· 供应链分析
所以关于内存需求的那个说法是对的，但这并非文中所列公司的关注重点。 它们已基本放弃了YMTC/CXMT试图倾销的市场，转而追求利润率更高的超大规模AI基础设施建设，因此对$MU等公司影响甚微。 如果非要说有影响，那应该是打击像$NANYA和$WIN这样的传统型DRAM公司，这原本才是讨论的重点。 简而言之，$MU、$SKHYNIX和$SAMSUNG已基本清除了来自中国的市场需求（例如$MU约10%，$SKHYNIX约15-18%），并将DRAM晶圆产能转向HBM3e和HBM4。也许只有$SAMSUNG因其在移动/消费设备领域的份额而受到轻微影响。
So that memory demand statement is true, but it's not the focus of the companies listed in the article. They've largely left the market YMTC/CXMT is trying to flood to go after the higher margin hyperscaler AI buildout, so little to no effect on companies like MIcron. If anything it would hurt legacy void type companies like Nanya + Winbond, which should have been the focus. Naunce is Micron, Sk Hynix, and Samsung have largely hollowed out their demand from China (eg. ~10% micron, ~15-18% Sk hynix), and shifted dram wafers to hbm3e and hbm4. Maybe only Samsung is slightly affected given their share with mobile/consumer devices.