US STOCKS
FUNDS
FX & CRYPTO
SH/SZ-HK
HK STOCKS
 
 
 
 
 
 
News Sharing
For sharing news, please enter the email address of you and the receiver, then press SEND button.*Mandatory Fields
Receiver*
Enter email addresses, separated by semicolon (;). E.g. a@a.com;b@b.com
Your email address*
Content Sharing
《大行》野村升三星電子目標價至59萬韓圜 SK海力士目標價上調至400萬韓圜 AI驅動記憶體需求呈指數級增長
野村發表報告指出,人工智能驅動的需求呈指數級增長,記憶體供應有限,料記憶體股迎來估值重評。該行上調南韓三星電子(005930.KS)及SK海力士(000660.KS)目標價,三星目標價由原先34萬韓圜大幅升至59萬韓圜,SK海力士目標價由原先234萬韓圜大幅升至400萬韓圜,評級均為「買入」。報告稱,記憶體行業在2022年12月ChatGPT推出後進入結構性...
Reset
Send
The window will close in 5 seconds
《大行》野村升三星電子目標價至59萬韓圜 SK海力士目標價上調至400萬韓圜 AI驅動記憶體需求呈指數級增長
Recommend
8
Positive
19
Negative
7
 
 

野村發表報告指出,人工智能驅動的需求呈指數級增長,記憶體供應有限,料記憶體股迎來估值重評。該行上調南韓三星電子(005930.KS)及SK海力士(000660.KS)目標價,三星目標價由原先34萬韓圜大幅升至59萬韓圜,SK海力士目標價由原先234萬韓圜大幅升至400萬韓圜,評級均為「買入」。

報告稱,記憶體行業在2022年12月ChatGPT推出後進入結構性增長階段,引發了GPU和HBM需求的顯著增長。隨後,檢索增強生成(RAG)和代理型AI應用的採用加速了對傳統伺服器和SSD的需求,並自2025年第三季起開啟了三重記憶體超級週期(大宗DRAM、HBM和SSD)。

野村表示,隨著AI半導體需求從訓練轉向推論工作負載,記憶體需求正進入指數級擴張時期。這反映在KV-cache記憶體需求的快速增長,其驅動因素包括用戶基數、用戶參與時間、AI任務複雜度、推理詞元消耗的增加,以及代理型AI的出現(每個用戶的詞元使用量正呈指數級激增)。記憶體需求實際上是這些變數的乘積函數(10x200x30x10x…),該行認為這意味著未來五年記憶體需求可能增長數千倍。相比之下,該行相信同期行業供應增長可能仍受限於約5至6倍(年複合增長率約30%),這引發了結構性供不應求能否真正解決的嚴峻問題。

該行提到,目前,行業正試圖透過多種軟體和架構層面的優化來縮小這日益擴大的供需缺口,惟野村認為這些解決方案僅能減緩增長速度,而非扭轉趨勢。因此,該行認為,每一種可行的方法-包括NAND卸載(儘管速度較慢,但容量可提高超過100倍)以及採用超高頻寬NAND-都可能需要同時部署。

同時,該行相信代理型AI的興起正在顯著提高AI生產力,同時也推動詞元消耗量大幅增加。代理型AI也正在創造全新的半導體需求類別,包括CPU和大宗記憶體。然而,該行認為,這些發展最終會強化AI伺服器自身的使用擴張,從而推動GPU和記憶體相關需求的另一輪大幅增長。(da/)

AASTOCKS新聞

Preferred News
 
SITEMAP
Email: support@aastocks.com
AASTOCKS.COM LIMITED (阿斯達克網絡信息有限公司) All rights reserved.
Disclaimer
You expressly agree that the use of this app/website is at your sole risk.

AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd, Nasdaq, Inc., their respective holding companies and/or any subsidiaries of such holding companies, their Sources and/or other third party data provider(s) endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co.Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) make any express or implied offers, representations or warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Information.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) will be liable to any Subscriber or any other party for any interruption, inaccuracy, error, or omission, regardless of cause, in the Information or for any damages (whether direct or indirect, consequential, punitive, or exemplary) resulting from its use by any party.

AASTOCKS.com Limited shall not be liable for any failure or delay in performance of its obligations under this Disclaimer because of circumstances beyond its reasonable control, including but without limitation, acts of God, typhoons, rainstorms, other natural disasters, government restrictions, strikes, wars, virus outbreak, network failures or telecommunications failures.

