<p>许多 人工智能（AI）股票 的回报在过去一年中成为市场收益的重要推动力，其中一家突出股票是数据中心内存公司 <strong>美光科技</strong>（MU +6.89%）。</p>
<p>自 2025 年初以来，美光的股价已上涨约 217%，超过了 <strong>标准普尔 500 指数</strong> 的 16% 回报。而且有几个良好的理由表明，它在 2026 年可能继续上涨，并成为明年市场上表现最好的股票之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDY3NTYvZ2V0dHlpbWFnZXMtMTY2MTAyMTg1My0xMjAxeDgwMC01YjJkZjc5LmpwZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1200" height="800" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDY3NTYvZ2V0dHlpbWFnZXMtMTY2MTAyMTg1My0xMjAxeDgwMC01YjJkZjc5LmpwZyZ3PTM4NDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>美光的销售和收益持续飙升</h2>
<p>美光刚刚公布了其 2026 财年第一季度的业绩（截至 2025 年 11 月 27 日），公司证明了它能够以健康的速度继续增长其收入和利润。销售额同比增长 56%，达到 136 亿美元，超过了华尔街的共识预期 128 亿美元。而 非公认会计原则（non-GAAP）收益激增 167%，达到每股 4.78 美元，超出分析师的共识预期 3.95 美元。</p>
<p>美光设计和制造用于 AI数据中心 的内存，其动态随机存取内存（DRAM）和 NAND 闪存是其增长的关键驱动力。虽然内存业务可能具有周期性，但美光显然受益于 AI 支出的巨大激增。</p>
<p>不仅公司 DRAM 和 NAND 内存的支出飙升，内存产品价格的上涨和其他产品需求的增加也使美光的 毛利率 同比上升了 11 个百分点，达到 56%。这是一个令人印象深刻的增长，尤其值得注意的是，美光管理层表示，他们预计第二季度将大幅提高至 67%。</p>
<p>广告</p>
<h2>DRAM 内存的需求在 2026 年可能会非常高</h2>
<p>美光在 2026 年可能还有更多期待，因为其 DRAM 内存的需求——占其销售额的一半以上——仍然很高。包括 OpenAI 在内的科技公司，如 <strong>Alphabet</strong>、<strong>Meta Platforms</strong> 等，正在投资数千亿美元建设 AI 数据中心，因此需要大量这种内存。</p>
<p>Counterpoint Research 的数据表明，由于需求极高，DRAM 内存处理器的价格明年可能会翻倍。这将对美光的内存业务是一个利好，因为该公司在 DRAM 市场的份额已扩大至近 26%，并且随着公司利用内存需求的高位，明年可能会继续上升。</p>
<p>美光强劲的第一季度业绩是公司已经受益于这种积压需求的良好指标，美光首席执行官 Sanjay Mehrotra 在准备好的讲话中表示：“AI 数据中心容量的增长正在推动对高性能和高容量内存和存储的显著需求”，并补充说：“我们预计服务器需求的强劲势头将在 2026 年继续。”</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01VLnBuZyZ3PTEyOA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="美光科技股票报价" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01VLnBuZyZ3PTEyOA"/></p>
<h2>NASDAQ: MU</h2>
<p>美光科技</p>
<p>今日变动</p>
<p>(6.89%) $17.12</p>
<p>当前价格</p>
<p>$265.67</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$299B</p>
<p>日内区间</p>
<p>$251.75 - $268.25</p>
<p>52 周区间</p>
<p>$61.54 - $268.38</p>
<p>成交量</p>
<p>1.6M</p>
<p>平均成交量</p>
<p>27M</p>
<p>毛利率</p>
<p>45.56%</p>
<p>股息收益率</p>
<p>0.17%</p>
<h2>即使在当前的涨幅下，该股票仍相对便宜</h2>
<p>大多数人工智能股票，尤其是那些远远超过市场收益的股票，估值都很高。但在美光的情况下并非如此。该公司的股票市盈率仅为 21，而更广泛科技行业的平均市盈率为 44。</p>
<p>这使得美光的股票显著低于许多其他科技公司的股票，并且考虑到其过去一年的出色回报，这是一笔令人惊讶的好交易。随着公司继续交出强劲的销售和收益，购买美光股票似乎是一个明智的选择。</p>
<p>只需记住，美光的股价有时可能会 波动，尤其是在发布季度业绩时。但考虑到科技公司目前对内存的需求旺盛，数据中心支出保持高位，而美光的股票相对便宜，增加现有持仓或开始新持仓看起来是一个明智的举动。</p>

