知名做空机构香橼:正做空闪迪,当前存储芯片市场繁荣为「供应幻象」

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BlockBeats 消息,2 月 24 日,知名做空机构香橼发布报告表示,闪迪的市场定价过高,类似于英伟达,但两者不同:英伟达拥有护城河,而闪迪销售的是商品化产品。Western Digital 几天前已大幅减持其持股,低于市场价 25%,显示资深投资者预见到内存周期即将触顶。历史数据显示,内存市场的周期性高峰在 2008、2012 和 2018 年均出现过,闪迪也难例外。

三星在过去 30 年里一直以市场份额优先于利润率,此次更是直接将高端 SSD 产品推向闪迪的核心客户,并承诺不销售低于 50% 毛利率的产品。闪迪目前供应紧张只是暂时的产能瓶颈,而这只是「短缺假象」,随时可能在一次财报电话会议中消失。

香橼强调,做空闪迪股票是提前布局周期调整的策略。当内存市场恢复正常时,闪迪股价可能已经大幅下跌。

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