Morningstar Disclaimer: Copyright © 2020 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The information and contents contained in this app/website are based on the analyses and interpretations of publicly available information obtained from sources believed to be reliable. Such analyses and information have not been independently verified and AASTOCKS.com Limited makes no guarantees to their accuracy, completeness, timeliness or correctness.

The information, financial market data, quotes, charts, statistics, exchange rate, news, research, analysis, buy and sell ratings, Education Center and other information on this app/website should be used as references only at your own discretion. Prior to the execution of a security or any other trade based upon the Information, you are advised to consult independent professional advice to verify pricing information or to obtain more detailed market information. AASTOCKS.com Limited is not soliciting any subscriber or app/website visitor to execute any trade. Any trades executed following the said information, commentaries and/or buy/sell ratings on this app/website are taken at your own risk for your own account.

As a convenience to users, the AASTOCKS.com Limited has added a translation feature developed by Azure OpenAI to assist users in understanding information on this platform in languages other than Chinese. The translated text may lose some of its intended meaning. Some items on the site, including images containing text, videos with captioning, PDF documents, or maps may not be translated, and some features may not work in the translated versions.

The AASTOCKS.com Limited does not guarantee the accuracy of translations, and the translated text should not be considered exact. The text translated is made available on an as is and as available basis without any warranties of any kind. The AASTOCKS.com Limited will not accept any liability for damages or losses of any kind caused by the use of the translation feature.

AASTOCKS.com Limited provides the information and services on an "AS IS" basis. The information and contents on this app/website are subject to change without notice. AASTOCKS.com Limited reserves the right, in its sole discretion but without any obligation, to make improvements to, or correct any error or omissions in any portion of this app/website at any time.

The subscriber or app/website visitor agrees not to reproduce, retransmit, disseminate, distribute, broadcast, publish, circulate, sell or commercially exploit the information and contents on this app/website in any manner without the express written consent of AASTOCKS.com Limited.

Investment involves risk. You may make use of the Education Center of this website for academic reference purposes at your own discretion. AASTOCKS.com Limited cannot and does not give any assurance that the present or future buy/sell commentaries and signals on this app/website will be profitable. AASTOCKS.com Limited cannot guarantee, and the subscriber or app/website visitor should not assume, that the future performance will equal past performance.

AASTOCKS.com Limited may point to other sites that may be of interest to the subscriber or app/website visitor but for which AASTOCKS.com Limited has no responsibility and only provides this as a service to the subscriber or app/website visitor.

AASTOCKS.com Limited does not represent or endorse the accuracy or reliability of any information, advertisements or contents contained on, distributed through, or linked, downloaded or accessed from any of the services on this app/website. AASTOCKS.com Limited cannot and does not guarantee the quality or reliability of any products or information purchased or obtained by you as a result of an advertisement or any other information displayed on this app/website.

AATV is a video platform owned by AASTOCKS.com Limited.

You acknowledge that: (i) AATV is provided for information purposes only and, in particular, is not intended for trading purposes; (ii) AATV does not and none of the information contained in its program constitutes a solicitation, offer, opinion, or recommendation by us to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services whether or not regarding the profitability or suitability of any security or investment; and (iii) AATV is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation.

The financial analysis or opinion expressed in the AATV programs is for reference and discussion only, and does not represent AASTOCKS.com Limited. Investors must make their own investment decisions based on their own investment objectives and financial situation. AASTOCKS.com Limited shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (i) inaccuracies or errors in or omissions from AATV including, but not limited to, quotes and financial data; (ii) delays, errors, or interruptions in the transmission or delivery of AATV; or (iii) loss or damage arising therefrom or occasioned thereby, or by any reason of nonperformance.

AASTOCKS.com Limited reserves the right to change this Disclaimer at any time by posting changes online at this app/website. You are responsible for reviewing regularly information posted therein to obtain timely notice of such changes. Your continued use of this app / website after changes are posted constitutes your acceptance of this Agreement as modified by the posted changes.

The disclaimer herein shall be governed by the law of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and you agree to submit to the exclusive jurisdiction of the Hong Kong courts.

In the event of any discrepancy between the Chinese and English versions, the English version shall prevail.

Last updated on 9 February 2026.