美光，最受关注的内存股。我想说，它是当前市场上最受追捧的半导体股之一，刚刚发布了财报。尽管交出了出色的盈利、亮眼的营收和惊人的指引，股价却一直相当稳定。
Micron, the most popular memory stock. I would say, one of the most popular semiconductor stocks on the market right now, just released their earnings report. The stock price has remained fairly stable despite delivering exceptional earnings, great revenue, and incredible guidance.
Steve，你对 Micron 感到兴奋吗？>> 对 Micron 超级兴奋。我觉得我们正处在一个局面里：Nvidia 必须先验证超大规模云厂商，Broadcom 必须先验证 Nvidia，现在 Micron 必须验证一切。
Steve, you excited for Micron? >> Super excited for Micron. And I feel like we're in a situation where Nvidia had to validate the hyperscalers. Broadcom had to validate Nvidia. Now Micron has to validate everything.
而且我认为，今天我们会从 Micron 那里听到更多关于这一切的内容。Micron，考虑到它作为“卖铲子”这一角色的典型代表的性质，我同意你的看法，Tanner。他们必须拿出这些长期协议（LTA）。
他们必须证明，未来几年他们的利润率存在一个上限或下限。他们必须证明存在一条真实的长期增长轨迹，因为我仍然想不明白，为什么 Micron 相对于其他利润率更差、增长更差、周期性同样强的半导体公司，会被折价得这么厉害。
And I think we hear more of everything from Micron today. Micron, given the nature of the the the sort of poster child it is for pick and shovels, I agree with you, Tanner. They've got to show these LTAs.
They've got to show that there's a ceiling or a floor to to what their margins look like over the next couple years. got to show there's a real long-term trajectory because it I I I still can't figure out why Micron is discounted this heavily against other semiconductor names that have worse margins, worse growth, and are just as cyclical.