Micron Rebounds Back to 900 US Dollars
US memory maker Micron rose 26 US Dollars on 26日, up 2.98%, closing at 903 US Dollars to retake the 900-US-dollar mark. Earlier, mainland China ChangXin Memory Technologies disclosed its new-generation DRAM "4F²" technology, raising market concerns over a sharp future supply expansion that could disrupt the existing supply-demand balance, with related stocks under selling pressure since 10月中旬 and Micron shares falling as low as 853 US Dollars. As the market gradually digested the uncertainty, Micron rebounded as investors reassessed the medium- to long-term growth outlook for the memory industry.
Taiwan and South Korea Memory Stocks Strengthen Together
South Korea's two memory giants rebounded together, with reports that SK海力士 is planning a special dividend plan totaling 121億 US Dollars, lifting its share price 5.18% on 27日, while 三星電子 rose 4.23% in tandem, reviving buying momentum for Asian memory stocks. Taiwan memory-related stocks all closed higher on 27日, with 南亞科 closing up 6.52% to move back above its half-year line and 5-day line, with foreign investors net buying 50.96億元. 華邦電 rose 5.5% with foreign investors net buying 36.27億元, the two attracting over 87億元 in funds combined.
The rebound has spread from DRAM makers to the supply chain, with 晶豪科 and 鈺創 also rising over 5%. Eight stocks including 力成, 晶豪科, 群聯, 旺宏, 宜鼎, 鈺創, 十銓 and 威剛 all moved higher, up 0.76% to 7.05%, covering packaging and testing, controller chips and memory modules.
Institutions Focus on Cycle and HBM4 Progress
永豐投顧 noted that what investors really need to watch is not short-term panic from a single technology announcement, but how long this memory bull cycle can last. The institution believes a technology breakthrough does not equal large-scale effective supply in the short term, noting that Changjiang Storage's 2018 Xtacking technology announcement and ChangXin's 2019 DDR4 mass production never single-handedly reversed the global industry cycle, so the actual impact of this new technology on 2027年 supply and demand may be less severe than initially feared. Developments to track include whether ChangXin can launch specification-compliant products by 年底, the pace of monthly capacity expansion, domestic market absorption capacity in mainland China, and subsequent G5 platform developments. For Taiwan makers, institutions recommend watching long-term supply contract coverage and the share of customized products to reduce exposure to standard memory price swings. 安聯亞洲半導體主動式基金經理人蕭惠中 noted that in addition to conventional DRAM and NAND price trends, the market will closely watch next-generation high-bandwidth memory HBM4 shipment progress and high-end memory demand visibility, as AI applications expand and growth momentum shifts from improving supply and demand toward product-mix upgrades.