<p>今年到目前为止，对科技股来说绝对是个残酷的一年。特别是半导体行业经历了一些显著的抛售。截至 3 月 21 日市场收盘，<strong>Nvidia</strong> 的股价年初至今下跌了 12%。而 <strong>台湾半导体制造公司</strong> 和 <strong>博通</strong> 的股价分别下跌了 10% 和 17%。</p>
<p>但在 2025 年迄今为止，<strong>美光科技</strong>(MU 0.80%) 的表现实际上超过了许多同行，涨幅约为 12%。尽管有这些涨幅，美光在人工智能（AI）领域仍然相对低调，目前的股价绝对是个便宜货。</p>
<p>让我们深入探讨一下为什么这家公司正在悄然崛起为芯片领域的重要参与者，并评估其相对于同行的估值。</p>
<h2>为什么美光在 AI 工作负载中变得越来越重要？</h2>
<p>构建 AI 应用程序需要高效移动大量数据集的能力。如果没有这一点，在大型语言模型（LLMs）和其他 AI 应用程序中处理数据将会造成瓶颈，最终影响生产力和自动化。</p>
<p>美光正在通过高带宽内存（HBM）的强大能力来帮助解决这个问题，这种机制使 AI 芯片能够以显著更快的速度处理数据，相较于传统的内存和存储解决方案。</p>
<p>随着 AI 工作负载超越更基础的应用程序，如聊天机器人，转向越来越复杂的领域，如自动驾驶、机器学习或机器人技术，对 HBM 的需求预计将大幅上升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIxOTYvbWljcm9uLXRlY2hub2xvZ3ktc3RvcmFnZS1kcml2ZXMtd2l0aC1taWNyb24tbG9nb19taWNyb24uanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIxOTYvbWljcm9uLXRlY2hub2xvZ3ktc3RvcmFnZS1kcml2ZXMtd2l0aC1taWNyb24tbG9nb19taWNyb24uanBnJnc9NzAw"/></p>
<p>图片来源：美光科技。</p>
<h2>美光的增长令人印象深刻，旅程才刚刚开始</h2>
<p>下面的图表展示了美光在过去三年的收入和盈利趋势。与许多同行一样，收入进入了一个持续加速的阶段，这一阶段受到广泛 AI 采用的推动。但我认为更令人鼓舞的是，强劲的需求顺风使公司从一个烧钱的业务转变为现在持续盈利的公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fd6a931222ccc601defc0b72b3de7375.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fd6a931222ccc601defc0b72b3de7375.png"/></p>
<p>MU 收入（季度）数据来源于 YCharts。</p>
<p>就在几天前，美光公布了其 2025 财年第二季度的财报。尽管最新一批财务数据令人鼓舞，但首席执行官 Sanjay Mehrotra 分享了一些指导意见，应该让投资者欣喜若狂。他表示，下个季度预计将产生创纪录的收入，全年管理层预测 “显著改善的盈利能力”。</p>
<p>收入加速增长、单位经济改善以及在更广泛的芯片行业中的独特应用，使得该公司成为长期投资者的一个引人注目的机会。下面，我将深入分析该股的估值，以说明为什么它应该引起 AI 投资者的关注。</p>
<h2>美光是一个不容错过的绝佳机会</h2>
<p>以下分析将美光与其他领先芯片股票在前瞻市盈率（P/E）基础上进行基准比较。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f02d75513abe498f396a70b201be6269.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f02d75513abe498f396a70b201be6269.png"/></p>
<p>MU 市盈率（前瞻）数据来源于 YCharts。</p>
<p>不仅美光在这一同行中是最便宜的股票，基于其前瞻市盈率，以上趋势也显示出过去一年中严重的倍数压缩。每股仅 94 美元的股价接近 52 周低点。</p>
<p>我觉得这很奇怪，因为公司在持续创造创纪录的销售额，现在已经盈利，管理层预测将有更强劲的增长。归根结底，我认为美光的基本面与公司的估值在很大程度上是脱节的。</p>
<p>现在，我认为这只股票在支持 AI 革命的最热门领域（即芯片）中绝对是个便宜货。我认为那些寻找 AI 芯片领域不那么明显机会并对长期增长感兴趣的投资者，应该考虑现在大量买入美光股票。</p>

