<p>半导体行业正处于卓越增长的前景中，预计到 2026 年，该行业将因对人工智能的高需求而达到 <strong>1 万亿美元</strong>。</p>
<p>华尔街分析师，如美国银行的 Vivek Arya，预计该行业的收入将增长 30%，并将超过世界半导体贸易统计局（WSTS）在 2026 年预计的 9750 亿美元。</p>
<p>在受青睐的投资机会中，Nvidia 和 Lam Research 具有显著增长潜力，并在市场活动增加的预期下拥有理想的估值比率。</p>
<h2>人工智能点燃创纪录的增长</h2>
<p>整个行业的势头变得越来越难以忽视。根据世界半导体贸易统计局（WSTS）的数据，半导体行业在 2025 年又经历了一个稳健增长的年份，销售额增长了 22.5%，超过 <strong>7720 亿美元</strong>。</p>
<p>Arya 估计数据中心市场到 2030 年将增长至 <strong>1.2 万亿美元</strong>，年增长率 <strong>预计为 38%</strong>，而人工智能加速器（如 GPU）到 2030 年的销售额将达到 9000 亿美元。</p>
<p>Nvidia 继续主导人工智能加速器市场，拥有 <strong>94% 的 GPU 市场份额</strong>，因此被用于大型语言模型如 ChatGPT 和企业推理系统中。</p>
<h2>预测变得越来越乐观</h2>
<p>Visible Alpha 共识预计 2026 财年第一季度的总收入为 432 亿美元。对 Nvidia 数据中心部门强劲表现的乐观情绪继续推动整体收入增长。</p>
<p>从 2024 年 1 月的 216 亿美元到目前预计的 391 亿美元，该部门第一季度的预期收入表现增加了近 50%。</p>
<h2>Lam 推动内存激增</h2>
<p>Lam Research 的股票今年迄今已 <strong>上涨 138.5%</strong>，超过了 Zacks 电子 - 半导体行业 38.2% 的增长，这一数字在一定程度上可以用其生产的用于人工智能加速器内存芯片的生产设备类型来解释。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.techi.com/wp-content/uploads/2026/01/image.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="277" original-src="https://imageproxy.pbkrs.com/https://www.techi.com/wp-content/uploads/2026/01/image.jpeg"/></p>
<p>2026 财年第一季度的销售额已记录到 GAAP 收入为 6.076 亿美元，比 2025 年第一季度增长了 <strong>6.9%</strong>。</p>
<p>该公司将能够利用高带宽内存（HBM）的短缺，通过与内存相关的工具实现三分之一的收入。</p>
<p>美光公司首席财务官 Mark Murphy 宣布，2026 财年的资本支出预算从之前的 <strong>180 亿美元</strong> 增加到约 200 亿美元，这进一步加剧了对 Lam 设备的需求。</p>
<p>Lam 的前瞻性市盈率为 35.3 倍，类似于纳斯达克 100 的倍数，仍有很大的上升空间。</p>
<h2>预测：未来收益飙升</h2>
<p>展望未来，预计到 2027 年持续的 HBM 短缺将维持美光及其竞争对手的资本支出流动，从而增强 Lam 的订单积压。</p>
<p>目前，模拟器件公司预计在即将到来的财年实现 12% 的收益增长，而 Zacks 共识估计的行业整体收益在过去 60 天内上升了 <strong>5.3%</strong>，这表明 2026 年的基本面正在改善。</p>
<p>分析师指出，随着半导体行业接近一万亿美元的收入基础，受人工智能需求和内存芯片制造影响的公司将享有长期市场增长；然而，估值水平和产能限制仍然是投资者需要关注的关键因素。</p>

拉姆研究

<p>半导体行业预计到 2026 年将达到 1 万亿美元，主要受人工智能需求的推动，分析师预计收入将增长 30%。Nvidia 和 Lam Research 被认为是关键的投资机会。Nvidia 在人工智能加速器市场占据主导地位，而 Lam Research 则受益于内存芯片的生产。该行业的增长得益于像美光这样的公司的资本支出增加。分析师预测盈利将持续增长，但提醒投资者注意估值水平和市场扩张时的产能限制</p>

<p>The semiconductor industry is poised for exceptional growth and it can be expected that by 2026, the industry will reach <strong>$1 trillion</strong> due to high demand which is mainly influenced by the growing AI.</p>
<div class="lb-trans"><p>半导体行业正处于卓越增长的前景中，预计到 2026 年，该行业将因对人工智能的高需求而达到 <strong>1 万亿美元</strong>。</p>
</div><p>The Wall Street analysts such as Vivek Arya at Bank of America are expecting an increase in revenue of the industry by 30% and that it would go above the estimate of the World Semiconductor Trade Statistics (WSTS) of $975 billion in 2026.</p>
<div class="lb-trans"><p>华尔街分析师，如美国银行的 Vivek Arya，预计该行业的收入将增长 30%，并将超过世界半导体贸易统计局（WSTS）在 2026 年预计的 9750 亿美元。</p>
