人工智能热潮引发内存芯片供应危机

⼈⼯智能热潮引发内存芯⽚供应危机 ByHyunjoo Jin,Fanny Potkin,Wen-Yee Lee,Anton BridgeandMax A. Cherney December 3, 202511:15 AM GMT+8·Updated 2 hours ago [1/5]2025年10⽉30⽇，中国⼴东省深圳市华强北电⼦市场展位上放⼤镜屏幕展示的芯⽚。路透社/Tingshu Wang/资料图购买授权许可 内存短缺或延缓⼈⼯智能项⽬进程及⽣产⼒提升SK海⼒⼠预测存储芯⽚短缺将持续⾄2027年底智能⼿机制造商警告内存成本飙升将导致涨价微信公众号 404K微信公众号 404K Memory shortage could delay AI projects, productivitygains Dec 3 (Reuters) - An acute global shortage of memory chips is forcing artificial intelligence and consumer-electronics companies tofight fordwindling supplies, as prices soar for theunglamorous but essential componentsthat allow devices to store data. 12⽉3⽇(路透社) -全球存储芯⽚严重短缺正迫使⼈⼯智能和消费电⼦企业争夺⽇益减少的供应。这些不起眼却⾄关重要的数据存储组件价格飙升，导致设备存储成本激增。 Japanese electronics stores have begun limiting how many hard-disk drives shoppers can buy. Chinese smartphone makers are warning of priceincreases. Tech giants including Microsoft(MSFT.O), Google(GOOGL.O)and ByteDance are scrambling to secure supplies from memory-chipmakers such as Micron(MU.O), Samsung Electronics(005930.KS)and SK Hynix(000660.KS), according to three people familiar with thediscussions. ⽇本电器商店已开始限制消费者购买硬盘数量。中国智能⼿机制造商纷纷发出涨价预警。据三位知情⼈⼠透露，微软(MSFT.O)、⾕歌(GOOGL.O)和字节跳动等科技巨头正在紧急联系美光(MU.O)、三星电⼦(005930.KS)和SK海⼒⼠(000660.KS)等存储芯⽚制造商以确保供应。 The Reuters Daily Briefing newsletter provides all the news you need to start your day.Sign uphere. 路透每⽇简报为您提供开启⼀天所需的全部新闻。点击此处注册。 The squeeze spans almost every type of memory, fromflash chips used in USB drives and smartphones to advanced high-bandwidth memory (HBM)that feeds AI chips in data centers. Prices in some segments have more than doubled since February, according to market-researchfirm TrendForce,drawing in traders betting that the rally has further to run.微信公众号 404K微信公众号 404K 这场供应短缺⼏乎波及所有类型的存储芯⽚，从U盘和智能⼿机所⽤的闪存芯⽚，到数据中⼼为AI芯⽚提供数据的⾼速带宽内存(HBM)。市场研究公司集邦咨询的数据显示，⾃2⽉以来，部分品类芯⽚价格已翻倍有余，吸引交易者押注这轮涨势尚未⻅顶。 The fallout could reach beyond tech. Many economists and executives warn the protracted shortage risks slowing AI-based productivity gains anddelaying hundreds of billions of dollars in digital infrastructure. It could also add inflationary pressure just as many economies are trying to tameprice rises and navigate U.S. tariffs. 其影响可能超出科技⾏业范畴。许多经济学家和⾼管警告称，持续的短缺可能减缓基于AI的⽣产⼒提升，并延误数千亿美元的数字基建投资。在全球多国试图遏制物价上涨、应对美国关税的背景下，这种局⾯还可能加剧通胀压⼒。 "The memory shortage has now graduated from a component-level concern to a macroeconomic risk," said Sanchit Vir Gogia, CEO of GreyhoundResearch, a technology advisoryfirm. The AI build-out "is colliding with a supply chain that cannot meet its physical requirements." 科技咨询公司Greyhound Research⾸席执⾏官桑奇特·维尔·⼽吉亚指出："存储芯⽚短缺已从零部件层⾯的问题升级为宏观经济⻛险。AI基础设施扩建'正遭遇供应链⽆法满⾜其实体需求的困境'。" This Reuters examination of the spiraling supply crisis is based on interviews with almost 40 people, including 17 executives at chipmakers anddistributors. It shows industry efforts to meet voracious appetite for advanced chips — driven by Nvidia(NVDA.O)and tech giants like Google,Microsoft and Alibaba(9988.HK)— created a dual bind: Chipmakers still can't produce enough high-end semiconductors for the AI race, yet theirtilt away from traditional memory products is choking supply to smartphones, PCs and consumer electronics. Some are now hurrying to course-correct. 这篇路透社对不断升级的供应链危机的调查基于对近40位业内⼈⼠的采访，其中包括17位芯⽚制造商和分销商⾼管。报道显示，在英伟达(NVDA.O)及⾕歌、微软、阿⾥巴巴(9988.HK)等科技巨头的推动下，⾏业为满⾜市场对先进芯⽚的旺盛需求所作的努⼒陷⼊双重困境：芯⽚制造商既⽆法为⼈⼯智能竞赛⽣产⾜够的⾼端半导体，⼜因转向研发⽅向导致传统存储产品供应紧张，影响了智能⼿机、个⼈电脑及消费电⼦产品的⽣产。⽬前部分企业正紧急调整战略。 Details of the global scramble by techfirms and price increases described by electronics retailers and component suppliers in China and Japan arereported here for thefirst time.微信公众号 404K微信公众号 404K 本⽂⾸次报道了全球科技企业争相采购的细节，以及中国和⽇本电⼦产品零售商和零部件供应商所描述的价格上涨情况。 Average inventory levels at suppliers of dynamic random-access memory (DRAM) — the main type used in computers and phones — fell to two tofour weeks in October from three to eight weeks in July and 13 to 17 weeks in late 2024, according to TrendForce. 动态随机存取存储器（DRAM）供应商的平均库存⽔平已从2024年末的13⾄17周、今年7⽉的3⾄8周，骤降⾄10⽉的2⾄4周。DRAM是计算机和⼿机使⽤的主要内存类型，这⼀数据来⾃TrendForce。 Column chart shows a steep decline in average inventory levels at suppliers of DRAM since October 2024. 柱状图显示，⾃2024年10⽉以来，DRAM供应商的平均库存⽔平急剧下降。 The crunch is unfolding as investors question whether the billions of dollars poured into AI infrastructure have inflated a bubble. Some analystspredict a shakeout, with only the biggest andfinancially strongest companies able to stomach the price increases. 这场供应危机爆发之际，投资者正质疑投⼊⼈⼯智能基础设施的数⼗亿美元是否催⽣了泡沫。⼀些分析师预测⾏业将迎来洗牌，只有规模最⼤、财⼒最雄厚的企业才能消化价格上涨的压⼒。 One memory-chip executive told Reuters the shortage would delay future data-center projects. New capacity takes at least two years to build butmemory-chip makers are wary of overbuilding for fear it could end up idle should the demand surge pass, the person said. ⼀位内存芯⽚⾼管向路透社表示，短缺将推迟未来数据中⼼的建设项⽬。该⼈⼠称，新建产能⾄少需要两年时间，但内存芯⽚制造商担⼼过度建设可能导致产能闲置——万⼀当前的激增需求只是昙花⼀现。 Samsung and SK Hynix have announced investments in new capacity but haven't detailed the