美光科技

<p>美光科技正在成为人工智能芯片市场的关键参与者，表现优于竞争对手如英伟达和台积电。尽管今年股价上涨了 12%，美光的股票仍被低估，目前交易价格接近 52 周低点，为每股 94 美元。该公司正在向盈利转型，预计在即将到来的季度将实现创纪录的收入和改善的盈利能力。分析师指出，美光的高带宽内存技术对人工智能应用至关重要，使其成为人工智能领域长期增长的有吸引力的投资机会</p>

<p>This year has been absolutely brutal for technology stocks so far. In particular, the semiconductor industry has witnessed some notable sell-offs. As of market close on March 21, shares of <strong>Nvidia</strong> were down 12% on the year. Peers such as <strong>Taiwan Semiconductor Manufacturing</strong> and <strong>Broadcom</strong> have declined by 10% and 17%, respectively.</p>
<div class="lb-trans"><p>今年到目前为止，对科技股来说绝对是个残酷的一年。特别是半导体行业经历了一些显著的抛售。截至 3 月 21 日市场收盘，<strong>Nvidia</strong> 的股价年初至今下跌了 12%。而 <strong>台湾半导体制造公司</strong> 和 <strong>博通</strong> 的股价分别下跌了 10% 和 17%。</p>
</div><p>But one chip stock that has actually outperformed many of its peers so far in 2025 is <strong>Micron Technology</strong>(MU 0.80%), with a gain of roughly 12%. Despite these gains, Micron remains relatively under the radar in the artificial intelligence (AI) arena, and the stock is an absolute bargain right now.</p>
<div class="lb-trans"><p>但在 2025 年迄今为止，<strong>美光科技</strong>(MU 0.80%) 的表现实际上超过了许多同行，涨幅约为 12%。尽管有这些涨幅，美光在人工智能（AI）领域仍然相对低调，目前的股价绝对是个便宜货。</p>
</div><p>Let's dig into why the company is quietly emerging as an important player in the chip space and assess its valuation relative to its peers.</p>
<div class="lb-trans"><p>让我们深入探讨一下为什么这家公司正在悄然崛起为芯片领域的重要参与者，并评估其相对于同行的估值。</p>
</div><h2>Why is Micron becoming increasingly important for AI workloads?</h2>
<div class="lb-trans"><h2>为什么美光在 AI 工作负载中变得越来越重要？</h2>
</div><p>Building AI applications requires the ability to move large data sets efficiently. Without this, processing data inside large language models (LLMs) and other AI applications would create a logjam, ultimately taking a toll on productivity and automation.</p>
<div class="lb-trans"><p>构建 AI 应用程序需要高效移动大量数据集的能力。如果没有这一点，在大型语言模型（LLMs）和其他 AI 应用程序中处理数据将会造成瓶颈，最终影响生产力和自动化。</p>
</div><p>Micron is helping to solve this through the power of high-bandwidth memory (HBM), a mechanism that provides AI chips the ability to process data at materially faster speeds compared to legacy memory and storage solutions.</p>
<div class="lb-trans"><p>美光正在通过高带宽内存（HBM）的强大能力来帮助解决这个问题，这种机制使 AI 芯片能够以显著更快的速度处理数据，相较于传统的内存和存储解决方案。</p>
</div><p>As AI workloads move beyond more basic applications, such as chatbots, and transition to increasingly more complex fields like autonomous driving, machine learning, or robotics, the need for HBM is expected to rise considerably.</p>
<div class="lb-trans"><p>随着 AI 工作负载超越更基础的应用程序，如聊天机器人，转向越来越复杂的领域，如自动驾驶、机器学习或机器人技术，对 HBM 的需求预计将大幅上升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIxOTYvbWljcm9uLXRlY2hub2xvZ3ktc3RvcmFnZS1kcml2ZXMtd2l0aC1taWNyb24tbG9nb19taWNyb24uanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812196%2Fmicron-technology-storage-drives-with-micron-logo_micron.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Micron Technology.</p>
<div class="lb-trans"><p>图片来源：美光科技。</p>
</div><h2>Micron's growth is impressive, and the ride is just getting started</h2>
<div class="lb-trans"><h2>美光的增长令人印象深刻，旅程才刚刚开始</h2>
</div><p>The charts below illustrate Micron's revenue and earnings trends over the last three years. Like many of its peers in the chip realm, revenue has entered a period of continued acceleration underscored by widespread AI adoption. But what I find more encouraging is that the strong demand tailwinds have helped the company transition from a cash-burning business to one that is now consistently profitable.</p>
