<p>计算机内存制造商 <strong>美光科技</strong>(MU -4.17%) 的股价在周四上午 11:25（东部时间）下跌了 5.2%——但据我所知，这并不是美光所做的事情值得如此。</p>
<p>相反，应该怪 <strong>三星</strong>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc1Nzgvc2VtaWNvbmR1Y3Rvci1jb21wdXRlci1jaGlwLXdpdGgtdGhlLWxldHRlcnMtYWktaW4tdGhlLW1pZGRsZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc1Nzgvc2VtaWNvbmR1Y3Rvci1jb21wdXRlci1jaGlwLXdpdGgtdGhlLWxldHRlcnMtYWktaW4tdGhlLW1pZGRsZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>三星对高带宽内存（HBM）的看法</h2>
<p>正如 WCCFTech 今早报道的，三星刚刚宣布将降低 HBM3E（即 “高带宽内存 3 增强版”，目前最强大的 HBM 内存类型，专为人工智能和机器学习设计）的价格。三星解释说，一方面，它未能从 <strong>英伟达</strong>(NVDA 1.01%) 那里赢得足够的 HBM 业务，另一方面，HBM 市场似乎目前供过于求。</p>
<p>而解决这两个问题——帮助三星销售产品——就是降低价格。</p>
<h2>美光股票值得出售吗？</h2>
<p>对于美光来说，这构成了一个问题——因为美光也想销售 HBM3E 内存，而现在三星实际上在 HBM 市场上宣告了一场价格战。为了应对，美光将不得不降低自己的价格（这将损害美光的收入和利润），否则它将失去市场份额给三星（这同样会损害美光的收入和利润！）</p>
<p>如果这听起来像是美光的双输局面，那是因为确实如此。</p>
<p>今早在 The Fly 的一份报告中，<strong>富国银行</strong> 警告称，三星的举动将 “影响市场价格”，可能会在 2025 年下半年（即现在）之前，消耗掉 HBM3E 和普通 DRAM 内存之间的价格溢价。</p>
<p>美光股票的市盈率仅为 20 倍，可能看起来并不太贵。但如果利润即将因三星的降价而枯竭，美光股票可能会迅速显得昂贵。精明的投资者可能想在那之前出售。</p>

美光科技

<p>美光科技的股票因三星宣布对其高带宽内存 3 增强版（HBM3E）降价而下跌了 5.2%。这一降价是对 HBM 市场过剩和与英伟达竞争的回应。美光面临两难境地：它必须降低价格以保持竞争力，否则可能会失去市场份额，这可能会对其收入和利润产生重大影响。分析师警告称，这场价格战可能会削弱 HBM3E 的溢价，如果利润下降，美光的股票可能会显得被高估</p>

<p>Shares of computer memory-maker <strong>Micron Technology</strong>(MU -4.17%) tumbled 5.2% through 11:25 a.m. ET Thursday -- but as far as I can tell, it wasn't anything Micron did to deserve this.</p>
<div class="lb-trans"><p>计算机内存制造商 <strong>美光科技</strong>(MU -4.17%) 的股价在周四上午 11:25（东部时间）下跌了 5.2%——但据我所知，这并不是美光所做的事情值得如此。</p>
</div><p>Instead, it was <strong>Samsung</strong> that's to blame.</p>
<div class="lb-trans"><p>相反，应该怪 <strong>三星</strong>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc1Nzgvc2VtaWNvbmR1Y3Rvci1jb21wdXRlci1jaGlwLXdpdGgtdGhlLWxldHRlcnMtYWktaW4tdGhlLW1pZGRsZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827578%2Fsemiconductor-computer-chip-with-the-letters-ai-in-the-middle.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>What Samsung said about high-bandwidth memory (HBM)</h2>
<div class="lb-trans"><h2>三星对高带宽内存（HBM）的看法</h2>
</div><p>As WCCFTech reports this morning, Samsung has just announced it's lowering prices on HBM3E (that's &#34;High Bandwidth Memory 3 Enhanced,&#34; currently the most capable kind of HBM memory, designed for use in artificial intelligence and machine learning). Samsung explained that on the one hand, it hasn't been able to win as much HBM business from <strong>Nvidia</strong>(NVDA 1.01%) as it would like, while on the other hand, the HBM market seems oversupplied right now.</p>
<div class="lb-trans"><p>正如 WCCFTech 今早报道的，三星刚刚宣布将降低 HBM3E（即 “高带宽内存 3 增强版”，目前最强大的 HBM 内存类型，专为人工智能和机器学习设计）的价格。三星解释说，一方面，它未能从 <strong>英伟达</strong>(NVDA 1.01%) 那里赢得足够的 HBM 业务，另一方面，HBM 市场似乎目前供过于求。</p>
</div><p>And the solution to both problems -- to help Samsung move product -- is to lower prices.</p>
<div class="lb-trans"><p>而解决这两个问题——帮助三星销售产品——就是降低价格。</p>
</div><h2>Is Micron stock a sell?</h2>
<div class="lb-trans"><h2>美光股票值得出售吗？</h2>
</div><p>For Micron, this poses a problem -- because Micron also wants to sell HBM3E memory, and now Samsung has effectively declared a price war in the HBM market. In order to fight it, Micron will have to lower its own prices (hurting Micron's revenue and profit), or else it will lose market share to Samsung ( <em>also</em> hurting Micron's revenue and profit!)</p>
<div class="lb-trans"><p>对于美光来说，这构成了一个问题——因为美光也想销售 HBM3E 内存，而现在三星实际上在 HBM 市场上宣告了一场价格战。为了应对，美光将不得不降低自己的价格（这将损害美光的收入和利润），否则它将失去市场份额给三星（这同样会损害美光的收入和利润！）</p>
</div><p>And if that sounds like a lose-lose proposition for Micron, that's because it is.</p>
<div class="lb-trans"><p>如果这听起来像是美光的双输局面，那是因为确实如此。</p>
</div><p>In a note on The Fly this morning, <strong>Wells Fargo</strong> warned that Samsung's action will &#34;impact market prices,&#34; drying up much of the premium in prices between HBM3E and plain-vanilla DRAM memory, perhaps as early as H2 2025 (i.e., <em>now</em>).</p>
<div class="lb-trans"><p>今早在 The Fly 的一份报告中，<strong>富国银行</strong> 警告称，三星的举动将 “影响市场价格”，可能会在 2025 年下半年（即现在）之前，消耗掉 HBM3E 和普通 DRAM 内存之间的价格溢价。</p>
</div><p>Priced at just 20x trailing earnings, Micron stock may not look too expensive. But if profits are about to dry up as Samsung's price cuts take hold, Micron stock could look expensive in a hurry. Savvy investors might want to sell before that happens.</p>
<div class="lb-trans"><p>美光股票的市盈率仅为 20 倍，可能看起来并不太贵。但如果利润即将因三星的降价而枯竭，美光股票可能会迅速显得昂贵。精明的投资者可能想在那之前出售。</p>
</div>

Why Did Micron Stock Drop Today?

- 美光科技股价因三星降价而下跌 5.2%。  
- 三星降低 HBM3E 价格以应对市场供过于求。  
- 美光面临价格战，可能影响收入和利润。  

为什么美光科技的股票今天出现下跌？