[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciod5eb8fed":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciod5eb8fed","美银：Kimi-K3等开源大模型利好AI存储需求-重申美光(MU)“买入”评级","\u002Fdoc\u002Fdciod5eb8fed","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，美国银行最新研报指出，近期包括月之暗面推出的Kimi K3在内的新一代开源大模型发布，进一步强化了其对AI存储市场及美光科技(MU)的长期看多逻辑。受利好消息提振，存储概念股周二集体飙升，美光科技(MU)涨超8%，SK海力士(SKHY)涨超9%，闪迪(SNDK)涨超10%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">以Vivek Arya为首的美国银行分析师表示，中国开源大模型API定价极具竞争力，价格较西方模型低5至350倍，但这更多反映的是商业模式选择，而非硬件成本大幅下降。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">分析师指出，尽管新模型通过架构优化和推理效率提升降低了GPU算力需求，随着模型参数规模和激活参数持续增长，对高带宽内存(HBM)、DRAM等存储资源的需求并未减少，反而进一步提升。此外，每一次开源模型下载，都意味着客户需要自行部署模型，从而新增HBM、DRAM及NAND等存储需求，这是闭源模型所不具备的。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">上周，阿里巴巴(BABA)投资的中国AI初创公司月之暗面正式发布Kimi K3。这款拥有2.8万亿参数的大模型被公司称为全球规模最大的开源权重模型，其性能接近Anthropic最新旗舰模型Fable。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美国银行认为，中国存储芯片厂商长鑫存储目前不会对美光构成实质性威胁，并重申美光“买入”评级，同时维持1550美元目标价。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">分析师表示，虽然长鑫存储正积极扩充产能，目前约占全球DRAM晶圆产能的低个位数至10%左右，其主要聚焦消费级及标准型DRAM市场，并未切入HBM3E、HBM4等AI高端存储领域。此外，美国原始设备制造商(OEM)短期内能否获得政府批准采购长鑫存储产品仍存在较大不确定性。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美国银行还指出，美光依据《芯片法案》获得政府补贴后所受到的股票回购限制预计将于2026年12月左右到期。随着限制解除，公司未来数年自由现金流有望达到每年120亿至130亿美元以上，若按照40%的资本回报政策执行，预计每年可实施约50亿至60亿美元股票回购，相当于其当前约1万亿美元市值的5%至6%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">对于市场关注的中国AI模型低价策略，美国银行表示，这并不意味着AI基础设施成本同步下降。例如，腾讯混元模型API输入价格仅为每百万Token 0.06美元，而Anthropic Claude Opus 4.8约为15美元；Kimi K3收费约3美元，但性能已接近国际领先模型。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">不过，分析师强调，API价格更多体现商业策略，而非硬件成本。以Kimi K3为例，每个推理实例仍需约1.4TB HBM才能运行；相比之下，OpenAI开源模型“oss-120b”参数规模仅约Kimi K3的二十三分之一，其运行仍需约63GB模型权重内存。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">分析师表示，API价格通常仍与模型权重规模及激活参数数量密切相关，即便是中国开源大模型也是如此。“开源”仅意味着模型权重开放，而非部署成本降低，客户仍需采购HBM、DRAM及NAND等存储硬件才能完成本地部署。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">此外，美国银行认为，中国AI模型价格优势还来自模型架构效率提升及成本优势。分析师预计，中国在模型架构效率方面具有一定领先优势，而在电力、人工、土地等基础设施成本方面，相较海外具备约1.5至2倍优势，其余价格差异则可能来自国家资本补贴以及阿里巴巴、腾讯和百度(BIDU)等云服务商提供的资金支持和自由现金流补贴。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]