<div class="lb-trans"><p>下面的图表展示了美光在过去三年的收入和盈利趋势。与许多同行一样，收入进入了一个持续加速的阶段，这一阶段受到广泛 AI 采用的推动。但我认为更令人鼓舞的是，强劲的需求顺风使公司从一个烧钱的业务转变为现在持续盈利的公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fd6a931222ccc601defc0b72b3de7375.png" alt="" original-src="https://media.ycharts.com/charts/fd6a931222ccc601defc0b72b3de7375.png"/></p>
<p>MU revenue (quarterly) data by YCharts.</p>
<div class="lb-trans"><p>MU 收入（季度）数据来源于 YCharts。</p>
</div><p>Just a few days ago, Micron reported earnings for the second quarter of its fiscal 2025. While the latest batch of financials were encouraging, CEO Sanjay Mehrotra shared some guidance that should have investors jumping for joy. He said that next quarter is expected to produce record revenue, and for the full year, management is calling for &#34;significantly improved profitability.&#34;</p>
<div class="lb-trans"><p>就在几天前，美光公布了其 2025 财年第二季度的财报。尽管最新一批财务数据令人鼓舞，但首席执行官 Sanjay Mehrotra 分享了一些指导意见，应该让投资者欣喜若狂。他表示，下个季度预计将产生创纪录的收入，全年管理层预测 “显著改善的盈利能力”。</p>
</div><p>The combination of accelerating revenue, improved unit economics, and its unique application in the broader chip industry makes the company a compelling opportunity for long-term investors. Below, I'll dig into the stock's valuation to make my case for why it should be on the radar of AI investors.</p>
<div class="lb-trans"><p>收入加速增长、单位经济改善以及在更广泛的芯片行业中的独特应用，使得该公司成为长期投资者的一个引人注目的机会。下面，我将深入分析该股的估值，以说明为什么它应该引起 AI 投资者的关注。</p>
</div><h2>Micron is a bargain that is too good to pass up</h2>
<div class="lb-trans"><h2>美光是一个不容错过的绝佳机会</h2>
</div><p>The analysis below benchmarks Micron against a cohort of other leading chip stocks on a forward price-to-earnings (P/E) basis.</p>
<div class="lb-trans"><p>以下分析将美光与其他领先芯片股票在前瞻市盈率（P/E）基础上进行基准比较。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f02d75513abe498f396a70b201be6269.png" alt="" original-src="https://media.ycharts.com/charts/f02d75513abe498f396a70b201be6269.png"/></p>
<p>MU PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>MU 市盈率（前瞻）数据来源于 YCharts。</p>
</div><p>Not only is Micron the cheapest stock among this peer set based on its forward P/E, but the trends above also show some serious multiple compression over the last year. At just $94 per share, the stock is trading close to a 52-week low.</p>
<div class="lb-trans"><p>不仅美光在这一同行中是最便宜的股票，基于其前瞻市盈率，以上趋势也显示出过去一年中严重的倍数压缩。每股仅 94 美元的股价接近 52 周低点。</p>
</div><p>I find this odd considering the company is generating record sales on a consistent basis, it's now profitable, and management is forecasting even more robust growth. At the end of the day, I think the fundamentals in Micron's underlying business are largely disconnected from the company's valuation.</p>
<div class="lb-trans"><p>我觉得这很奇怪，因为公司在持续创造创纪录的销售额，现在已经盈利，管理层预测将有更强劲的增长。归根结底，我认为美光的基本面与公司的估值在很大程度上是脱节的。</p>
</div><p>Right now, I see the stock as an absolute bargain in what is perhaps the hottest area supporting the AI revolution (i.e., chips). I think investors who are looking for less obvious opportunities in the AI chip space and are interested in long-term growth should consider buying the dip in Micron stock hand over fist right now.</p>
<div class="lb-trans"><p>现在，我认为这只股票在支持 AI 革命的最热门领域（即芯片）中绝对是个便宜货。我认为那些寻找 AI 芯片领域不那么明显机会并对长期增长感兴趣的投资者，应该考虑现在大量买入美光股票。</p>
</div>

Looking for a Bargain? 1 Artificial Intelligence (AI) Chip Stock to Buy the Dip Hand Over Fist. (Hint: It's Not Nvidia.)

- 2025 年，科技股表现不佳，半导体行业遭遇抛售。  
- Micron Technology 股价上涨 12%，在 AI 领域逐渐崭露头角。  
- 公司预计下季度将创纪录收入，长期投资者可关注其估值。

寻找便宜货？有一只人工智能（AI）芯片股票值得大力买入。（提示：不是英伟达。）