存储板块走弱 闪迪(SNDK)跌7.84% 高盛警示科技板块AI基础设施赛道景气叙事松动

金吾财讯
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金吾财讯 | 存储板块走弱,西部数据 (WDC) 涨 1.13%,慧荣科技 (SIMO) 涨 0.72%,Rambus (RMBS) 跌 0.88%,希捷科技 (STX) 跌 1.84%,美光科技 (MU) 跌 6.17%,闪迪 (SNDK) 跌 7.84%。高盛日本交易员针对美股科技股近期大幅回调行情发布风险警示,明确本轮下跌属于结构性调整,并非短期市场波动。数据显示,上周科技股出现四标准差级别的创纪录抛售,行情由韩国存储芯片板块率先走弱触发。美光财报落地后市场虽短暂修复,但反弹行情未能延续至周五。叠加OpenAI上市进程延后、估值目标下调的消息冲击,市场风险偏好进一步走弱,科技板块内部走势显著分化,AI基础设施标的普遍承压,大型云计算企业与苹果展现出较强抗跌属性。当前市场交易逻辑已发生转变,资金开始针对存储芯片供应紧张格局见顶进行定价。与此同时,苹果为缓解存储芯片涨价带来的成本压力,正向美国政府申请采购长鑫存储(CXMT)内存芯片,若申请获批,将对美光的市场份额与经营格局形成实质性冲击。高盛梳理总结出存储芯片与AI基础设施板块的三大核心下行风险,分别为HBM涨价动能逐步放缓、国内存储厂商崛起带来的市场竞争冲击、AI服务器整体投资节奏显著降温。此外,国内中小AI企业通过多模型组合使用降低采购成本,打破头部AI平台的商业化预期,行业竞争格局持续加剧。基于市场变化,高盛调整短期战术配置,转向防御风格,同时指出美国经济基本面保持稳健,本轮板块调整属于阶段性行情,中长期建议对动能走弱的优质标的逢低布局。

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