IT之家 10 月 1 日消息，美光科技董事长兼 CEO 桑杰 · 梅赫罗特拉（Sanjay Mehrotra）在财报电话会上表示，美光当下已签署 26 项长协，锁定约 1,500 亿美元（IT之家注：现汇率约合 1.01 万亿元人民币）长期订单，2027 和 2028 年存储市面供需将比 2026 年更为紧缺，且“看不到供需恢复平衡的尽头”。
美光科技于周三公布的季度营收指引高于市面预期，今年截至当下，这家企业的股价涨幅已经超过两倍。受 AI 增长前景乐观情绪的推动，美光的市值在五月份正式迈入万亿美元俱乐部。该公司股价在周三盘后交易中小幅上涨不到 1%。
生成式人工智能的热潮，令高带宽内存成为数据中心不可或缺的部件，这让美光等厂商从中受益。美光是英伟达的核心供应商，而英伟达的处理器当前主导着各类 AI 算力任务。
梅赫罗特拉在事先准备好的发言中称，客户已经大幅提高长期供货协议下的资金承诺额度，总规模从六月份公布的 220 亿美元（现汇率约合 1,477.71 亿元人民币）增加至 320 亿美元（现汇率约合 2,149.4 亿元人民币），其中绝大多数承诺以现金保证金的形式落实。这位首席执行官还表示，比较 2026 财年，2027 财年与 2028 财年内存和闪存的供需形势将会紧张得多。
“和人们经常讨论的其他领域相比 —— 无论是逻辑芯片，还是数据中心的供电设施，内存无疑是人工智能发展当中最主要的约束瓶颈。”美光总裁兼首席运营官马尼什 · 巴蒂亚（Manish Bhatia）在一次采访中表示，“数据中心已经成长为内存与存储机型最大的市面。”
美光当下接到的订单已经远远超出自身产能。受此影响，该公司在七月份上调了在美国本土的投资规划，计划到 2035 年之前在美国投入超过 2,500 亿美元（现汇率约合 1.68 万亿元人民币）。与此同时，亚马逊、Alphabet 以及其他科技巨头今年计划在 AI 基础设施上面投入的总开支将超过 7,300 亿美元（现汇率约合 4.9 万亿元人民币）。
巴蒂亚表示，新增产能的上线速度终究是有限的，部分原因在于后续的工艺迭代带来的收益正在逐步递减。美光正在推进全球几乎所有生产基地的产能扩建，其中涵盖在日本与美国新建工厂。新工厂预计将于 2027 年年中产出首批硅晶圆；不过巴蒂亚也承认，工厂还需要经过好几个季度的产能爬坡，才可以对市面形成实质性影响。
首席财务官马克 · 墨菲（Mark Murphy）表示，上述长期协议对应的剩余履约义务（一项用于衡量将来合同收入的关键指标）已经升至大约 1,500 亿美元（现汇率约合 1.01 万亿元人民币），上一季度该数值约为 1,000 亿美元（现汇率约合 6,716.88 亿元人民币）。
“笔者预计 2027 财年将会再度创下业绩新高，每个季度的营收都将达成环比增长。”墨菲说道。
依据伦敦证券交易所集团（LSEG）整理的数据，公司预计下一财季营收将达到 615 亿美元（现汇率约合 4,130.88 亿元人民币），上下浮动 15 亿美元（现汇率约合 100.75 亿元人民币）；而分析师的平均预期为 570.2 亿美元（现汇率约合 3,829.96 亿元人民币）。
第一财季调整后每股收益预期为 38.15 美元（现汇率约合 256.2 元人民币），浮动区间正负 1 美元（现汇率约合 6.7 元人民币），高于市面预期的 35.40 美元（现汇率约合 237.8 元人民币）。
梅赫罗特拉同时表示，美光已经就 2027 财年大部分的高带宽内存产能敲定供货协议；并且将上调 2027 财年的资本开支，超出此前原定计划，以此扩充产能。
这家总部设于爱达荷州博伊西的企业，竞争对手是来自韩国的三星电子以及 SK 海力士；后两家企业当下占据着全球高带宽内存市面的主要份额。
工艺分析研究公司首席分析师鲍勃 · 奥唐奈（Bob O’Donnell）指出：“美光这份大超预期的财报以及业绩展望，应该可以彻底打消一部分人对于 AI 产业建设能否持续的疑虑。”
公司第四财季营收增长三倍以上，达到 5,423 亿美元（现汇率约合 3.64 万亿元人民币），高于分析师预期的 5,107 亿美元（现汇率约合 3.43 万亿元人民币）；调整后每股收益为 33.42 美元（现汇率约合 224.5 元人民币），同样超出市面给出的 31.61 美元（现汇率约合 212.3 元人民币）的预期。
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IT之家 October 1 news: Micron Technology Chairman and CEO Sanjay Mehrotra said in an earnings call that Micron has currently signed 26 long-term agreements, locking in approximately $150 billion (IT之家 note: approximately 1.01 trillion RMB at current exchange rates) in long-term orders. Memory supply and demand in 2027 and 2028 will be tighter than in 2026, and there is "no end in sight to the supply-demand balance recovery."
