<p>就在两周前，<strong>美光科技（</strong> <strong>NASDAQ:MU</strong> <strong>)</strong> 的股票看起来势不可挡。这家内存芯片制造商发布了又一份出色的财报，达到了新的历史高点，并似乎进一步巩固了人工智能投资的论点。然而，自那时以来，市场情绪发生了逆转。该股票自财报发布后的高点下跌了 22%，包括周二再次下跌约 5%。</p>
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<p>现在，有人会说，考虑到出色的财报，抛售可能是一个 “买入回调” 的机会。然而，投资者 Uttam Dey，TipRanks 上排名前 3% 的投资者，认为现在这样做是错误的选择。</p>
<p>&#34;我不认为美光当前的水平是合适的买入区间，并预计在我开始重新买入美光之前会有更深的回调。我目前将我对美光的看法下调为卖出（从买入调整为卖出），&#34;这位五星级投资者表示。（要查看 Dey 的业绩记录，请点击这里）</p>
<p>除了对股价大幅上涨的担忧外，Dey 还看到 SK 海力士周五在纳斯达克上市可能带来的另一个潜在阻力。尽管约 280 亿美元的上市规模对于美光 1 万亿美元的市值来说太小，无法通过资金流向 SK 海力士而对其产生实质性影响，但它可能通过提供对全球最大 DRAM 生产商的直接曝光来吸引投资者的兴趣。更重要的是，这一上市可能促使华尔街更密切地比较美光和 SK 海力士，从而可能重塑两家公司的估值框架。</p>
<p>与此同时，Dey 认为三星的初步第二季度业绩也可能会抑制市场情绪。尽管营业利润大幅增长，但 171 万亿韩元的收入略低于预期。&#34;我强烈怀疑这一收入未达预期将迫使人们重新评估预期，不仅是对三星，还有对内存行业，而美光是其中第三大玩家，&#34; Dey 说。</p>
<p>这一担忧得到了内存市场本身情况的进一步印证。尽管 DRAM 价格整体上仍在上涨，但上涨的速度正在放缓。合同 DRAM 价格在第一季度大约翻了一番，预计在第二季度上涨约 60%，而在第三季度预计仅上涨 13% 至 18%。</p>
<p>DRAM 价格增长的预期放缓可能导致投资者降低对美光的预期。因此，根据 Dey 的说法，DRAM 价格前景疲软与三星第二季度财报结果的结合，可能成为未来几周或几个月内推动美光股价下跌的最终催化剂。</p>
<p>&#34;我预计美光的股价至少会有 20-25% 的修正，这对像我这样的投资者来说应该是一个足够健康的机会，可以重新增加对美光股票的投资，&#34;</p>
<p>然而，这一观点与华尔街的看法相悖。分析师们仍然对美光持强烈看涨态度，基于 29 个买入和仅 1 个持有，美光获得了强买入的共识评级。他们的平均目标价为 1,563.93 美元，意味着该股票在未来一年内可能再上涨约 67%。（见 <strong>美光股票预测</strong>）</p>

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<p>投资者 Uttam Dey 将美光科技（MU）评级下调至卖出，预测其将出现 20-25% 的修正。他提到 DRAM 价格增长放缓、三星第二季度营收不及预期以及 SK 海力士在纳斯达克上市等因素可能会对行业估值产生影响。这一看跌的前景与华尔街的强烈买入共识及 1,564 美元的平均目标价形成对比</p>

