<p><strong>美光科技（</strong> <strong>NASDAQ:MU</strong> <strong>)</strong> 的股票在过去一年中表现出色，飙升约 630%，因为受人工智能驱动的先进存储产品需求激增推动，公司销售、利润和股价在短短几个月内大幅上涨。</p>
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<p>对于许多投资者来说，最初对存储行业周期性特征的担忧似乎已经转变为绝对的狂热。人们认为，人工智能的出现从根本上改变了游戏规则，永久性地提高了存储业务的底线。</p>
<p>看涨理论无疑正在上升，因为超大规模企业的资本支出持续增长，而存储供应似乎还需要数年才能满足旺盛的需求。然而，在这片阳光明媚的天空中，顶级投资者维克多·德尔古诺夫对 MU 成功故事的延续提出了强烈的反驳。</p>
<p>&#34;不，这次真的没有不同，&#34;这位 5 星投资者说道，他是 TipRanks 覆盖的前 4% 投资者之一。&#34;我预计存储市场的供需失衡将会正常化，从而削弱 MU 的定价能力并压缩利润率。&#34;</p>
<p>在德尔古诺夫看来，从这个意义上说，MU 正在借用时间。虽然他承认存储短缺可能会比以往周期持续更长时间，但最终摆锤将会回摆，&#34;从供不应求转向供过于求。&#34;</p>
<p>这将对利润造成显著拖累，使得多重压缩成为必然。&#34;我相信美光的股价注定会大幅下跌，&#34;德尔古诺夫补充道。</p>
<p>事实上，这位投资者称公司的估值&#34;荒谬&#34;，其价格走势&#34;抛物线&#34;，而其垂直图表&#34;疯狂&#34;。这一切加起来使得这只股票开始像是一个&#34;泡沫&#34;。</p>
<p>尽管由于 FOMO（错失恐惧症）引发的购买可能继续推动 MU 上涨，德尔古诺夫并不认为其股价会永远保持在那儿。鉴于他对美光长期估值的担忧，因此这是一个简单的投资决策。</p>
<p>&#34;我将 MU 评级下调至卖出，预计将修正至 600 美元–500 美元，甚至更低的水平，&#34;德尔古诺夫总结道。（要查看德尔古诺夫的业绩记录，请点击这里）</p>
<p>华尔街并不这样看待 – 尽管它也没有完全跟上市场的热情。MU 享有强烈买入的共识评级，支持者包括 27 个买入和 3 个持有。然而，华尔街的平均 12 个月目标价为 657.41 美元，意味着从当前水平约有 8% 的下行空间。（见 <strong>MU 股票预测</strong>）</p>

美光科技

1 倍做空 MU ETF - Direxion

2 倍做多美光科技 ETF - Direxion

<p>顶级投资者维克托·德尔古诺夫警告称，过去一年上涨了 630% 的美光科技（NASDAQ:MU）股票可能面临重大下跌。他预测内存市场的供需失衡将趋于正常，导致定价能力和利润率下降。德尔古诺夫将 MU 评级下调至卖出，预计将修正至 600 美元至 500 美元。尽管华尔街对该股的共识评级为强烈买入，但平均目标价显示出当前水平有 8% 的下行空间</p>