Micron Technology's quarterly revenue guidance announced on Wednesday exceeded market expectations. As of now this year, the company's stock price has more than tripled. Driven by optimistic sentiment about AI growth prospects, Micron's market value officially entered the trillion-dollar club in May. The company's stock rose slightly less than 1% in after-hours trading on Wednesday.
The generative AI boom has made high-bandwidth memory an indispensable component of data centers, benefiting manufacturers such as Micron. Micron is a core supplier to NVIDIA, whose processors currently dominate various AI computing tasks.
In prepared remarks, Mehrotra said customers have significantly increased their capital commitment under long-term supply agreements, rising from the $22 billion (approximately 147.771 billion RMB at current exchange rates) announced in June to $32 billion (approximately 214.94 billion RMB at current exchange rates), with the vast majority of commitments made in the form of cash margin deposits. The CEO also said that compared with fiscal 2026, memory and flash supply and demand conditions in fiscal 2027 and fiscal 2028 will be much tighter.
"Compared with other areas that people often discuss - whether it is logic chips or data center power supply facilities, memory is undoubtedly the most important constraint bottleneck in AI development," said Manish Bhatia, Micron's President and Chief Operating Officer, in an interview. "Data centers have grown into the largest market for memory and storage models."
The orders Micron is currently receiving far exceed its production capacity. As a result, the company raised its investment plan in the United States in July, planning to invest more than $250 billion (approximately 1.68 trillion RMB at current exchange rates) in the U.S. by 2035. Meanwhile, Amazon, Alphabet, and other technology giants plan to spend more than $730 billion (approximately 4.9 trillion RMB at current exchange rates) in total on AI infrastructure this year.
Bhatia said the pace at which new capacity comes online is ultimately limited, partly because the benefits of subsequent process iterations are diminishing. Micron is advancing capacity expansion at nearly all of its global production sites, including new factories in Japan and the United States. The new plants are expected to produce their first silicon wafers by mid-2027; however, Bhatia also acknowledged that the factories will still need several quarters of production ramp-up before they can have a substantial impact on the market.
Chief Financial Officer Mark Murphy said the remaining performance obligations (a key metric for measuring future contract revenue) under the long-term agreements have risen to approximately $150 billion (approximately 1.01 trillion RMB at current exchange rates), compared with about $100 billion (approximately 671.688 billion RMB at current exchange rates) in the previous quarter.
"I expect fiscal 2027 to set another record performance, with revenue growing sequentially each quarter," Murphy said.
Based on data compiled by the London Stock Exchange Group (LSEG), the company expects next quarter's revenue to reach $61.5 billion (approximately 413.088 billion RMB at current exchange rates), with a variance of $1.5 billion (approximately 10.075 billion RMB at current exchange rates); analysts' average expectation was $57.02 billion (approximately 382.996 billion RMB at current exchange rates).
Adjusted earnings per share for the first fiscal quarter are expected to be $38.15 (approximately 256.2 RMB at current exchange rates), with a range of plus or minus $1 (approximately 6.7 RMB), higher than the market expectation of $35.40 (approximately 237.8 RMB).
Mehrotra also said Micron has finalized supply agreements for most of its high-bandwidth memory capacity in fiscal 2027, and will increase capital expenditures for fiscal 2027 beyond its original plan to expand production capacity.
The company, headquartered in Boise, Idaho, competes with South Korea's Samsung Electronics and SK Hynix; the latter two currently hold the majority share of the global high-bandwidth memory market.
Bob O'Donnell, chief analyst at Technalysis Research, said: "Micron's blowout earnings report and outlook should completely dispel some people's doubts about whether AI industry construction can be sustained."
The company's fourth fiscal quarter revenue grew more than threefold to $542.3 billion (approximately 3.64 trillion RMB at current exchange rates), higher than analysts' expectation of $510.7 billion (approximately 3.43 trillion RMB at current exchange rates); adjusted earnings per share were $33.42 (approximately 224.5 RMB), also exceeding the market's expectation of $31.61 (approximately 212.3 RMB).