\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">MT Newswires Live </p>\n<p class=\"h-time smaller\">2025-08-19 21:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body> Advanced Micro Devices (AMD) has an average rating of overweight and mean price target of $189.87, according to analysts polled by FactSet.</p><p><blockquote><html><body>根据FactSet调查的分析师，Advanced Micro Devices(AMD)的平均评级为跑赢大盘，平均目标价为189.87美元。</body></html></blockquote></p><p>(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)</p><p><blockquote>（MT Newswires涵盖北美、亚洲和欧洲主要银行和研究公司的股票、大宗商品和经济研究。研究提供商可以通过以下方式联系我们：https://www.mtnewswires.com/contact-us）</blockquote></p><p>Price: 170.64, Change: -5.50, Percent Change: -3.12</p><p><blockquote>价格：170.64，变化：-5.50，变化百分比：-3.12</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GF":"新德基金","AMD":"美国超微公司","BLZ.SI":"爱文思控股"},"source_url":"https://www.mtnewswires.com/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2560919279","content_text":"Advanced Micro Devices (AMD) has an average rating of overweight and mean price target of $189.87, according to analysts polled by FactSet.(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)Price: 170.64, Change: -5.50, Percent Change: -3.12","news_type":1,"symbols_score_info":{"GF":1,"BLZ.SI":1,"AMD":1}},"isVote":1,"tweetType":1,"viewCount":1688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":467879762473432,"gmtCreate":1755245153772,"gmtModify":1755246170453,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575261823915715","idStr":"3575261823915715"},"themes":[],"title":"","htmlText":"卧槽 你现在140 发行130的股票 怎么不去死","listText":"卧槽 你现在140 发行130的股票 怎么不去死","text":"卧槽 你现在140 发行130的股票 怎么不去死","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/467879762473432","repostId":"1155143823","repostType":2,"repost":{"id":"1155143823","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1755219008,"share":"https://www.laohu8.com/m/news/1155143823?lang=zh_CN&edition=full","pubTime":"2025-08-15 08:50","market":"us","language":"zh","title":"Circle宣布1000万股公开发行每股定价130美元","url":"https://stock-news.laohu8.com/highlight/detail?id=1155143823","media":"老虎资讯综合","summary":"8月15日，全球金融科技公司及稳定币市场领导者Circle今日宣布，其10,000,000股A类普通股的公开发行定价为每股130.00美元。Circle将发行2,000,000股A类普通股，而售股股东将发行8,000,000股A类普通股。配合此次发行，Circle授予承销商30天的认购权，允许其额外认购最多1,500,000股A类普通股。","content":"<html><head></head><body><p>8月15日，全球金融科技公司及稳定币市场领导者Circle今日宣布，其10,000,000股A类普通股的公开发行定价为每股130.00美元。Circle将发行2,000,000股A类普通股，而售股股东将发行8,000,000股A类普通股。配合此次发行，Circle授予承销商30天的认购权，允许其额外认购最多1,500,000股A类普通股。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae9767df3c4bdc76c937d1a1faa6fdfd\" tg-width=\"1812\" tg-height=\"667\"/></p></body></html>","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>Circle宣布1000万股公开发行每股定价130美元</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{ 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class=\"h-time\">2025-08-15 08:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>8月15日，全球金融科技公司及稳定币市场领导者Circle今日宣布，其10,000,000股A类普通股的公开发行定价为每股130.00美元。Circle将发行2,000,000股A类普通股，而售股股东将发行8,000,000股A类普通股。