Micron Technology(NASDAQ:MU) stock has entered a bear market after plunging more than 26% from its highest level this year. The sell-off has coincided with a broader retreat in memory stocks as investors take profits and concerns grow about the sustainability of AI spending.
美光科技（納斯達克代碼：MU）股價已進入熊市，因其自今年高點以來暴跌逾26%。此次拋售恰逢整個記憶體晶片股普遍回調，投資者紛紛獲利了結，同時對人工智慧支出可持續性的擔憂日益加劇。
Micron Stock Has Retreated Amid Rising Concerns About AI Spending
美光科技股價在人工智慧支出擔憂升溫之際回落
MU stock has plunged more than 26% from its highest level this year, joining a broader sell-off across the memory sector. Other leading memory stocks, includingSanDisk(NASDAQ:SNDK) andWestern Digital(NASDAQ:WDC), have also retreated sharply. Meanwhile, theRoundhill Memory ETF(CBOE: DRAM) has fallen 34% from its highest point of the year.
美光科技（MU）股價已從今年高點暴跌逾26%，加入整個記憶體器行業的廣泛拋售行列。其他領先的記憶體器類股，包括SanDisk（納斯達克：SNDK）和Western Digital（納斯達克：WDC），也大幅回落。與此同時，Roundhill Memory ETF（CBOE：DRAM）已從今年最高點下跌34%。
The options market is not sending a clear signal about Micron's near-term outlook. Data shows that implied volatility has climbed to about 99%, indicating that investors expect heightened price swings. Meanwhile, the put-to-call ratio stands at 1.19, suggesting a modest bearish or hedging bias rather than aggressive bearish positioning.
期權市場並未發出關於美光科技近期前景的明確信號。數據顯示，引伸波幅已攀升至約99%，表明投資者預計股價將出現劇烈波動。同時，看跌/看漲期權比率（put-to-call ratio）為1.19，表明市場存在一定程度的看跌或避險傾向，而非激進的看跌頭寸。
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Wall Street analysts are optimistic that Micron has more upside to go. Benzinga data shows that the consensus target for the stock is $1,268, up by 37% from the current level. DA Davidson's Gil Luria boosted the target from $1,500 to $2,000. Needham hiked its target from $1,550 to $1,650.
華爾街分析師樂觀地認為美光科技仍有上漲空間。Benzinga數據顯示，該股的共識目標價為$1,268，較當前水平高出37%。DA Davidson的Gil Luria將目標價從$1,500上調至$2,000。Needham也將其目標價從$1,550上調至$1,650。
Micron's business is thriving, helped by the rising demand for its products amid the artificial intelligence boom. Its recent results showed that its third-quarter revenue jumped by over 300% to $41.4 billion, with management predicting that it will hit $50 billion in the fourth quarter.
得益於人工智慧熱潮帶動對其產品需求不斷上升，美光科技的業務蓬勃發展。其最新業績顯示，第三財季營收同比激增逾300%，達到$414億，管理層預計第四財季營收將達到$500億。
There are also signs that memory demand is rising. In its earnings this week,Alphabet(NASDAQ:GOOG) boosted its capital expenditure spending to over $205 billion.Tesla(NASDAQ:TSLA) also expects to spend $25 billion this year.
此外，記憶體晶片需求回升的跡象也已顯現。Alphabet（納斯達克代碼：GOOG）本周公佈業績，將其資本支出提升至逾$2,050億。特斯拉（納斯達克代碼：TSLA）也預計今年將支出$250億。
Micron Needs to Overcome Key Technical Hurdle
美光科技需克服關鍵的技術阻力位
MU stock chart | Source: TradingView
MU股價走勢圖 | 來源：TradingView
Despite the optimism, Micron stock needs to overcome the emerging head-and-shoulders pattern. This pattern is made up of a head, two shoulders, and a neckline. In this case, the neckline is at $850.
儘管市場情緒樂觀，美光科技股價仍需突破正在形成的頭肩頂形態。該形態由頭部、兩個肩部和一條頸線構成。在此情況下，頸線位於$850。
The Relative Strength Index (RSI) has continued falling, moving from a high of 86 in May to 45 today. Therefore, there is a risk that it will continue falling in the near term. This view will be confirmed if it drops below the neckline of $850.
相對強弱指數（RSI）持續下跌，從5月的高點86降至今日的45。因此，短期內存在進一步下跌的風險。若跌破$850的頸線，這一觀點將得到確認。 (Benzinga)