<p>Just two weeks ago, <strong>Micron (</strong> <strong>NASDAQ:MU</strong> <strong>)</strong> stock looked unstoppable. The memory-chip maker had delivered another blockbuster earnings report, reached another all-time high, and seemed to reinforce the AI investment thesis. Since then, however, sentiment has flipped. The stock has tumbled 22% from its post-earnings peak, including another decline of about 5% on Tuesday.</p>
<div class="lb-trans"><p>就在两周前，<strong>美光科技（</strong> <strong>NASDAQ:MU</strong> <strong>)</strong> 的股票看起来势不可挡。这家内存芯片制造商发布了又一份出色的财报，达到了新的历史高点，并似乎进一步巩固了人工智能投资的论点。然而，自那时以来，市场情绪发生了逆转。该股票自财报发布后的高点下跌了 22%，包括周二再次下跌约 5%。</p>
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<div class="lb-trans"><h3>7 月 4 日促销 - 70% 折扣</h3>
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<li>通过 TipRanks Premium 解锁强大的投资工具和数据驱动的洞察，以便做出更自信的投资决策。</li>
<li>通过 TipRanks 的智能投资者通讯发现顶级股票推荐和新的投资机会。</li>
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</div><p>Now, some would say that considering the blowout earnings, the selloff might present an opportunity to &#34;buy the dip,&#34; as they say. However, investor Uttam Dey, who ranks among the top 3% of investors on TipRanks, thinks that would be the wrong move right now.</p>
<div class="lb-trans"><p>现在，有人会说，考虑到出色的财报，抛售可能是一个 “买入回调” 的机会。然而，投资者 Uttam Dey，TipRanks 上排名前 3% 的投资者，认为现在这样做是错误的选择。</p>
</div><p>&#34;I do not view Micron's current levels as an appropriate buying zone and expect a deeper pullback before I start buying back into Micron. I am currently downgrading my views on Micron to a Sell (from Buy),&#34; said the 5-star investor. (To watch Dey's track record, click here)</p>
<div class="lb-trans"><p>&#34;我不认为美光当前的水平是合适的买入区间，并预计在我开始重新买入美光之前会有更深的回调。我目前将我对美光的看法下调为卖出（从买入调整为卖出），&#34;这位五星级投资者表示。（要查看 Dey 的业绩记录，请点击这里）</p>
</div><p>In addition to concerns about the huge share price gains, Dey sees another potential headwind in SK Hynix's Nasdaq listing on Friday. While the roughly $28 billion listing is too small to materially affect Micron's $1 trillion market cap through fund flows shifting toward SK Hynix alone, it could attract investor interest by providing direct exposure to the world's largest DRAM producer. More importantly, the listing might encourage Wall Street to compare Micron and SK Hynix more closely, potentially reshaping valuation frameworks for both companies.</p>
<div class="lb-trans"><p>除了对股价大幅上涨的担忧外，Dey 还看到 SK 海力士周五在纳斯达克上市可能带来的另一个潜在阻力。尽管约 280 亿美元的上市规模对于美光 1 万亿美元的市值来说太小，无法通过资金流向 SK 海力士而对其产生实质性影响，但它可能通过提供对全球最大 DRAM 生产商的直接曝光来吸引投资者的兴趣。更重要的是，这一上市可能促使华尔街更密切地比较美光和 SK 海力士，从而可能重塑两家公司的估值框架。</p>
</div><p>At the same time, Dey thinks that Samsung's preliminary second-quarter results could also dampen sentiment. Although operating profit increased sharply, revenue of 171 trillion Korean won came in slightly below expectations. &#34;I strongly suspect this top-line miss will force a re-rating of expectations, not only for Samsung but also for the memory industry, of which Micron is the third-largest player,&#34; Dey said.</p>
<div class="lb-trans"><p>与此同时，Dey 认为三星的初步第二季度业绩也可能会抑制市场情绪。尽管营业利润大幅增长，但 171 万亿韩元的收入略低于预期。&#34;我强烈怀疑这一收入未达预期将迫使人们重新评估预期，不仅是对三星，还有对内存行业，而美光是其中第三大玩家，&#34; Dey 说。</p>
</div><p>That concern is reinforced by what is happening in the memory market itself. While DRAM prices continue to trend higher overall, the pace of increases is slowing. Contract DRAM prices roughly doubled in the first quarter, were estimated to rise around 60% in Q2, and are expected to increase by only 13% to 18% in Q3.</p>
<div class="lb-trans"><p>这一担忧得到了内存市场本身情况的进一步印证。尽管 DRAM 价格整体上仍在上涨，但上涨的速度正在放缓。合同 DRAM 价格在第一季度大约翻了一番，预计在第二季度上涨约 60%，而在第三季度预计仅上涨 13% 至 18%。</p>
</div><p>The anticipated slowdown in DRAM price growth could lead investors to lower their expectations for Micron. As such, according to Dey, the combination of a weaker DRAM pricing outlook and Samsung's Q2 earnings results could become the final catalyst to drive Micron's shares lower over the coming weeks or months.</p>
<div class="lb-trans"><p>DRAM 价格增长的预期放缓可能导致投资者降低对美光的预期。因此，根据 Dey 的说法，DRAM 价格前景疲软与三星第二季度财报结果的结合，可能成为未来几周或几个月内推动美光股价下跌的最终催化剂。</p>
</div><p>&#34;I expect at least a 20-25% correction in Micron's share prices, which should be healthy enough for investors, like myself, to add back exposure into Micron's shares,&#34;</p>
<div class="lb-trans"><p>&#34;我预计美光的股价至少会有 20-25% 的修正，这对像我这样的投资者来说应该是一个足够健康的机会，可以重新增加对美光股票的投资，&#34;</p>
</div><p>That view, however, puts him at odds with Wall Street. Analysts remain overwhelmingly bullish, with Micron earning a Strong Buy consensus rating based on 29 Buys and just 1 Hold. Their average price target of $1,563.93 implies the stock could rally another ~67% over the coming year. (See <strong>Micron stock forecast</strong>)</p>
<div class="lb-trans"><p>然而，这一观点与华尔街的看法相悖。分析师们仍然对美光持强烈看涨态度，基于 29 个买入和仅 1 个持有，美光获得了强买入的共识评级。他们的平均目标价为 1,563.93 美元，意味着该股票在未来一年内可能再上涨约 67%。（见 <strong>美光股票预测</strong>）</p>
</div>

'More Pain Ahead,' Says Investor About Micron Stock

- Micron 股票自高点下跌 22%，投资者警惕下行风险。  
- 投资者 Uttam Dey 下调评级至 “卖出”，预期将出现 20-25% 整理。  
- Samsung 和 SK Hynix 的业绩可能影响市场情绪，重塑估值框架。

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投资者表示，美光科技的股票 ‘未来可能会面临更多的困难’