配合此次发行，Circle授予承销商30天的认购权，允许其额外认购最多1,500,000股A类普通股。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae9767df3c4bdc76c937d1a1faa6fdfd\" tg-width=\"1812\" tg-height=\"667\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{"CRCL":"Circle Internet 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结果一直跌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/507204862559240","repostId":"2588079636","repostType":2,"repost":{"id":"2588079636","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1764861090,"share":"https://www.laohu8.com/m/news/2588079636?lang=zh_CN&edition=full","pubTime":"2025-12-04 23:11","market":"other","language":"zh","title":"美股异动 | 美光科技跌约4%，公司将退出“消费级存储业务”，聚焦AI存储芯片","url":"https://stock-news.laohu8.com/highlight/detail?id=2588079636","media":"华尔街见闻","summary":"美光宣布将彻底关闭已运营近30年的Crucial品牌业务，将继续通过消费渠道出货产品至2026年2月。美光是全球第三大DRAM供应商，在用于SSD的NAND闪存领域占据13%的市场份额，其退出将在消费级存储市场留下巨大空白，在分析师警告内存短缺可能持续数年之际，尚不清楚是否有公司能够填补这一缺口。","content":"<html><head></head><body><blockquote><p>美光宣布将彻底关闭已运营近30年的Crucial品牌业务，将继续通过消费渠道出货产品至2026年2月。美光是全球第三大DRAM供应商，在用于SSD的NAND闪存领域占据13%的市场份额，其退出将在消费级存储市场留下巨大空白，在分析师警告内存短缺可能持续数年之际，尚不清楚是否有公司能够填补这一缺口。</p></blockquote><p>12月4日，美光科技盘初跌约4%，公司宣布将退出消费级存储业务，转而全力投入AI数据中心所需的先进存储芯片HBM生产。这一战略调整正值全球存储芯片供应紧张之际，或将进一步加剧消费电子市场供应短缺问题。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96bb8d6dd98a5054689bd13f0e970fb5\" tg-width=\"910\" tg-height=\"395\"/></p><p style=\"text-align: justify;\">周三，美光宣布，将在全球范围内停止其“Crucial”品牌消费级产品在零售商、电商平台和经销商的销售，但消费渠道的产品出货将持续至2026年2月。该公司首席商务官Sumit Sadana表示，AI驱动的数据中心增长导致对存储器的需求激增，美光做出这一艰难决定是为了改善对更大规模战略客户的供应和支持。</p><p style=\"text-align: justify;\">分析表示，<strong>AI基础设施建设热潮正在造成包括存储在内的关键产品短缺，而几家头部公司计划在未来几年投入数千亿美元建设大型数据中心，进一步推高了需求。</strong></p><p style=\"text-align: justify;\"><strong>据市场研究公司TrendForce数据，美光是全球第三大DRAM供应商，仅次于三星和SK海力士，三家公司合计占据DRAM市场92%的份额。美光在用于SSD的NAND闪存领域占据13%的市场份额。美光的退出将在消费级存储市场留下巨大空白，而在分析师警告内存短缺可能持续数年的背景下，目前尚不清楚是否有公司能够填补这一缺口。</strong></p><h2 id=\"hbm\">消费业务让位HBM业务</h2><p style=\"text-align: justify;\"><strong>美光将继续通过消费渠道出货产品至2026年2月，但将彻底关闭已运营近30年的Crucial品牌业务。该品牌产品包括NVMe固态硬盘、外置存储设备，以及DDR4和DDR5内存条等PC用户常用的升级部件。</strong></p><p style=\"text-align: justify;\">美光长期以来一直在向HBM（高带宽存储器）业务转型，这已成为全球三大存储器供应商——美光、韩国SK海力士和三星——之间竞争最激烈的领域。HBM是一种动态随机存取存储器，通过垂直堆叠芯片来降低功耗，帮助处理大量数据，在AI开发中不可或缺。这类芯片价格远高于消费级存储器，通常能带来可观的利润率。</p><p style=\"text-align: justify;\">美光CEO Sanjay Mehrotra今年9月透露，在8月季度，美光HBM收入增长至近20亿美元，折合年化约80亿美元。相比之下，该公司的Crucial消费级业务从未在财报中单独列示。Summit Insights分析师Kinngai Chan表示，消费级存储业务并非美光业务的重要驱动力。</p><p style=\"text-align: justify;\">相比之下，美光最新季度的云存储业务部门实现了213%的同比增长，反映出AI数据中心需求的强劲势头。高盛分析师周二将美光股票目标价从180美元上调至205美元，尽管维持持有评级，但表示由于存储器&#34;持续的价格势头&#34;，预计美光两周后公布的季度业绩将&#34;健康地超出市场预期&#34;。</p><h2 id=\"ai\">AI芯片引发存储供应紧张</h2><p style=\"text-align: justify;\"><strong>此次决策凸显AI基础设施建设热潮正在造成存储芯片等关键投入品短缺。少数几家公司承诺在未来几年投入数千亿美元建设大型数据中心，导致存储供应面临全球性紧张。</strong></p><p style=\"text-align: justify;\">英伟达和AMD等公司生产的AI芯片需要消耗大量最先进的存储芯片。例如，当前一代英伟达GB200芯片每个图形处理器配备192GB内存，谷歌最新AI芯片Ironwood TPU需要192GB高带宽内存。AMD当前AI芯片MI350则配备288GB高带宽内存。</p><p style=\"text-align: justify;\">相比之下，手机和电脑使用的存储规格较低、数量也少得多——许多笔记本电脑仅配备16GB内存。