美光科技

<p>美光科技的股票自 2025 年初以来上涨了 217%，这得益于其在人工智能数据中心的内存产品强劲需求。该公司报告了 2026 财年第一季度销售额增长 56% 和盈利增长 167%。美光的市盈率为 21，相较于科技行业的平均水平被认为是被低估的。对 DRAM 内存的高需求和价格上涨预计将继续推动美光在 2026 年的表现，使其成为一个潜在的明智投资</p>

<p>The returns of many artificial intelligence (AI) stocks have been a significant driver of the market's gains over the past year, and one standout stock has been the data center memory company <strong>Micron Technology</strong>( MU +6.89%).</p>
<div class="lb-trans"><p>许多 人工智能（AI）股票 的回报在过去一年中成为市场收益的重要推动力，其中一家突出股票是数据中心内存公司 <strong>美光科技</strong>（MU +6.89%）。</p>
</div><p>Micron's shares have increased about 217% since the beginning of 2025, outpacing the <strong>S&amp;P 500</strong>'s 16% returns. And there are a few good reasons why it could continue marching higher in 2026 and be one of the market's best performers next year, too.</p>
<div class="lb-trans"><p>自 2025 年初以来，美光的股价已上涨约 217%，超过了 <strong>标准普尔 500 指数</strong> 的 16% 回报。而且有几个良好的理由表明，它在 2026 年可能继续上涨，并成为明年市场上表现最好的股票之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDY3NTYvZ2V0dHlpbWFnZXMtMTY2MTAyMTg1My0xMjAxeDgwMC01YjJkZjc5LmpwZyZ3PTM4NDA" alt="A person holding a phone with a chart on it. " original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F846756%2Fgettyimages-1661021853-1201x800-5b2df79.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Micron's sales and earnings continue to rocket higher</h2>
<div class="lb-trans"><h2>美光的销售和收益持续飙升</h2>
</div><p>Micron just reported its fiscal 2026 first-quarter results (ended Nov. 27, 2025), and the company proved that it can continue growing its top and bottom lines at a healthy clip. Sales rose by 56% year over year to $13.6 billion, outpacing Wall Street's consensus estimate of $12.8 billion. And non-GAAP (generally accepted accounting principles) earnings surged 167% higher to $4.78 per share, beating analysts' consensus estimate of $3.95.</p>
<div class="lb-trans"><p>美光刚刚公布了其 2026 财年第一季度的业绩（截至 2025 年 11 月 27 日），公司证明了它能够以健康的速度继续增长其收入和利润。销售额同比增长 56%，达到 136 亿美元，超过了华尔街的共识预期 128 亿美元。而 非公认会计原则（non-GAAP）收益激增 167%，达到每股 4.78 美元，超出分析师的共识预期 3.95 美元。</p>
</div><p>Micron designs and manufactures memory that is used in AI data centers, with its dynamic random access memory (DRAM) and NAND flash memory being key drivers of its growth. While the memory business can be cyclical, Micron is clearly benefiting from a massive surge in AI spending.</p>
<div class="lb-trans"><p>美光设计和制造用于 AI数据中心 的内存，其动态随机存取内存（DRAM）和 NAND 闪存是其增长的关键驱动力。虽然内存业务可能具有周期性，但美光显然受益于 AI 支出的巨大激增。</p>
</div><p>Not only is spending on the company's DRAM and NAND memory soaring, but rising prices for these memory products and increased demand for other products pushed Micron's gross margins up 11 percentage points from the year-ago quarter, to 56%. That's an impressive increase, and it's even more notable considering that Micron's management says they'll substantially increase in the second quarter, too, to 67%.</p>
<div class="lb-trans"><p>不仅公司 DRAM 和 NAND 内存的支出飙升，内存产品价格的上涨和其他产品需求的增加也使美光的 毛利率 同比上升了 11 个百分点，达到 56%。这是一个令人印象深刻的增长，尤其值得注意的是，美光管理层表示，他们预计第二季度将大幅提高至 67%。</p>
</div><p>Advertisement</p>
<div class="lb-trans"><p>广告</p>
</div><h2>Demand for DRAM memory will likely be very high through 2026</h2>
<div class="lb-trans"><h2>DRAM 内存的需求在 2026 年可能会非常高</h2>
</div><p>Micron likely has more to look forward to in 2026, as demand for its DRAM memory -- which accounts for more than half of its sales -- remains high. Tech companies, including OpenAI, <strong>Alphabet</strong>, <strong>Meta Platforms</strong>, and others, require substantial amounts of this memory as they invest hundreds of billions of dollars in building AI data centers.</p>
<div class="lb-trans"><p>美光在 2026 年可能还有更多期待，因为其 DRAM 内存的需求——占其销售额的一半以上——仍然很高。包括 OpenAI 在内的科技公司，如 <strong>Alphabet</strong>、<strong>Meta Platforms</strong> 等，正在投资数千亿美元建设 AI 数据中心，因此需要大量这种内存。</p>
