SanDisk Corp. (NASDAQ:SNDK)andMicron Technology Inc. (NASDAQ:MU)have gone from Wall Street's biggest AI winners to some of its hardest-hit stocks over the past few weeks.
SanDisk Corp.（納斯達克：SNDK）和美光科技（納斯達克：MU）在過去幾周內，從華爾街最大的人工智慧贏家變成了受創最嚴重的股票之一。
But BlackRock says investors may be drawing the wrong conclusion.
但貝萊德表示，投資者可能得出了錯誤的結論。
The world's largest asset manager argued Monday that the sharp selloff across technology and semiconductor stocks "is overstated," warning that markets are confusing a shift in AI competition with a collapse in AI investment.
這家全球最大的資產管理公司周一指出，科技股和半導體股的大幅拋售「被誇大了」，並警告稱市場將人工智慧競爭格局的變化誤認為是人工智慧投資的崩潰。
The distinction could matter for investors trying to decide whether the recent correction represents the end of the AI trade or simply another buying opportunity.
對於試圖判斷近期回調是否意味著人工智慧交易的終結，抑或只是又一次買入機會的投資者而言，這一區別可能至關重要。
The Market Thinks Cheaper AI Means Lower Chip Demand
市場認為更便宜的人工智慧意味著晶片需求下降
The iShares PHLX SOX Semiconductor Sector Index Fund (NYSE:SOXX) has fell 15% from June highs and briefly entered bear-market territory as investors worried that lower-cost Chinese large language models could undermine the economics of expensive frontier AI models.
由於投資者擔心成本更低的中國大型語言模型可能會削弱昂貴的前沿人工智慧模型的經濟性，iShares PHLX SOX Semiconductor Sector Index Fund（紐約證券交易所：SOXX）已從6月高點下跌15%，並一度進入熊市區域。
If AI becomes dramatically cheaper to build, the reasoning goes, hyperscalers may eventually need fewer cutting-edge chips.
按照這種邏輯，如果構建人工智慧的成本大幅降低，超大規模數據中心運營商最終可能需要更少的尖端晶片。
BlackRock believes that logic misses the bigger picture.
貝萊德認為，這種邏輯忽略了更宏觀的圖景。
"Tech and semiconductor stocks sold off sharply last week. We see these moves as overstated: cheaper AI changes the winners, not the investment case," the world's biggest asset management said in its latest weekly market commentary.
「科技股和半導體股上周遭遇大幅拋售。我們認為這些走勢被誇大了：更便宜的人工智慧改變的是贏家，而非投資邏輯，」這家全球最大的資產管理公司在其最新一周市場評論中表示。
Instead of reducing AI spending, cheaper models could accelerate adoption across more industries, increasing demand for the infrastructure required to deploy artificial intelligence at scale.
更便宜的模型非但不會減少人工智慧支出，反而可能加速人工智慧在更多行業的應用，從而增加對大規模部署人工智慧所需基礎設施的需求。
Read Also:3 Semiconductor Stocks to Buy After the Selloff — Bank of America's Picks
另請閱讀：拋售潮後值得買入的3隻半導體股票——美國銀行的精選
More AI Users Still Mean More Infrastructure
更多AI用戶仍意味著更多的基礎設施需求
BlackRock indicates that lower AI costs expand the addressable market.
貝萊德指出，AI成本降低將擴大可觸達的市場。
As more companies integrate AI into products and workflows, demand still rises for data centers, networking equipment, memory chips and power infrastructure.
隨著越來越多的公司將AI整合進產品和工作流程中，對數據中心、網絡設備、記憶體晶片和電力基礎設施的需求仍在上升。
The firm said investors are overlooking "the other side of the story: cheaper AI could broaden adoption and reinforce demand for AI infrastructure."
該公司表示，投資者忽視了「故事的另一面：更便宜的AI可能擴大採用範圍，並進一步強化對AI基礎設施的需求。」
That thesis closely matches one of Wall Street's biggest structural investment themes this year.
這一觀點與今年華爾街最大的結構性投資主題之一高度吻合。
Earlier this year, AI capital spending rotated beyond graphics processors into memory, optical networking, power equipment and liquid cooling as hyperscalers continued expanding AI infrastructure.
今年早些時候，隨著超大規模雲服務商持續擴展AI基礎設施，AI資本支出已從圖形處理器轉向記憶體、光通訊網絡、電力設備和液冷技術。
Earnings, Not Geopolitics, Remain the Bigger Driver
盈利仍是更重要的驅動因素，而非地緣政治
Despite renewed Middle East tensions, BlackRock says resilient economic growth and continued earnings expansion keep it overweight U.S. equities.
儘管中東緊張局勢再度升級，貝萊德仍表示，強勁的經濟增長和持續的盈利擴張使其維持對美國股市的超配立場。
The firm indicates corporate earnings are still growing faster than the rising cost of capital, noting consensus now expects S&P 500 earnings growth of roughly 25% in 2026, up from 18% only three months ago.