这种需求差异促使美光将有限产能向利润更高的AI数据中心市场倾斜。</p><h2 id=\"a37bfbed\">消费市场面临供应缺口</h2><p style=\"text-align: justify;\">美光退出将对消费级存储市场产生显著影响。据TrendForce数据，美光在用于固态硬盘的NAND闪存领域占据13%的市场份额。在DRAM市场，美光作为第三大供应商，其退出使PC组装商失去了信赖的Crucial品牌选择。</p><p style=\"text-align: justify;\">除三星和SK海力士外，美光还为英伟达RTX 5000系列显卡供应GDDR7显存。据TrendForce数据，消费级和企业级系统的出货量均已出现下降。</p><p style=\"text-align: justify;\"><strong>据报道，三星和SK海力士也在优先考虑盈利能力，而非进行风险较高的产能扩张。在全球存储器供应链持续紧张、从智能手机闪存芯片到AI数据中心使用的先进高带宽存储器都面临供应紧张的背景下，美光的退出可能进一步加剧消费市场的供应压力。</strong></p></body></html>","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>美股异动 | 美光科技跌约4%，公司将退出“消费级存储业务”，聚焦AI存储芯片</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{ 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n美股异动 | 美光科技跌约4%，公司将退出“消费级存储业务”，聚焦AI存储芯片\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2025-12-04 23:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>美光宣布将彻底关闭已运营近30年的Crucial品牌业务，将继续通过消费渠道出货产品至2026年2月。美光是全球第三大DRAM供应商，在用于SSD的NAND闪存领域占据13%的市场份额，其退出将在消费级存储市场留下巨大空白，在分析师警告内存短缺可能持续数年之际，尚不清楚是否有公司能够填补这一缺口。</p></blockquote><p>12月4日，美光科技盘初跌约4%，公司宣布将退出消费级存储业务，转而全力投入AI数据中心所需的先进存储芯片HBM生产。这一战略调整正值全球存储芯片供应紧张之际，或将进一步加剧消费电子市场供应短缺问题。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96bb8d6dd98a5054689bd13f0e970fb5\" tg-width=\"910\" tg-height=\"395\"/></p><p style=\"text-align: justify;\">周三，美光宣布，将在全球范围内停止其“Crucial”品牌消费级产品在零售商、电商平台和经销商的销售，但消费渠道的产品出货将持续至2026年2月。该公司首席商务官Sumit Sadana表示，AI驱动的数据中心增长导致对存储器的需求激增，美光做出这一艰难决定是为了改善对更大规模战略客户的供应和支持。</p><p style=\"text-align: justify;\">分析表示，<strong>AI基础设施建设热潮正在造成包括存储在内的关键产品短缺，而几家头部公司计划在未来几年投入数千亿美元建设大型数据中心，进一步推高了需求。</strong></p><p style=\"text-align: justify;\"><strong>据市场研究公司TrendForce数据，美光是全球第三大DRAM供应商，仅次于三星和SK海力士，三家公司合计占据DRAM市场92%的份额。美光在用于SSD的NAND闪存领域占据13%的市场份额。美光的退出将在消费级存储市场留下巨大空白，而在分析师警告内存短缺可能持续数年的背景下，目前尚不清楚是否有公司能够填补这一缺口。</strong></p><h2 id=\"hbm\">消费业务让位HBM业务</h2><p style=\"text-align: justify;\"><strong>美光将继续通过消费渠道出货产品至2026年2月，但将彻底关闭已运营近30年的Crucial品牌业务。该品牌产品包括NVMe固态硬盘、外置存储设备，以及DDR4和DDR5内存条等PC用户常用的升级部件。</strong></p><p style=\"text-align: justify;\">美光长期以来一直在向HBM（高带宽存储器）业务转型，这已成为全球三大存储器供应商——美光、韩国SK海力士和三星——之间竞争最激烈的领域。HBM是一种动态随机存取存储器，通过垂直堆叠芯片来降低功耗，帮助处理大量数据，在AI开发中不可或缺。这类芯片价格远高于消费级存储器，通常能带来可观的利润率。</p><p style=\"text-align: justify;\">美光CEO Sanjay Mehrotra今年9月透露，在8月季度，美光HBM收入增长至近20亿美元，折合年化约80亿美元。相比之下，该公司的Crucial消费级业务从未在财报中单独列示。Summit Insights分析师Kinngai Chan表示，消费级存储业务并非美光业务的重要驱动力。</p><p style=\"text-align: justify;\">相比之下，美光最新季度的云存储业务部门实现了213%的同比增长，反映出AI数据中心需求的强劲势头。高盛分析师周二将美光股票目标价从180美元上调至205美元，尽管维持持有评级，但表示由于存储器&#34;持续的价格势头&#34;，预计美光两周后公布的季度业绩将&#34;健康地超出市场预期&#34;。</p><h2 id=\"ai\">AI芯片引发存储供应紧张</h2><p style=\"text-align: justify;\"><strong>此次决策凸显AI基础设施建设热潮正在造成存储芯片等关键投入品短缺。少数几家公司承诺在未来几年投入数千亿美元建设大型数据中心，导致存储供应面临全球性紧张。</strong></p><p style=\"text-align: justify;\">英伟达和AMD等公司生产的AI芯片需要消耗大量最先进的存储芯片。例如，当前一代英伟达GB200芯片每个图形处理器配备192GB内存，谷歌最新AI芯片Ironwood TPU需要192GB高带宽内存。AMD当前AI芯片MI350则配备288GB高带宽内存。</p><p style=\"text-align: justify;\">相比之下，手机和电脑使用的存储规格较低、数量也少得多——许多笔记本电脑仅配备16GB内存。这种需求差异促使美光将有限产能向利润更高的AI数据中心市场倾斜。