Micron's 28 billion is the money the 'landlord' advanced first.
First, let's talk about where Micron's $28 billion comes from. It flows down this chain: capital expenditures of the seven sisters → AI factories → GPU → HBM/DDR/eSSD → Micron. In 2026, the combined capital expenditures of the four major cloud providers are approximately $720 billion, up about 77% year-over-year (Google, Amazon, Microsoft each around $190–200 billion, Meta around $130 billion), with storage accounting for roughly 30%. Micron didn't suddenly become powerful; it just happens to be downstream of the money flow.
$Micron Tech(MU.US)$NVIDIA(NVDA.US)$XL2CSOPHYNIX(07709.HK)
美光赚翻了，但真正的胜负手——是爆雷先到，还是闭环先到？
我昨天一大早熬夜起来看财报后写的那篇美光，评论区已经吵翻了。赞同的很多，但真正扎到我的，是一句反对的。有读者留言："地主家也有没余粮的时候。"这句话，真的很狠。因为它一刀戳进了我研究的整条"利润迁移链"最致命的地方——美光能赚多久，根本不取决于美光，取决于给它送钱的"地主"，还撑不撑得住。而想清楚这件事，你得先换一个角度看这场游戏：这不是一场技术竞赛，而是一场现金流竞赛。美光这 280 亿...
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