Micron CEO: "With respect to supply, our customers are recognizing that supply shortages in memory and storage will take considerable time to improve. ...we currently do not have line of sight as to when memory supply will be able to catch up with increasing demand." $MU

对应中文翻译框

美光 CEO：“关于供应方面，我们的客户已认识到内存和存储的供应短缺需要相当长的时间才能改善。……我们目前无法预见到内存供应何时能跟上不断增长的需求。” $MU

下方完整英文段落

With respect to supply, our customers are recognizing that supply shortages in memory and storage will take considerable time to improve. Even as we expect industry supply to improve gradually in 2028, we currently do not have line of sight as to when memory supply will be able to catch up with increasing demand. Memory industry supply growth is dependent on significant greenfield fab expansions. These greenfield projects are large, complex and time consuming. Further, the pace is constrained by several factors, including long lead time for fab construction across the world, shortage of workers with critical trade skills, complex regulations including permitting, and the need for enhanced energy infrastructure. Meanwhile, memory process technology, which is among the most advanced to develop and manufacture in semiconductors, is getting more complex with every new node. Technology transitions are driving slower bit growth over time, wafer growth needs are significantly increasing cleanroom space and greenfield fab requirements, and HBM’s growth and increasing trade ratio with every new generation further pressures non-HBM supply. In NAND, industry suppliers redirecting cleanroom space from NAND to DRAM and overall limited cleanroom space constrain NAND bit supply growth. These factors taken together mean supply is structurally constrained in its growth and ability to meet industry demand, despite our comprehensive efforts to increase supply.

AI systems are powered by GPU, ASIC and CPU designs from an increasingly broad set of suppliers. However, they all share one important characteristic — AI system performance is architecturally dependent on memory subsystem performance and capacity. This has given rise to a more complex memory hierarchy that is providing greater differentiation opportunities for Micron than at any time in our history. It has also elevated the role of memory in the AI world to a strategic asset.