</p><h2 id=\"a37bfbed\">消费市场面临供应缺口</h2><p style=\"text-align: justify;\">美光退出将对消费级存储市场产生显著影响。据TrendForce数据，美光在用于固态硬盘的NAND闪存领域占据13%的市场份额。在DRAM市场，美光作为第三大供应商，其退出使PC组装商失去了信赖的Crucial品牌选择。</p><p style=\"text-align: justify;\">除三星和SK海力士外，美光还为英伟达RTX 5000系列显卡供应GDDR7显存。据TrendForce数据，消费级和企业级系统的出货量均已出现下降。</p><p style=\"text-align: justify;\"><strong>据报道，三星和SK海力士也在优先考虑盈利能力，而非进行风险较高的产能扩张。在全球存储器供应链持续紧张、从智能手机闪存芯片到AI数据中心使用的先进高带宽存储器都面临供应紧张的背景下，美光的退出可能进一步加剧消费市场的供应压力。</strong></p></body></html>\n\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/3760683","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2588079636","content_text":"美光宣布将彻底关闭已运营近30年的Crucial品牌业务，将继续通过消费渠道出货产品至2026年2月。美光是全球第三大DRAM供应商，在用于SSD的NAND闪存领域占据13%的市场份额，其退出将在消费级存储市场留下巨大空白，在分析师警告内存短缺可能持续数年之际，尚不清楚是否有公司能够填补这一缺口。12月4日，美光科技盘初跌约4%，公司宣布将退出消费级存储业务，转而全力投入AI数据中心所需的先进存储芯片HBM生产。这一战略调整正值全球存储芯片供应紧张之际，或将进一步加剧消费电子市场供应短缺问题。周三，美光宣布，将在全球范围内停止其“Crucial”品牌消费级产品在零售商、电商平台和经销商的销售，但消费渠道的产品出货将持续至2026年2月。该公司首席商务官Sumit Sadana表示，AI驱动的数据中心增长导致对存储器的需求激增，美光做出这一艰难决定是为了改善对更大规模战略客户的供应和支持。分析表示，AI基础设施建设热潮正在造成包括存储在内的关键产品短缺，而几家头部公司计划在未来几年投入数千亿美元建设大型数据中心，进一步推高了需求。据市场研究公司TrendForce数据，美光是全球第三大DRAM供应商，仅次于三星和SK海力士，三家公司合计占据DRAM市场92%的份额。美光在用于SSD的NAND闪存领域占据13%的市场份额。美光的退出将在消费级存储市场留下巨大空白，而在分析师警告内存短缺可能持续数年的背景下，目前尚不清楚是否有公司能够填补这一缺口。消费业务让位HBM业务美光将继续通过消费渠道出货产品至2026年2月，但将彻底关闭已运营近30年的Crucial品牌业务。该品牌产品包括NVMe固态硬盘、外置存储设备，以及DDR4和DDR5内存条等PC用户常用的升级部件。美光长期以来一直在向HBM（高带宽存储器）业务转型，这已成为全球三大存储器供应商——美光、韩国SK海力士和三星——之间竞争最激烈的领域。HBM是一种动态随机存取存储器，通过垂直堆叠芯片来降低功耗，帮助处理大量数据，在AI开发中不可或缺。这类芯片价格远高于消费级存储器，通常能带来可观的利润率。美光CEO Sanjay Mehrotra今年9月透露，在8月季度，美光HBM收入增长至近20亿美元，折合年化约80亿美元。相比之下，该公司的Crucial消费级业务从未在财报中单独列示。Summit Insights分析师Kinngai Chan表示，消费级存储业务并非美光业务的重要驱动力。相比之下，美光最新季度的云存储业务部门实现了213%的同比增长，反映出AI数据中心需求的强劲势头。高盛分析师周二将美光股票目标价从180美元上调至205美元，尽管维持持有评级，但表示由于存储器\"持续的价格势头\"，预计美光两周后公布的季度业绩将\"健康地超出市场预期\"。AI芯片引发存储供应紧张此次决策凸显AI基础设施建设热潮正在造成存储芯片等关键投入品短缺。少数几家公司承诺在未来几年投入数千亿美元建设大型数据中心，导致存储供应面临全球性紧张。英伟达和AMD等公司生产的AI芯片需要消耗大量最先进的存储芯片。例如，当前一代英伟达GB200芯片每个图形处理器配备192GB内存，谷歌最新AI芯片Ironwood TPU需要192GB高带宽内存。AMD当前AI芯片MI350则配备288GB高带宽内存。相比之下，手机和电脑使用的存储规格较低、数量也少得多——许多笔记本电脑仅配备16GB内存。这种需求差异促使美光将有限产能向利润更高的AI数据中心市场倾斜。消费市场面临供应缺口美光退出将对消费级存储市场产生显著影响。据TrendForce数据，美光在用于固态硬盘的NAND闪存领域占据13%的市场份额。在DRAM市场，美光作为第三大供应商，其退出使PC组装商失去了信赖的Crucial品牌选择。除三星和SK海力士外，美光还为英伟达RTX 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等事情稳定下来再买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/421846793425456","isVote":1,"tweetType":1,"viewCount":2539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536984690324648,"gmtCreate":1772120773625,"gmtModify":1772120776323,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575261823915715","authorIdStr":"3575261823915715"},"themes":[],"title":"","htmlText":"这种成功一生只会有一次 所哟他以后的预测基本都不对","listText":"这种成功一生只会有一次 所哟他以后的预测基本都不对","text":"这种成功一生只会有一次 所哟他以后的预测基本都不对","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536984690324648","repostId":"1135715002","repostType":2,"repost":{"id":"1135715002","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1772120011,"share":"https://www.laohu8.com/m/news/1135715002?lang=zh_CN&edition=full","pubTime":"2026-02-26 23:33","market":"us","language":"zh","title":"《大空头》原型Michael Burry：英伟达的“采购承诺”与思科在互联网泡沫顶峰时期的情况如出一辙","url":"https://stock-news.laohu8.com/highlight/detail?id=1135715002","media":"老虎资讯综合","summary":"因《大空头》成名的迈克尔·贝里正在加倍坚持他对英伟达的看空观点，对该芯片制造商最新财报中的一项数据敲响警钟，称其与上世纪90年代末互联网泡沫顶峰时期的模式相似。