<p>今年到目前為止，對科技股來説絕對是個殘酷的一年。特別是半導體行業經歷了一些顯著的拋售。截至 3 月 21 日市場收盤，<strong>Nvidia</strong> 的股價年初至今下跌了 12%。而 <strong>台灣半導體制造公司</strong> 和 <strong>博通</strong> 的股價分別下跌了 10% 和 17%。</p>
<p>但在 2025 年迄今為止，<strong>美光科技</strong>(MU 0.80%) 的表現實際上超過了許多同行，漲幅約為 12%。儘管有這些漲幅，美光在人工智能（AI）領域仍然相對低調，目前的股價絕對是個便宜貨。</p>
<p>讓我們深入探討一下為什麼這家公司正在悄然崛起為芯片領域的重要參與者，並評估其相對於同行的估值。</p>
<h2>為什麼美光在 AI 工作負載中變得越來越重要？</h2>
<p>構建 AI 應用程序需要高效移動大量數據集的能力。如果沒有這一點，在大型語言模型（LLMs）和其他 AI 應用程序中處理數據將會造成瓶頸，最終影響生產力和自動化。</p>
<p>美光正在通過高帶寬內存（HBM）的強大能力來幫助解決這個問題，這種機制使 AI 芯片能夠以顯著更快的速度處理數據，相較於傳統的內存和存儲解決方案。</p>
<p>隨着 AI 工作負載超越更基礎的應用程序，如聊天機器人，轉向越來越複雜的領域，如自動駕駛、機器學習或機器人技術，對 HBM 的需求預計將大幅上升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIxOTYvbWljcm9uLXRlY2hub2xvZ3ktc3RvcmFnZS1kcml2ZXMtd2l0aC1taWNyb24tbG9nb19taWNyb24uanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIxOTYvbWljcm9uLXRlY2hub2xvZ3ktc3RvcmFnZS1kcml2ZXMtd2l0aC1taWNyb24tbG9nb19taWNyb24uanBnJnc9NzAw"/></p>
<p>圖片來源：美光科技。</p>
<h2>美光的增長令人印象深刻，旅程才剛剛開始</h2>
<p>下面的圖表展示了美光在過去三年的收入和盈利趨勢。與許多同行一樣，收入進入了一個持續加速的階段，這一階段受到廣泛 AI 採用的推動。但我認為更令人鼓舞的是，強勁的需求順風使公司從一個燒錢的業務轉變為現在持續盈利的公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fd6a931222ccc601defc0b72b3de7375.png?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://media.ycharts.com/charts/fd6a931222ccc601defc0b72b3de7375.png"/></p>
<p>MU 收入（季度）數據來源於 YCharts。</p>
<p>就在幾天前，美光公佈了其 2025 財年第二季度的財報。儘管最新一批財務數據令人鼓舞，但首席執行官 Sanjay Mehrotra 分享了一些指導意見，應該讓投資者欣喜若狂。他表示，下個季度預計將產生創紀錄的收入，全年管理層預測 “顯著改善的盈利能力”。</p>
<p>收入加速增長、單位經濟改善以及在更廣泛的芯片行業中的獨特應用，使得該公司成為長期投資者的一個引人注目的機會。下面，我將深入分析該股的估值，以説明為什麼它應該引起 AI 投資者的關注。</p>
<h2>美光是一個不容錯過的絕佳機會</h2>
<p>以下分析將美光與其他領先芯片股票在前瞻市盈率（P/E）基礎上進行基準比較。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f02d75513abe498f396a70b201be6269.png?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://media.ycharts.com/charts/f02d75513abe498f396a70b201be6269.png"/></p>
<p>MU 市盈率（前瞻）數據來源於 YCharts。</p>
<p>不僅美光在這一同行中是最便宜的股票，基於其前瞻市盈率，以上趨勢也顯示出過去一年中嚴重的倍數壓縮。每股僅 94 美元的股價接近 52 周低點。</p>
<p>我覺得這很奇怪，因為公司在持續創造創紀錄的銷售額，現在已經盈利，管理層預測將有更強勁的增長。歸根結底，我認為美光的基本面與公司的估值在很大程度上是脱節的。</p>
<p>現在，我認為這隻股票在支持 AI 革命的最熱門領域（即芯片）中絕對是個便宜貨。我認為那些尋找 AI 芯片領域不那麼明顯機會並對長期增長感興趣的投資者，應該考慮現在大量買入美光股票。</p>

