$MU · Parkev Tatevosian, CFA · 2026-11-01
Micron 是一只值得买入的被低估的 AI 股票：自由现金流预计将从 2025 财年的 26.1 亿美元增至 2026 财年的 500 亿美元，并持续增长；在产品短缺之下，2027 年全部产量和 2028 年大部分产量已售罄；尽管投资者担忧后续走势，强劲的换机周期预计将在未来数年支撑盈利能力和现金流。1,436 美元的公允价值对比 929 美元，意味着 12 至 18 个月约有 55% 的上涨空间。
逐段跳播
我要重点指出的第二只值得买入的低估 AI 股票是 Micron，它在股价上涨方面与 Nvidia 表现相似，但盈利和现金流也有所增长。
The second stock I would highlight as an undervalued AI stock to buy is Micron, which has seen similar results to Nvidia in terms of rising share price, but also increased earnings and cash flow.
事实上，我估计它的自由现金流将在 2026 财年末达到 500 亿美元，高于 2025 财年的 26.1 亿美元。而且这种增长还将持续。
In fact, I estimate that its free cash flow will end fiscal year 2026 at $50 billion, up from $2.61 billion in fiscal year 2025. And this growth will continue.
该公司的产品供不应求。其 2027 年全年的产量以及 2028 年的大部分产量都已售罄。但投资者担心接下来会发生什么。我认为，替换周期将足够强劲，足以在未来许多年维持 Micron 的盈利能力和现金流水平。
There is a shortage of the company's products. Its entire production for 2027 and most of 2028 is sold out. But investors are worried about what will happen next. I believe the replacement cycle will be strong enough to maintain Micron's level of profitability and cash flow for many years to come.
我计算出该公司的公允价值为 1436 美元，而当前市场价格为 929 美元，这意味着未来 12 到 18 个月约有 55% 的上涨空间。
I calculated the fair value of the company at $1436 , while the current market price is $929, leaving room for growth of approximately 55% over the next 12 to 18 months .
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Parkev Tatevosian, CFA 在这只股票上共 15 条判断，这里只列相邻的几条。