贝里在周四发布于Substack的新闻通讯中指出，英伟达的采购义务激增，从去年同期的161亿美元攀升至952亿美元。诚然，这位投资者指出，英伟达目前超过70%的利润率高于当时思科的水平，这可能提供一些下行保护。英伟达股价周四早盘跌幅超5%。","content":"<html><head></head><body><p style=\"text-align: start;\">因《大空头》成名的迈克尔·贝里（Michael Burry）正在加倍坚持他对英伟达的看空观点，对该芯片制造商最新财报中的一项数据敲响警钟，称其与上世纪90年代末互联网泡沫顶峰时期的模式相似。</p><p style=\"text-align: start;\">贝里在周四发布于Substack的新闻通讯中指出，英伟达的采购义务激增，从去年同期的161亿美元攀升至952亿美元。包括库存和采购协议在内的总供应义务目前约为1170亿美元，几乎与英伟达的年运营现金流相当。</p><p style=\"text-align: start;\">在周三的公司第四财季财报电话会议上，英伟达首席财务官科莱特·克雷斯表示，库存环比增长了8%，并且英伟达&#34;战略性地锁定了库存和产能，以满足比通常更远的未来几个季度的需求&#34;。</p><p style=\"text-align: start;\">在贝里看来，英伟达的表态表明，这家美国最大的上市公司在确切了解未来需求强度之前，就承诺购买大量供应。这意味着更多资金被更长时间地困在库存中。</p><p style=\"text-align: start;\"><strong>&#34;并非暂时现象&#34;</strong></p><p style=\"text-align: start;\">他写道：&#34;现在发生的一切并非暂时现象。这不是出口冲击，甚至不是外部因素造成的。这源于其商业计划内部。这一新现实反映了一个深思熟虑的决定，即比以往任何时候都更进一步地锁定供应链产能。&#34;</p><p style=\"text-align: start;\">这位著名投资者将当前情况与上世纪90年代末至2000年代初互联网泡沫顶峰时期的思科公司相提并论。</p><p style=\"text-align: start;\">在2000年和2001年，思科为确保产能以满足其快速增长预期，锁定了大量的供应承诺。当企业技术支出突然骤降时，思科面临的是无法消化的过剩库存和合同义务。该公司最终不得不减记数十亿美元，其股价也随之暴跌。</p><p style=\"text-align: start;\">&#34;这并非业务如常。这是风险，&#34;贝里在谈到英伟达时表示。&#34;在2000-2001年期间，思科延长了与供应商的采购承诺，以确保其预期的50%年增长率所需的产能，&#34;他说。</p><p style=\"text-align: start;\">诚然，这位投资者指出，英伟达目前超过70%的利润率高于当时思科的水平，这可能提供一些下行保护。但贝里认为，这些利润率是由异常强劲的需求和英伟达的提价能力所推动的。</p><p style=\"text-align: start;\">他写道：&#34;这类利润率可能会随着需求的变化而迅速回落。&#34;</p><p style=\"text-align: start;\"><strong>回应担忧</strong></p><p style=\"text-align: start;\">尽管如此，并非所有人都将这种积压视为警示信号。罗森布拉特证券（Rosenblatt Securities）的分析师表示，管理层在本季度回应了投资者的多重担忧，包括GPU产能、来自定制芯片的竞争、电力供应、内存供应和客户融资等问题。</p><p style=\"text-align: start;\">罗森布拉特分析师在给客户的报告中写道：&#34;我们认为这是一个充满信心的管理团队，他们将支持客户对其下一代平台的需求，并继续引领人工智能市场的发展。&#34;</p><p style=\"text-align: start;\">这家华尔街公司周四将对英伟达的12个月目标价从245美元上调至300美元，这意味着未来一年有超过50%的上涨空间。</p><p style=\"text-align: start;\">英伟达股价周四早盘跌幅超5%。在ChatGPT推出后，该股在2023-2025年期间曾大幅飙升，但进入2026年以来，其涨幅不到1%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/faa4f7dc20572ad2edc6778390adc845\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","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>《大空头》原型Michael Burry：英伟达的“采购承诺”与思科在互联网泡沫顶峰时期的情况如出一辙</title>\n<style 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style=\"text-align: start;\">因《大空头》成名的迈克尔·贝里（Michael Burry）正在加倍坚持他对英伟达的看空观点，对该芯片制造商最新财报中的一项数据敲响警钟，称其与上世纪90年代末互联网泡沫顶峰时期的模式相似。</p><p style=\"text-align: start;\">贝里在周四发布于Substack的新闻通讯中指出，英伟达的采购义务激增，从去年同期的161亿美元攀升至952亿美元。包括库存和采购协议在内的总供应义务目前约为1170亿美元，几乎与英伟达的年运营现金流相当。</p><p style=\"text-align: start;\">在周三的公司第四财季财报电话会议上，英伟达首席财务官科莱特·克雷斯表示，库存环比增长了8%，并且英伟达&#34;战略性地锁定了库存和产能，以满足比通常更远的未来几个季度的需求&#34;。</p><p style=\"text-align: start;\">在贝里看来，英伟达的表态表明，这家美国最大的上市公司在确切了解未来需求强度之前，就承诺购买大量供应。这意味着更多资金被更长时间地困在库存中。</p><p style=\"text-align: start;\"><strong>&#34;并非暂时现象&#34;</strong></p><p style=\"text-align: start;\">他写道：&#34;现在发生的一切并非暂时现象。