美光科技

<p>美光科技正在成為人工智能芯片市場的關鍵參與者，表現優於競爭對手如英偉達和台積電。儘管今年股價上漲了 12%，美光的股票仍被低估，目前交易價格接近 52 周低點，為每股 94 美元。該公司正在向盈利轉型，預計在即將到來的季度將實現創紀錄的收入和改善的盈利能力。分析師指出，美光的高帶寬內存技術對人工智能應用至關重要，使其成為人工智能領域長期增長的有吸引力的投資機會</p>

<p>This year has been absolutely brutal for technology stocks so far. In particular, the semiconductor industry has witnessed some notable sell-offs. As of market close on March 21, shares of <strong>Nvidia</strong> were down 12% on the year. Peers such as <strong>Taiwan Semiconductor Manufacturing</strong> and <strong>Broadcom</strong> have declined by 10% and 17%, respectively.</p>
<div class="lb-trans"><p>今年到目前為止，對科技股來説絕對是個殘酷的一年。特別是半導體行業經歷了一些顯著的拋售。截至 3 月 21 日市場收盤，<strong>Nvidia</strong> 的股價年初至今下跌了 12%。而 <strong>台灣半導體制造公司</strong> 和 <strong>博通</strong> 的股價分別下跌了 10% 和 17%。</p>
</div><p>But one chip stock that has actually outperformed many of its peers so far in 2025 is <strong>Micron Technology</strong>(MU 0.80%), with a gain of roughly 12%. Despite these gains, Micron remains relatively under the radar in the artificial intelligence (AI) arena, and the stock is an absolute bargain right now.</p>
<div class="lb-trans"><p>但在 2025 年迄今為止，<strong>美光科技</strong>(MU 0.80%) 的表現實際上超過了許多同行，漲幅約為 12%。儘管有這些漲幅，美光在人工智能（AI）領域仍然相對低調，目前的股價絕對是個便宜貨。</p>
</div><p>Let's dig into why the company is quietly emerging as an important player in the chip space and assess its valuation relative to its peers.</p>
<div class="lb-trans"><p>讓我們深入探討一下為什麼這家公司正在悄然崛起為芯片領域的重要參與者，並評估其相對於同行的估值。</p>
</div><h2>Why is Micron becoming increasingly important for AI workloads?</h2>
<div class="lb-trans"><h2>為什麼美光在 AI 工作負載中變得越來越重要？</h2>
</div><p>Building AI applications requires the ability to move large data sets efficiently. Without this, processing data inside large language models (LLMs) and other AI applications would create a logjam, ultimately taking a toll on productivity and automation.</p>
<div class="lb-trans"><p>構建 AI 應用程序需要高效移動大量數據集的能力。如果沒有這一點，在大型語言模型（LLMs）和其他 AI 應用程序中處理數據將會造成瓶頸，最終影響生產力和自動化。</p>
</div><p>Micron is helping to solve this through the power of high-bandwidth memory (HBM), a mechanism that provides AI chips the ability to process data at materially faster speeds compared to legacy memory and storage solutions.</p>
<div class="lb-trans"><p>美光正在通過高帶寬內存（HBM）的強大能力來幫助解決這個問題，這種機制使 AI 芯片能夠以顯著更快的速度處理數據，相較於傳統的內存和存儲解決方案。</p>
</div><p>As AI workloads move beyond more basic applications, such as chatbots, and transition to increasingly more complex fields like autonomous driving, machine learning, or robotics, the need for HBM is expected to rise considerably.</p>
<div class="lb-trans"><p>隨着 AI 工作負載超越更基礎的應用程序，如聊天機器人，轉向越來越複雜的領域，如自動駕駛、機器學習或機器人技術，對 HBM 的需求預計將大幅上升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIxOTYvbWljcm9uLXRlY2hub2xvZ3ktc3RvcmFnZS1kcml2ZXMtd2l0aC1taWNyb24tbG9nb19taWNyb24uanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812196%2Fmicron-technology-storage-drives-with-micron-logo_micron.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Micron Technology.</p>
<div class="lb-trans"><p>圖片來源：美光科技。</p>
</div><h2>Micron's growth is impressive, and the ride is just getting started</h2>
<div class="lb-trans"><h2>美光的增長令人印象深刻，旅程才剛剛開始</h2>
</div><p>The charts below illustrate Micron's revenue and earnings trends over the last three years. Like many of its peers in the chip realm, revenue has entered a period of continued acceleration underscored by widespread AI adoption. But what I find more encouraging is that the strong demand tailwinds have helped the company transition from a cash-burning business to one that is now consistently profitable.</p>