<p><strong>Micron (</strong> <strong>NASDAQ:MU</strong> <strong>)</strong> stock has enjoyed a remarkable run, soaring about 630% over the past year, as the AI-inspired surge in demand for advanced memory products pushed the company's sales, profits, and share price through the roof in just a few short months.</p>
<div class="lb-trans"><p><strong>美光科技（</strong> <strong>NASDAQ:MU</strong> <strong>)</strong> 的股票在过去一年中表现出色，飙升约 630%，因为受人工智能驱动的先进存储产品需求激增推动，公司销售、利润和股价在短短几个月内大幅上涨。</p>
</div><h3>Meet Samuel – Your Personal Investing Prophet</h3>
<div class="lb-trans"><h3>认识塞缪尔 – 您的个人投资先知</h3>
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<li>Start a conversation with TipRanks' trusted, data-backed investment intelligence</li>
<li>Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds</li>
</ul>
<div class="lb-trans"><ul>
<li>与 TipRanks 值得信赖的数据驱动投资情报开始对话</li>
<li>向塞缪尔询问股票、您的投资组合或市场，并在几秒钟内获得即时个性化见解</li>
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</div><p>For many investors, initial concerns over the cyclical nature of the memory industry seem to have given way to abject euphoria. The advent of AI fundamentally changes the game, as this thinking goes, raising the floor of the memory business for good.</p>
<div class="lb-trans"><p>对于许多投资者来说，最初对存储行业周期性特征的担忧似乎已经转变为绝对的狂热。人们认为，人工智能的出现从根本上改变了游戏规则，永久性地提高了存储业务的底线。</p>
</div><p>The bullish theory is certainly on the ascent, as hyperscaler capex continues to grow and the memory supply appears years away from meeting the thirsty demand. And yet, into these sunny skies, top investor Victor Dergunov offers an emphatic rebuttal to the continuation of the MU success story.</p>
<div class="lb-trans"><p>看涨理论无疑正在上升，因为超大规模企业的资本支出持续增长，而存储供应似乎还需要数年才能满足旺盛的需求。然而，在这片阳光明媚的天空中，顶级投资者维克多·德尔古诺夫对 MU 成功故事的延续提出了强烈的反驳。</p>
</div><p>&#34;No, it's really not different this time,&#34; says the 5-star investor, who is among the top 4% of investors covered by TipRanks. &#34;I expect the memory market's supply/demand imbalance to normalize, eroding MU's pricing power and compressing margins.&#34;</p>
<div class="lb-trans"><p>&#34;不，这次真的没有不同，&#34;这位 5 星投资者说道，他是 TipRanks 覆盖的前 4% 投资者之一。&#34;我预计存储市场的供需失衡将会正常化，从而削弱 MU 的定价能力并压缩利润率。&#34;</p>
</div><p>In that sense, MU is playing on borrowed time, according to Dergunov. While he acknowledges that the memory shortage could persist longer than with previous cycles, eventually the pendulum will swing back &#34;from undersupplied to oversaturated.&#34;</p>
<div class="lb-trans"><p>在德尔古诺夫看来，从这个意义上说，MU 正在借用时间。虽然他承认存储短缺可能会比以往周期持续更长时间，但最终摆锤将会回摆，&#34;从供不应求转向供过于求。&#34;</p>
</div><p>That would serve as a significant drag on profits, making multiple compression a foregone conclusion. &#34;I believe that Micron's stock price is destined to fall hard,&#34; adds Dergunov.</p>
<div class="lb-trans"><p>这将对利润造成显著拖累，使得多重压缩成为必然。&#34;我相信美光的股价注定会大幅下跌，&#34;德尔古诺夫补充道。</p>
</div><p>Indeed, the investor calls the company's valuation &#34;preposterous,&#34; its price action &#34;parabolic,&#34; and its vertical chart &#34;insane.&#34; That all adds up to a stock that is beginning to resemble a &#34;bubble.&#34;</p>
<div class="lb-trans"><p>事实上，这位投资者称公司的估值&#34;荒谬&#34;，其价格走势&#34;抛物线&#34;，而其垂直图表&#34;疯狂&#34;。这一切加起来使得这只股票开始像是一个&#34;泡沫&#34;。</p>
</div><p>Though FOMO-induced buying could continue pushing MU higher, Dergunov doesn't expect its share price to remain there forever. Citing his concerns about Micron's long-term valuation, it's therefore an easy investment decision.</p>
<div class="lb-trans"><p>尽管由于 FOMO（错失恐惧症）引发的购买可能继续推动 MU 上涨，德尔古诺夫并不认为其股价会永远保持在那儿。鉴于他对美光长期估值的担忧，因此这是一个简单的投资决策。</p>
</div><p>&#34;I downgrade MU to a sell, anticipating a correction to $600–$500 and potentially lower levels longer term,&#34; sums up Dergunov. (To watch Dergunov's track record, click here)</p>
<div class="lb-trans"><p>&#34;我将 MU 评级下调至卖出，预计将修正至 600 美元–500 美元，甚至更低的水平，&#34;德尔古诺夫总结道。（要查看德尔古诺夫的业绩记录，请点击这里）</p>
</div><p>Wall Street doesn't see it that way – though it hasn't quite caught up to the market's exuberance, either. MU enjoys a Strong Buy consensus rating backed by 27 Buys and 3 Holds. Still, the Street's average 12-month price target of $657.41 implies about 8% downside from current levels. (See <strong>MU stock forecast</strong>)</p>
<div class="lb-trans"><p>华尔街并不这样看待 – 尽管它也没有完全跟上市场的热情。MU 享有强烈买入的共识评级，支持者包括 27 个买入和 3 个持有。然而，华尔街的平均 12 个月目标价为 657.41 美元，意味着从当前水平约有 8% 的下行空间。（见 <strong>MU 股票预测</strong>）</p>
</div>

'Things Could Get Ugly,' Says Top Investor About Micron Stock

- Micron 股票在过去一年上涨约 630%，受 AI 需求驱动。  
- 投资者 Victor Dergunov 认为，记忆市场供需失衡将导致价格权力削弱。  
- 他将 Micron 股票评级下调为 “卖出”，预测价格回落至 $600–$500。

顶级投资者在谈论美光科技股票时表示，‘情况可能会变得很糟糕’