这不是出口冲击，甚至不是外部因素造成的。这源于其商业计划内部。这一新现实反映了一个深思熟虑的决定，即比以往任何时候都更进一步地锁定供应链产能。&#34;</p><p style=\"text-align: start;\">这位著名投资者将当前情况与上世纪90年代末至2000年代初互联网泡沫顶峰时期的思科公司相提并论。</p><p style=\"text-align: start;\">在2000年和2001年，思科为确保产能以满足其快速增长预期，锁定了大量的供应承诺。当企业技术支出突然骤降时，思科面临的是无法消化的过剩库存和合同义务。该公司最终不得不减记数十亿美元，其股价也随之暴跌。</p><p style=\"text-align: start;\">&#34;这并非业务如常。这是风险，&#34;贝里在谈到英伟达时表示。&#34;在2000-2001年期间，思科延长了与供应商的采购承诺，以确保其预期的50%年增长率所需的产能，&#34;他说。</p><p style=\"text-align: start;\">诚然，这位投资者指出，英伟达目前超过70%的利润率高于当时思科的水平，这可能提供一些下行保护。但贝里认为，这些利润率是由异常强劲的需求和英伟达的提价能力所推动的。</p><p style=\"text-align: start;\">他写道：&#34;这类利润率可能会随着需求的变化而迅速回落。&#34;</p><p style=\"text-align: start;\"><strong>回应担忧</strong></p><p style=\"text-align: start;\">尽管如此，并非所有人都将这种积压视为警示信号。罗森布拉特证券（Rosenblatt Securities）的分析师表示，管理层在本季度回应了投资者的多重担忧，包括GPU产能、来自定制芯片的竞争、电力供应、内存供应和客户融资等问题。</p><p style=\"text-align: start;\">罗森布拉特分析师在给客户的报告中写道：&#34;我们认为这是一个充满信心的管理团队，他们将支持客户对其下一代平台的需求，并继续引领人工智能市场的发展。&#34;</p><p style=\"text-align: start;\">这家华尔街公司周四将对英伟达的12个月目标价从245美元上调至300美元，这意味着未来一年有超过50%的上涨空间。</p><p style=\"text-align: start;\">英伟达股价周四早盘跌幅超5%。在ChatGPT推出后，该股在2023-2025年期间曾大幅飙升，但进入2026年以来，其涨幅不到1%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/faa4f7dc20572ad2edc6778390adc845\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/ae469a7b0a9accd31adbf51772f5ec50","relate_stocks":{"NVDA":"英伟达"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135715002","content_text":"因《大空头》成名的迈克尔·贝里（Michael Burry）正在加倍坚持他对英伟达的看空观点，对该芯片制造商最新财报中的一项数据敲响警钟，称其与上世纪90年代末互联网泡沫顶峰时期的模式相似。贝里在周四发布于Substack的新闻通讯中指出，英伟达的采购义务激增，从去年同期的161亿美元攀升至952亿美元。包括库存和采购协议在内的总供应义务目前约为1170亿美元，几乎与英伟达的年运营现金流相当。在周三的公司第四财季财报电话会议上，英伟达首席财务官科莱特·克雷斯表示，库存环比增长了8%，并且英伟达\"战略性地锁定了库存和产能，以满足比通常更远的未来几个季度的需求\"。在贝里看来，英伟达的表态表明，这家美国最大的上市公司在确切了解未来需求强度之前，就承诺购买大量供应。这意味着更多资金被更长时间地困在库存中。\"并非暂时现象\"他写道：\"现在发生的一切并非暂时现象。这不是出口冲击，甚至不是外部因素造成的。这源于其商业计划内部。这一新现实反映了一个深思熟虑的决定，即比以往任何时候都更进一步地锁定供应链产能。\"这位著名投资者将当前情况与上世纪90年代末至2000年代初互联网泡沫顶峰时期的思科公司相提并论。在2000年和2001年，思科为确保产能以满足其快速增长预期，锁定了大量的供应承诺。当企业技术支出突然骤降时，思科面临的是无法消化的过剩库存和合同义务。该公司最终不得不减记数十亿美元，其股价也随之暴跌。\"这并非业务如常。这是风险，\"贝里在谈到英伟达时表示。\"在2000-2001年期间，思科延长了与供应商的采购承诺，以确保其预期的50%年增长率所需的产能，\"他说。诚然，这位投资者指出，英伟达目前超过70%的利润率高于当时思科的水平，这可能提供一些下行保护。但贝里认为，这些利润率是由异常强劲的需求和英伟达的提价能力所推动的。他写道：\"这类利润率可能会随着需求的变化而迅速回落。\"回应担忧尽管如此，并非所有人都将这种积压视为警示信号。罗森布拉特证券（Rosenblatt Securities）的分析师表示，管理层在本季度回应了投资者的多重担忧，包括GPU产能、来自定制芯片的竞争、电力供应、内存供应和客户融资等问题。罗森布拉特分析师在给客户的报告中写道：\"我们认为这是一个充满信心的管理团队，他们将支持客户对其下一代平台的需求，并继续引领人工智能市场的发展。\"这家华尔街公司周四将对英伟达的12个月目标价从245美元上调至300美元，这意味着未来一年有超过50%的上涨空间。英伟达股价周四早盘跌幅超5%。在ChatGPT推出后，该股在2023-2025年期间曾大幅飙升，但进入2026年以来，其涨幅不到1%。","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":493804552299064,"gmtCreate":1761578486316,"gmtModify":1761578488194,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575261823915715","authorIdStr":"3575261823915715"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a> 现在是炒概念阶段 业绩肯定跟不上 透支未来太多了 现在是看接盘侠的时候","listText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a> 现在是炒概念阶段 业绩肯定跟不上 透支未来太多了 现在是看接盘侠的时候","text":"$美国超微公司(AMD)$ 现在是炒概念阶段 