<div class="lb-trans"><p>下面的圖表展示了美光在過去三年的收入和盈利趨勢。與許多同行一樣，收入進入了一個持續加速的階段，這一階段受到廣泛 AI 採用的推動。但我認為更令人鼓舞的是，強勁的需求順風使公司從一個燒錢的業務轉變為現在持續盈利的公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fd6a931222ccc601defc0b72b3de7375.png" alt="" original-src="https://media.ycharts.com/charts/fd6a931222ccc601defc0b72b3de7375.png"/></p>
<p>MU revenue (quarterly) data by YCharts.</p>
<div class="lb-trans"><p>MU 收入（季度）數據來源於 YCharts。</p>
</div><p>Just a few days ago, Micron reported earnings for the second quarter of its fiscal 2025. While the latest batch of financials were encouraging, CEO Sanjay Mehrotra shared some guidance that should have investors jumping for joy. He said that next quarter is expected to produce record revenue, and for the full year, management is calling for &#34;significantly improved profitability.&#34;</p>
<div class="lb-trans"><p>就在幾天前，美光公佈了其 2025 財年第二季度的財報。儘管最新一批財務數據令人鼓舞，但首席執行官 Sanjay Mehrotra 分享了一些指導意見，應該讓投資者欣喜若狂。他表示，下個季度預計將產生創紀錄的收入，全年管理層預測 “顯著改善的盈利能力”。</p>
</div><p>The combination of accelerating revenue, improved unit economics, and its unique application in the broader chip industry makes the company a compelling opportunity for long-term investors. Below, I'll dig into the stock's valuation to make my case for why it should be on the radar of AI investors.</p>
<div class="lb-trans"><p>收入加速增長、單位經濟改善以及在更廣泛的芯片行業中的獨特應用，使得該公司成為長期投資者的一個引人注目的機會。下面，我將深入分析該股的估值，以説明為什麼它應該引起 AI 投資者的關注。</p>
</div><h2>Micron is a bargain that is too good to pass up</h2>
<div class="lb-trans"><h2>美光是一個不容錯過的絕佳機會</h2>
</div><p>The analysis below benchmarks Micron against a cohort of other leading chip stocks on a forward price-to-earnings (P/E) basis.</p>
<div class="lb-trans"><p>以下分析將美光與其他領先芯片股票在前瞻市盈率（P/E）基礎上進行基準比較。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f02d75513abe498f396a70b201be6269.png" alt="" original-src="https://media.ycharts.com/charts/f02d75513abe498f396a70b201be6269.png"/></p>
<p>MU PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>MU 市盈率（前瞻）數據來源於 YCharts。</p>
</div><p>Not only is Micron the cheapest stock among this peer set based on its forward P/E, but the trends above also show some serious multiple compression over the last year. At just $94 per share, the stock is trading close to a 52-week low.</p>
<div class="lb-trans"><p>不僅美光在這一同行中是最便宜的股票，基於其前瞻市盈率，以上趨勢也顯示出過去一年中嚴重的倍數壓縮。每股僅 94 美元的股價接近 52 周低點。</p>
</div><p>I find this odd considering the company is generating record sales on a consistent basis, it's now profitable, and management is forecasting even more robust growth. At the end of the day, I think the fundamentals in Micron's underlying business are largely disconnected from the company's valuation.</p>
<div class="lb-trans"><p>我覺得這很奇怪，因為公司在持續創造創紀錄的銷售額，現在已經盈利，管理層預測將有更強勁的增長。歸根結底，我認為美光的基本面與公司的估值在很大程度上是脱節的。</p>
</div><p>Right now, I see the stock as an absolute bargain in what is perhaps the hottest area supporting the AI revolution (i.e., chips). I think investors who are looking for less obvious opportunities in the AI chip space and are interested in long-term growth should consider buying the dip in Micron stock hand over fist right now.</p>
<div class="lb-trans"><p>現在，我認為這隻股票在支持 AI 革命的最熱門領域（即芯片）中絕對是個便宜貨。我認為那些尋找 AI 芯片領域不那麼明顯機會並對長期增長感興趣的投資者，應該考慮現在大量買入美光股票。</p>
</div>

Looking for a Bargain? 1 Artificial Intelligence (AI) Chip Stock to Buy the Dip Hand Over Fist. (Hint: It's Not Nvidia.)

- 2025 年，科技股表現不佳，半導體行業遭遇拋售。  
- Micron Technology 股價上漲 12%，在 AI 領域逐漸嶄露頭角。  
- 公司預計下季度將創紀錄收入，長期投資者可關注其估值。

尋找便宜貨？有一隻人工智能（AI）芯片股票值得大力買入。（提示：不是英偉達。）