該公司指出，企業盈利增速仍快於資本成本的上升速度，並提到目前市場普遍預期標普500指數在2026年的盈利增長約為25%，高於僅三個月前的18%。
Its conviction around AI infrastructure also remains unchanged.
其對人工智慧基礎設施的信念也保持不變。
Among its highest-conviction portfolio themes, BlackRock continues to recommend overweight exposure to U.S. equities with a focus on AI bottlenecks including power, chips and data centers.
在貝萊德最具信心的投資組合主題中，該公司繼續建議超配美國股票，並重點關注人工智慧領域的瓶頸環節，包括電力、晶片和數據中心。
Read Also:Nvidia vs. AMD: The Next AI Battle Targets a $170 Billion Prize
延伸閱讀：輝達 vs. AMD：下一場AI之戰瞄準$1,700億大獎
How High Do Analysts Think SanDisk and Micron Can Go?
分析師認為SanDisk和Micron的股價還能漲多高？
According to Benzinga Analyst Ratings, the consensus rating on SanDisk is Outperform.
根據Benzinga分析師評級，SanDisk的共識評級為「跑贏大盤」。
The stock has run so hard that its blended average target of $1,418.14, drawn from 22 analysts, now sits below its own share price near $1,608.
該股漲幅如此之大，以至於來自22位分析師的混合平均目標價$1,418.14目前已低於其自身股價，後者接近$1,608。
The freshest calls tell the real story. The last three notes average $2,666.67, and targets stretch to a Street-high $3,250 from Susquehanna.
最新的觀點才真正說明了問題。最近三份報告的平均目標價為$2,666.67，其中Susquehanna給出了華爾街最高的目標價$3,250。
DateFirmPrice TargetActionRatingJul 1, 2026BofA Securities$2,100 → $2,500MaintainsBuyJun 30, 2026Bernstein$1,700 → $3,000MaintainsOutperformJun 25, 2026Citigroup$2,025 → $2,500MaintainsBuyJun 8, 2026Mizuho$1,825 → $2,200MaintainsOutperformJun 8, 2026B of A Securities$1,550 → $2,100MaintainsBuyJun 8, 2026Cantor Fitzgerald$1,800 → $2,900MaintainsOverweightSource: Benzinga Analyst Ratings
日期事務所目標價操作評級2026年7月1日BofA Securities$2,100 → $2,500維持買入2026年6月30日Bernstein$1,700 → $3,000維持跑贏大市2026年6月25日花旗集團$2,025 → $2,500維持買入2026年6月8日瑞穗$1,825 → $2,200維持跑贏大市2026年6月8日B of A Securities$1,550 → $2,100維持買入2026年6月8日Cantor Fitzgerald$1,800 → $2,900維持超配來源：Benzinga分析師評級
Micron tells a cleaner version of the same story.
Micron講述了同一個故事，但版本更加清晰。
Analyst consensus sits at a Buy, with an average target of $1,316.79 from 29 analysts — roughly 36% above the recent price near $969.
分析師共識評級為「買入」，29位分析師給出的平均目標價為$1,316.79，較近期股價$969高出約36%。
Here too the newest actions were more aggressive, averaging $1,750, or about 81% upside, with a Street-high $2,000 shared by Cantor Fitzgerald and Barclays. Goldman Sachs is the lone cautious voice, holding a Neutral rating at $1,100.
這裡最新的行動也更為激進，平均目標價為$1,750，意味著約81%的上漲空間，其中Cantor Fitzgerald和巴克萊銀行共同給出了華爾街最高的目標價$2,000。高盛是唯一持謹慎態度的聲音，維持「中性」評級，目標價為$1,100。
DateFirmPrice TargetActionRatingJul 14, 2026Keybanc$1,600 → $1,750MaintainsOverweightJun 29, 2026Cantor Fitzgerald$1,500 → $2,000MaintainsOverweightJun 25, 2026Cantor Fitzgerald$1,500 → $1,500ReiteratesOverweightJun 25, 2026Barclays$1,175 → $2,000MaintainsOverweightJun 25, 2026Citigroup$1,200 → $1,400MaintainsBuyJun 25, 2026Goldman Sachs$900 → $1,100MaintainsNeutralSource: Benzinga Analyst Ratings
日期事務所目標價操作評級2026年7月14日Keybanc$1,600 → $1,750維持超配2026年6月29日Cantor Fitzgerald$1,500 → $2,000維持超配2026年6月25日Cantor Fitzgerald$1,500 → $1,500重申超配2026年6月25日巴克萊銀行$1,175 → $2,000維持超配2026年6月25日花旗集團$1,200 → $1,400維持買入2026年6月25日高盛$900 → $1,100維持中性來源：Benzinga分析師評級 (Benzinga)