业绩肯定跟不上 透支未来太多了 现在是看接盘侠的时候","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/493804552299064","isVote":1,"tweetType":1,"viewCount":1907,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536442617082808,"gmtCreate":1771988322552,"gmtModify":1771988325563,"author":{"id":"3575261823915715","authorId":"3575261823915715","name":"阿肉","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575261823915715","authorIdStr":"3575261823915715"},"themes":[],"title":"","htmlText":"黄金也是大宗还不是涨？ 又不是说大宗去就不值钱","listText":"黄金也是大宗还不是涨？ 又不是说大宗去就不值钱","text":"黄金也是大宗还不是涨？ 又不是说大宗去就不值钱","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536442617082808","repostId":"2614451720","repostType":2,"repost":{"id":"2614451720","kind":"news","pubTimestamp":1771983176,"share":"https://www.laohu8.com/m/news/2614451720?lang=zh_CN&edition=full","pubTime":"2026-02-25 09:32","market":"us","language":"zh","title":"香橼狙击闪迪(SNDK.US)：当成英伟达(NVDA.US)来炒？别做梦了，你卖的只是大宗商品！","url":"https://stock-news.laohu8.com/highlight/detail?id=2614451720","media":"智通财经","summary":"后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严重误判。受此消息影响，闪迪股价在周二盘中一度下跌近8%。香橼认为，当前NAND闪存需求和价格的飙升是典型的周期性现象，而这一周期正在接近顶峰。香橼将行业巨头三星电子视为闪迪面临的最大威胁，并详细阐述了三星惯用的竞争策略。目前，闪迪正处在一个关键的转型期。","content":"<html><body><p>智通财经APP获悉，受益于存储芯片超级周期而一路飙升的<a href=\"https://laohu8.com/S/SNDK\">闪迪</a>(SNDK.US)，在周二遭遇了来自知名做空机构香橼研究(Citron Research)的当头一棒。后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严重误判。</p><p>受此消息影响，闪迪股价在周二盘中一度下跌近8%。尽管这一跌幅与其年内迄今约175%的惊人涨幅，以及过去一年超过1200%的累计回报相比显得微不足道，但做空机构的入场无疑为这轮火箭式上涨投下了一道长长的阴影。</p><p><strong>“<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>有护城河，闪迪卖的是大宗商品”</strong></p><p>香橼在社交媒体平台X上发布的帖子中直言不讳地表示：“市场正在像定价英伟达(NVDA.US)一样定价闪迪。但有一个问题：英伟达拥有护城河，而闪迪销售的是一种大宗商品。”这则评论直指闪迪商业模式的核心脆弱性——其产品NAND闪存的强周期性。</p><p>香橼认为，当前NAND闪存需求和价格的飙升是典型的周期性现象，而这一周期正在接近顶峰。他们援引历史经验警告称：“我们在2008年、2012年、2018年都见过这一幕。这次不会有什么不同。存储芯片是一个周期性行业，而周期总会见顶。”</p><p>香橼强调，NAND内存的供应短缺局面可能迅速逆转，甚至“在一次财报电话会议后就消失”。</p><p>香橼将行业巨头<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>(SSNLF.US)视为闪迪面临的最大威胁，并详细阐述了<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>惯用的竞争策略。该机构指出，三星拥有长达30年优先考虑市场份额而非利润的历史。“他们会等待像闪迪这样的纯制造商在50%的高毛利率上感到舒适，然后‘按下开关’，通过增加供应来挤压价格。”</p><p>更紧迫的是，香橼观察到三星正在改变战术，直接侵入闪迪的核心领地。“三星刚刚告诉全世界，他们不会以低于50%毛利率的价格出售产品，并且正在将他们最好的芯片转移到与闪迪相同的高端固态硬盘市场。”Citron警告称，三星不再是仅仅凭借产能优势的“大猩猩”，他们正凭借更低价、更先进的技术去争夺闪迪的核心客户。</p><p><strong>重要股东减持引发更多疑虑</strong></p><p>除了行业竞争和周期因素，香橼还特别指出了另一关键信号：长期投资者<a href=\"https://laohu8.com/S/WDC\">西部数据</a>(WDC.US)的持续减持。作为闪迪的前母公司，西部数据正在通过一系列二次发行剥离其剩余股份。</p><p>香橼对此评论道：“当电视上的权威人士鼓噪着将散户投资者赶进‘牛市列车’时，长期投资者西部数据几天前却在比现价低25%的位置卖出了大量持股。问问自己为什么。因为他们知道周期正接近顶峰，他们不会等待钟声响起。”</p><p><img src=\"https://img.zhitongcaijing.com/image/20260225/1771982604235786.png?x-oss-process=image/format,jpg/quality,q_60\" title=\"1771982604235786.png\"/></p><p>值得注意的是，就在Citron宣布做空的前不久，闪迪刚刚发布了一份远超华尔街预期的第二季度财报。得益于数据中心对企业级SSD的旺盛需求，公司营收实现了可观的环比增长，并给出了乐观的第三季度展望。这份强劲的业绩报告本已推动股价进一步走高，使得香橼的做空时机显得尤为意味深长。</p><p>目前，闪迪正处在一个关键的转型期。随着西部数据的退出，公司正作为一家完全独立的实体，试图抓住AI和数据中心带来的NAND闪存需求增长机遇。然而，香橼的做空行动，无疑给这场“周期性与结构性增长”之间的市场辩论投下了重要一票。