</div><p>Among favored investments opportunities, Nvidia and Lam Research, have the potential to grow significantly and have desirable valuation ratios in anticipation of an increased market activity.</p>
<div class="lb-trans"><p>在受青睐的投资机会中，Nvidia 和 Lam Research 具有显著增长潜力，并在市场活动增加的预期下拥有理想的估值比率。</p>
</div><h2>AI Ignites Record Growth</h2>
<div class="lb-trans"><h2>人工智能点燃创纪录的增长</h2>
</div><p>The momentum across the industry has become increasingly difficult to ignore. The semiconductor industry witnessed another year of solid growth in 2025, with sales rising by 22.5% to just over <strong>$772 billion</strong>, according to World Semiconductor Trade Statistics (WSTS).</p>
<div class="lb-trans"><p>整个行业的势头变得越来越难以忽视。根据世界半导体贸易统计局（WSTS）的数据，半导体行业在 2025 年又经历了一个稳健增长的年份，销售额增长了 22.5%，超过 <strong>7720 亿美元</strong>。</p>
</div><p>Arya estimates that data center market would grow to <strong>$1.2 trillion by 2030</strong> with annual growth <strong>projected at 38%</strong>, whereas AI accelerators (e.g. GPUs) will reach a sale of $900 billion in 2030.</p>
<div class="lb-trans"><p>Arya 估计数据中心市场到 2030 年将增长至 <strong>1.2 万亿美元</strong>，年增长率 <strong>预计为 38%</strong>，而人工智能加速器（如 GPU）到 2030 年的销售额将达到 9000 亿美元。</p>
</div><p>Nvidia continues to dominate the AI accelerator market, holding <strong>94% of the market share of GPUs</strong> and has thus been used in the large language models such as ChatGPT to the enterprises inference systems.</p>
<div class="lb-trans"><p>Nvidia 继续主导人工智能加速器市场，拥有 <strong>94% 的 GPU 市场份额</strong>，因此被用于大型语言模型如 ChatGPT 和企业推理系统中。</p>
</div><h2>Forecasts Turn Increasingly Optimistic</h2>
<div class="lb-trans"><h2>预测变得越来越乐观</h2>
</div><p>The Visible Alpha consensus projects $43.2 billion in total revenue for Fiscal Q1 2026. Optimism regarding the strength of Nvidia’s Data Center segment continues to fuel overall revenue growth.</p>
<div class="lb-trans"><p>Visible Alpha 共识预计 2026 财年第一季度的总收入为 432 亿美元。对 Nvidia 数据中心部门强劲表现的乐观情绪继续推动整体收入增长。</p>
</div><p>From $21.6 billion in January 2024 to its current projection of $39.1 billion, this segment’s expected top-line performance for Q1 has increased by nearly 50%.</p>
<div class="lb-trans"><p>从 2024 年 1 月的 216 亿美元到目前预计的 391 亿美元，该部门第一季度的预期收入表现增加了近 50%。</p>
</div><h2>Lam Powers the Memory Surge</h2>
<div class="lb-trans"><h2>Lam 推动内存激增</h2>
</div><p>Lam Research’s stock has <strong>increased 138.5%</strong> so far this year, surpassing the 38.2% growth in the Zacks Electronics-Semiconductors sector, a figure that can be minimally explained by the type of production equipment that it produces that finds use in the memory chip included in AI accelerators.</p>
