<p>計算機內存製造商 <strong>美光科技</strong>(MU -4.17%) 的股價在週四上午 11:25（東部時間）下跌了 5.2%——但據我所知，這並不是美光所做的事情值得如此。</p>
<p>相反，應該怪 <strong>三星</strong>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc1Nzgvc2VtaWNvbmR1Y3Rvci1jb21wdXRlci1jaGlwLXdpdGgtdGhlLWxldHRlcnMtYWktaW4tdGhlLW1pZGRsZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc1Nzgvc2VtaWNvbmR1Y3Rvci1jb21wdXRlci1jaGlwLXdpdGgtdGhlLWxldHRlcnMtYWktaW4tdGhlLW1pZGRsZS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>三星對高帶寬內存（HBM）的看法</h2>
<p>正如 WCCFTech 今早報道的，三星剛剛宣佈將降低 HBM3E（即 “高帶寬內存 3 增強版”，目前最強大的 HBM 內存類型，專為人工智能和機器學習設計）的價格。三星解釋説，一方面，它未能從 <strong>英偉達</strong>(NVDA 1.01%) 那裏贏得足夠的 HBM 業務，另一方面，HBM 市場似乎目前供過於求。</p>
<p>而解決這兩個問題——幫助三星銷售產品——就是降低價格。</p>
<h2>美光股票值得出售嗎？</h2>
<p>對於美光來説，這構成了一個問題——因為美光也想銷售 HBM3E 內存，而現在三星實際上在 HBM 市場上宣告了一場價格戰。為了應對，美光將不得不降低自己的價格（這將損害美光的收入和利潤），否則它將失去市場份額給三星（這同樣會損害美光的收入和利潤！）</p>
<p>如果這聽起來像是美光的雙輸局面，那是因為確實如此。</p>
<p>今早在 The Fly 的一份報告中，<strong>富國銀行</strong> 警告稱，三星的舉動將 “影響市場價格”，可能會在 2025 年下半年（即現在）之前，消耗掉 HBM3E 和普通 DRAM 內存之間的價格溢價。</p>
<p>美光股票的市盈率僅為 20 倍，可能看起來並不太貴。但如果利潤即將因三星的降價而枯竭，美光股票可能會迅速顯得昂貴。精明的投資者可能想在那之前出售。</p>

美光科技

<p>美光科技的股票因三星宣佈對其高帶寬內存 3 增強版（HBM3E）降價而下跌了 5.2%。這一降價是對 HBM 市場過剩和與英偉達競爭的回應。美光面臨兩難境地：它必須降低價格以保持競爭力，否則可能會失去市場份額，這可能會對其收入和利潤產生重大影響。分析師警告稱，這場價格戰可能會削弱 HBM3E 的溢價，如果利潤下降，美光的股票可能會顯得被高估</p>

<p>Shares of computer memory-maker <strong>Micron Technology</strong>(MU -4.17%) tumbled 5.2% through 11:25 a.m. ET Thursday -- but as far as I can tell, it wasn't anything Micron did to deserve this.</p>
<div class="lb-trans"><p>計算機內存製造商 <strong>美光科技</strong>(MU -4.17%) 的股價在週四上午 11:25（東部時間）下跌了 5.2%——但據我所知，這並不是美光所做的事情值得如此。</p>
</div><p>Instead, it was <strong>Samsung</strong> that's to blame.</p>
<div class="lb-trans"><p>相反，應該怪 <strong>三星</strong>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc1Nzgvc2VtaWNvbmR1Y3Rvci1jb21wdXRlci1jaGlwLXdpdGgtdGhlLWxldHRlcnMtYWktaW4tdGhlLW1pZGRsZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827578%2Fsemiconductor-computer-chip-with-the-letters-ai-in-the-middle.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>What Samsung said about high-bandwidth memory (HBM)</h2>
<div class="lb-trans"><h2>三星對高帶寬內存（HBM）的看法</h2>
</div><p>As WCCFTech reports this morning, Samsung has just announced it's lowering prices on HBM3E (that's &#34;High Bandwidth Memory 3 Enhanced,&#34; currently the most capable kind of HBM memory, designed for use in artificial intelligence and machine learning). Samsung explained that on the one hand, it hasn't been able to win as much HBM business from <strong>Nvidia</strong>(NVDA 1.01%) as it would like, while on the other hand, the HBM market seems oversupplied right now.</p>
<div class="lb-trans"><p>正如 WCCFTech 今早報道的，三星剛剛宣佈將降低 HBM3E（即 “高帶寬內存 3 增強版”，目前最強大的 HBM 內存類型，專為人工智能和機器學習設計）的價格。三星解釋説，一方面，它未能從 <strong>英偉達</strong>(NVDA 1.01%) 那裏贏得足夠的 HBM 業務，另一方面，HBM 市場似乎目前供過於求。</p>
</div><p>And the solution to both problems -- to help Samsung move product -- is to lower prices.</p>
<div class="lb-trans"><p>而解決這兩個問題——幫助三星銷售產品——就是降低價格。</p>
</div><h2>Is Micron stock a sell?</h2>
<div class="lb-trans"><h2>美光股票值得出售嗎？</h2>
</div><p>For Micron, this poses a problem -- because Micron also wants to sell HBM3E memory, and now Samsung has effectively declared a price war in the HBM market. In order to fight it, Micron will have to lower its own prices (hurting Micron's revenue and profit), or else it will lose market share to Samsung ( <em>also</em> hurting Micron's revenue and profit!)</p>
<div class="lb-trans"><p>對於美光來説，這構成了一個問題——因為美光也想銷售 HBM3E 內存，而現在三星實際上在 HBM 市場上宣告了一場價格戰。為了應對，美光將不得不降低自己的價格（這將損害美光的收入和利潤），否則它將失去市場份額給三星（這同樣會損害美光的收入和利潤！）</p>
</div><p>And if that sounds like a lose-lose proposition for Micron, that's because it is.</p>
<div class="lb-trans"><p>如果這聽起來像是美光的雙輸局面，那是因為確實如此。</p>
</div><p>In a note on The Fly this morning, <strong>Wells Fargo</strong> warned that Samsung's action will &#34;impact market prices,&#34; drying up much of the premium in prices between HBM3E and plain-vanilla DRAM memory, perhaps as early as H2 2025 (i.e., <em>now</em>).</p>
<div class="lb-trans"><p>今早在 The Fly 的一份報告中，<strong>富國銀行</strong> 警告稱，三星的舉動將 “影響市場價格”，可能會在 2025 年下半年（即現在）之前，消耗掉 HBM3E 和普通 DRAM 內存之間的價格溢價。</p>
</div><p>Priced at just 20x trailing earnings, Micron stock may not look too expensive. But if profits are about to dry up as Samsung's price cuts take hold, Micron stock could look expensive in a hurry. Savvy investors might want to sell before that happens.</p>
<div class="lb-trans"><p>美光股票的市盈率僅為 20 倍，可能看起來並不太貴。但如果利潤即將因三星的降價而枯竭，美光股票可能會迅速顯得昂貴。精明的投資者可能想在那之前出售。</p>
</div>

Why Did Micron Stock Drop Today?

- 美光科技股價因三星降價而下跌 5.2%。  
- 三星降低 HBM3E 價格以應對市場供過於求。  
- 美光面臨價格戰，可能影響收入和利潤。  

為什麼美光科技的股票今天出現下跌？