该公司下一份定于美东时间5月15日发布的第三季度财报，将成为检验市场信心和行业走向的下一个关键节点。</p></body></html>","source":"stock_zhitongcaijing","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>香橼狙击闪迪(SNDK.US)：当成英伟达(NVDA.US)来炒？别做梦了，你卖的只是大宗商品！</title>\n<style 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n香橼狙击闪迪(SNDK.US)：当成英伟达(NVDA.US)来炒？别做梦了，你卖的只是大宗商品！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 09:32 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1406942.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，受益于存储芯片超级周期而一路飙升的闪迪(SNDK.US)，在周二遭遇了来自知名做空机构香橼研究(Citron Research)的当头一棒。后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严重误判。受此消息影响，闪迪股价在周二盘中一度下跌近8%。尽管这一跌幅与其年内迄今约175%的惊人涨幅，以及过去一年超过1200%的累计回报相比显得微不足道，但做空机构...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1406942.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","BK4579":"人工智能","BK4614":"Manus概念股","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","BK4581":"高盛持仓","LU0861579265.USD":"联博低波幅策略股票基金A","BK4532":"文艺复兴科技持仓","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1923622291.USD":"Natixis Thematics Safety R/A 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ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","BK4612":"AI芯片"},"source_url":"http://www.zhitongcaijing.com/content/detail/1406942.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2614451720","content_text":"智通财经APP获悉，受益于存储芯片超级周期而一路飙升的闪迪(SNDK.US)，在周二遭遇了来自知名做空机构香橼研究(Citron Research)的当头一棒。后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严重误判。受此消息影响，闪迪股价在周二盘中一度下跌近8%。尽管这一跌幅与其年内迄今约175%的惊人涨幅，以及过去一年超过1200%的累计回报相比显得微不足道，但做空机构的入场无疑为这轮火箭式上涨投下了一道长长的阴影。“英伟达有护城河，闪迪卖的是大宗商品”香橼在社交媒体平台X上发布的帖子中直言不讳地表示：“市场正在像定价英伟达(NVDA.US)一样定价闪迪。但有一个问题：英伟达拥有护城河，而闪迪销售的是一种大宗商品。”这则评论直指闪迪商业模式的核心脆弱性——其产品NAND闪存的强周期性。香橼认为，当前NAND闪存需求和价格的飙升是典型的周期性现象，而这一周期正在接近顶峰。他们援引历史经验警告称：“我们在2008年、2012年、2018年都见过这一幕。这次不会有什么不同。存储芯片是一个周期性行业，而周期总会见顶。”香橼强调，NAND内存的供应短缺局面可能迅速逆转，甚至“在一次财报电话会议后就消失”。香橼将行业巨头三星电子(SSNLF.US)视为闪迪面临的最大威胁，并详细阐述了三星惯用的竞争策略。该机构指出，三星拥有长达30年优先考虑市场份额而非利润的历史。“他们会等待像闪迪这样的纯制造商在50%的高毛利率上感到舒适，然后‘按下开关’，通过增加供应来挤压价格。”更紧迫的是，香橼观察到三星正在改变战术，直接侵入闪迪的核心领地。“三星刚刚告诉全世界，他们不会以低于50%毛利率的价格出售产品，并且正在将他们最好的芯片转移到与闪迪相同的高端固态硬盘市场。”Citron警告称，三星不再是仅仅凭借产能优势的“大猩猩”，他们正凭借更低价、更先进的技术去争夺闪迪的核心客户。重要股东减持引发更多疑虑除了行业竞争和周期因素，香橼还特别指出了另一关键信号：长期投资者西部数据(WDC.US)的持续减持。作为闪迪的前母公司，西部数据正在通过一系列二次发行剥离其剩余股份。香橼对此评论道：“当电视上的权威人士鼓噪着将散户投资者赶进‘牛市列车’时，长期投资者西部数据几天前却在比现价低25%的位置卖出了大量持股。问问自己为什么。因为他们知道周期正接近顶峰，他们不会等待钟声响起。”值得注意的是，就在Citron宣布做空的前不久，闪迪刚刚发布了一份远超华尔街预期的第二季度财报。得益于数据中心对企业级SSD的旺盛需求，公司营收实现了可观的环比增长，并给出了乐观的第三季度展望。这份强劲的业绩报告本已推动股价进一步走高，使得香橼的做空时机显得尤为意味深长。目前，闪迪正处在一个关键的转型期。随着西部数据的退出，公司正作为一家完全独立的实体，试图抓住AI和数据中心带来的NAND闪存需求增长机遇。然而，香橼的做空行动，无疑给这场“周期性与结构性增长”之间的市场辩论投下了重要一票。该公司下一份定于美东时间5月15日发布的第三季度财报，将成为检验市场信心和行业走向的下一个关键节点。","news_type":1,"symbols_score_info":{"2NVD.UK":0.6,"NVDS":0.6,"NVDY":0.6,"ANV":0.6,"NVDW":0.6,"NVD":0.6,"NVIW.SI":0.6,"NVDU":0.6,"NVD2.UK":0.6,"NVDS.UK":0.6,"NVDG":0.6,"NVDX":0.6,"NVD3.UK":0.6,"NVDQ":0.6,"NVDB":0.6,"SNVD.UK":0.6,"DIPS":0.6,"3NVD.UK":0.6,"NVDA":1.84,"SNDK":1.97,"NVII":0.6,"NVDD":0.6}},"isVote":1,"tweetType":1,"viewCount":947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}