A memo to those who thought volatility in the semiconductor industry was a thing of the past: it is not. This thesis has been popular for some time. But even after years of consolidation, the industry is still prone to boom-and-bust cycles —even if they are a bit gentler now that the number of global D-Ram manufacturers has dropped to three.
认为半导体行业的波动性已成为过去的人听好了:事实并非如此。这一假说已经流行了一段时间。但即使进行了多年的整合,这个行业依然容易受到盛衰周期的影响——就算因为全球范围内动态随机存取存储器(D-Ram)制造商已经减少到三家,这些周期变得温和了一些。
This can make for interesting M&A opportunities.
这可能创造有意思的并购机会。
Tsinghua Unigroup , the Chinese state-backed investment group, is reportedly interested in buying Micron, the US’s biggest memory chipmaker. Micron looks like good value: its stock has fallen 50 per cent this year as sales of memory chips have disappointed. Revenue fell 3 per cent year-on-year in the most recent quarter, with the company expecting a further decline. Slow PC sales are partly to blame — 60 per cent of Micron’s sales are D-Ram chips, which are used in PCs and servers.
据报道,得到中国政府支持的投资集团清华紫光(Tsinghua Unigroup)有意收购美国最大内存芯片制造商美光科技(Micron)。美光科技看起来物有所值:由于内存芯片销售情况令人失望,美光科技的股价今年已下跌50%。最近一个季度的营收同比下降3%,该公司预期营收还将进一步下降。个人电脑(PC)销售趋缓是部分原因——美光科技60%的销售额来自用于PC和服务器的D-Ram芯片。
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