<div class="lb-trans"><p>Lam Research 的股票今年迄今已 <strong>上涨 138.5%</strong>，超过了 Zacks 电子 - 半导体行业 38.2% 的增长，这一数字在一定程度上可以用其生产的用于人工智能加速器内存芯片的生产设备类型来解释。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.techi.com/wp-content/uploads/2026/01/image.jpeg" alt="" original-src="https://www.techi.com/wp-content/uploads/2026/01/image.jpeg"/></p>
<p>The sales of the first quarter fiscal-year 2026 have already recorded an increased Q1 GAAP revenues of $607.6 million, up <strong>6.9%</strong> from Q1 2025.</p>
<div class="lb-trans"><p>2026 财年第一季度的销售额已记录到 GAAP 收入为 6.076 亿美元，比 2025 年第一季度增长了 <strong>6.9%</strong>。</p>
</div><p>The company will be able to capitalize on the shortage of high-bandwidth memory (HBM) to make a third of its revenue through memory-related tools.</p>
<div class="lb-trans"><p>该公司将能够利用高带宽内存（HBM）的短缺，通过与内存相关的工具实现三分之一的收入。</p>
</div><p>The capital expenditure of Micron announced by Company CFO Mark Murphy an increase in the capital expenditure budget for fiscal year 2026 from the previous <strong>$18 billion</strong> to approximately $20 billion has only intensified the demand of Lam equipment.</p>
<div class="lb-trans"><p>美光公司首席财务官 Mark Murphy 宣布，2026 财年的资本支出预算从之前的 <strong>180 亿美元</strong> 增加到约 200 亿美元，这进一步加剧了对 Lam 设备的需求。</p>
</div><p>With a forward earnings of 35.3 times, Lam resembles Nasdaq-100 multiples that have plenty of room.</p>
<div class="lb-trans"><p>Lam 的前瞻性市盈率为 35.3 倍，类似于纳斯达克 100 的倍数，仍有很大的上升空间。</p>
</div><h2>Prognosis: Soaring Earnings to the Future</h2>
<div class="lb-trans"><h2>预测：未来收益飙升</h2>
</div><p>Looking forward, continuing HBM shortages in the coming 2027 are expected to sustain the flow of capital-expenditure by Micron and its competitors, hence bolstering the order backlog of Lam.</p>
<div class="lb-trans"><p>展望未来，预计到 2027 年持续的 HBM 短缺将维持美光及其竞争对手的资本支出流动，从而增强 Lam 的订单积压。</p>
</div><p>Currently, Analog Devices estimated to deliver earnings growth of a 12% in the coming fiscal year, while the Zacks Consensus Estimate for sector-wide earnings which has risen by <strong>5.3% over the last 60 days</strong>, which is a sign of improving fundamentals in 2026.</p>
<div class="lb-trans"><p>目前，模拟器件公司预计在即将到来的财年实现 12% 的收益增长，而 Zacks 共识估计的行业整体收益在过去 60 天内上升了 <strong>5.3%</strong>，这表明 2026 年的基本面正在改善。</p>
</div><p>Analysts have noted that as the semiconductor industry approaches a one trillion dollar revenue base, companies prone to AI demand and memory-chip manufacturing will enjoy long-term market growth; however, valuation levels and capacity constraints remain a key factor to look at by investors.</p>
<div class="lb-trans"><p>分析师指出，随着半导体行业接近一万亿美元的收入基础，受人工智能需求和内存芯片制造影响的公司将享有长期市场增长；然而，估值水平和产能限制仍然是投资者需要关注的关键因素。</p>
</div>

芯片热潮市值突破 1 万亿美元