</div><p>Data from Counterpoint Research shows that DRAM memory processor prices could <em>double</em> next year due to extremely high demand. This will be a boon to Micron's memory business, as the company's share of the DRAM market has expanded to nearly 26%, and it could continue rising next year as the company takes advantage of the elevated levels of memory demand.</p>
<div class="lb-trans"><p>Counterpoint Research 的数据表明，由于需求极高，DRAM 内存处理器的价格明年可能会翻倍。这将对美光的内存业务是一个利好，因为该公司在 DRAM 市场的份额已扩大至近 26%，并且随着公司利用内存需求的高位，明年可能会继续上升。</p>
</div><p>Micron's strong first-quarter results are a good indicator that the company is already benefiting from this pent-up demand, with Micron CEO Sanjay Mehrotra saying in prepared remarks, &#34;This growth in AI data center capacity is driving a significant increase in demand for high-performance and high-capacity memory and storage,&#34; adding later that, &#34;We expect server demand strength to continue in 2026.&#34;</p>
<div class="lb-trans"><p>美光强劲的第一季度业绩是公司已经受益于这种积压需求的良好指标，美光首席执行官 Sanjay Mehrotra 在准备好的讲话中表示：“AI 数据中心容量的增长正在推动对高性能和高容量内存和存储的显著需求”，并补充说：“我们预计服务器需求的强劲势头将在 2026 年继续。”</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01VLnBuZyZ3PTEyOA" alt="Micron Technology Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FMU.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: MU</h2>
<div class="lb-trans"><h2>NASDAQ: MU</h2>
</div><p>Micron Technology</p>
<div class="lb-trans"><p>美光科技</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(6.89%) $17.12</p>
<div class="lb-trans"><p>(6.89%) $17.12</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$265.67</p>
<div class="lb-trans"><p>$265.67</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$299B</p>
<div class="lb-trans"><p>$299B</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$251.75 - $268.25</p>
<div class="lb-trans"><p>$251.75 - $268.25</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$61.54 - $268.38</p>
<div class="lb-trans"><p>$61.54 - $268.38</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.6M</p>
<div class="lb-trans"><p>1.6M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>27M</p>
<div class="lb-trans"><p>27M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>45.56%</p>
<div class="lb-trans"><p>45.56%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.17%</p>
<div class="lb-trans"><p>0.17%</p>
</div><h2>Even with its current gains, the stock is relatively cheap</h2>
<div class="lb-trans"><h2>即使在当前的涨幅下，该股票仍相对便宜</h2>
</div><p>Most artificial intelligence stocks, especially the ones that are far outpacing the market's gains, have high valuations. But that's not true in Micron's case. The company's stock has a price-to-earnings ratio of just 21, compared to the average P/E ratio of 44 for the broader tech sector.</p>
<div class="lb-trans"><p>大多数人工智能股票，尤其是那些远远超过市场收益的股票，估值都很高。但在美光的情况下并非如此。该公司的股票市盈率仅为 21，而更广泛科技行业的平均市盈率为 44。</p>
</div><p>This makes Micron's stock significantly cheaper than that of many other tech companies, and a surprisingly good deal, considering its outstanding returns over the past year. With the company continuing to deliver strong sales and earnings, buying Micron stock appears to be a no-brainer.</p>
<div class="lb-trans"><p>这使得美光的股票显著低于许多其他科技公司的股票，并且考虑到其过去一年的出色回报，这是一笔令人惊讶的好交易。随着公司继续交出强劲的销售和收益，购买美光股票似乎是一个明智的选择。</p>
</div><p>Just keep in mind that Micron's share price can sometimes be volatile, especially around the time it releases its quarterly results. But considering that tech companies can't get enough memory right now, data center spending remains elevated, and Micron's shares are cheap by comparison, adding to an existing position or starting a new one looks like a smart move.</p>
<div class="lb-trans"><p>只需记住，美光的股价有时可能会 波动，尤其是在发布季度业绩时。但考虑到科技公司目前对内存的需求旺盛，数据中心支出保持高位，而美光的股票相对便宜，增加现有持仓或开始新持仓看起来是一个明智的举动。</p>
</div>

Could This AI Leader Be the Market's Best Performer Next Year?

- Micron Technology 今年股价上涨约 217%，超越 S&P 500 的 16% 业绩。  
- 公司第一季度财报显示销售同比增长 56% 至 136 亿美元，非 GAAP 每股收益增 167%。  
- 随着 AI 数据中心需求增加，预计 Micron 未来仍将受益，股票估值相对较低。

这位 AI 领导者能否在明年成为市场表现最好的公司？