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是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我从不害怕失败。
I have no fear of failure.
开拓进取的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，
One of my
想想你老板的老板需要什么。
favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多种不同的形式。
Leadership can look in many, many different forms.
归根结底，还是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short, and
要想成就大事，就得敢想大的。
you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC的《变革者》和《权力玩家》节目。
Julia Borson hosts CNBC Changemakers and Power Players.
每周二更新，无论你在哪里收听播客都能找到。
New episodes every Tuesday wherever you get your podcasts.
在爱达荷州群山的掩映下，科技的未来正在从零开始被打造。
In the shadow of Idaho's mountains, the future of technology is being built from the ground up.
美光科技大约半个世纪前在这里诞生。
Micron was born here nearly a half a century ago.
如今，它正在构建推动下一次工业革命的技术。
Today, it's building the technology powering the next industrial revolution.
钢筋落地，智慧运转，数十亿美元的投资，数万个工作岗位。
Steel in the ground, ingenuity at work, billions of dollars, and tens of thousands of jobs.
人工智能的竞赛可能是全球性的，但它的下一个前沿正在美国本土成形。
The race for AI may be global, but its next frontier is taking shape on American soil.
就在爱达荷州博伊西这里，美国制造业的传统正在塑造创新的未来。
Right here in Boise, Idaho, a legacy of American manufacturing is shaping the future of innovation.
疯狂伙伴们，来自美光科技和博伊西的“投资美国”节目现在开始。
Mad Buddies, invest in America from Micron and Boise begins now.
我的使命很简单，就是帮你赚钱。
My mission is simple, to make you money.
我来这里是为了让所有投资者都能公平竞争。
I'm here to level the playing field for all investors.
总有一个牛市在某个地方，我保证帮你找到它。
There's always a bull market somewhere, and I promise to help you find it.
《疯狂金钱》现在开始。
Mad Money starts now.
嘿。
Hey.
我是克莱默。
I'm Cramer.
欢迎收看《疯狂金钱》特别节目，我们从爱达荷州博伊西的美光科技总部为您带来。
Welcome to a special edition of Mad Money coming to you from Micron's headquarters in Boise, Idaho.
欢迎来到克拉默，艾丽卡。
Welcome to Cramer, Erica.
各位朋友，我只是想帮你们赚点钱。
Other people, my friends, I'm just trying to make you a little bit of money.
我的工作不只是娱乐，更是教育，是教你们。
My job is not just to entertain, but to educate, to teach you.
所以请拨打我的电话180743。
So call me at 180743.
在推特上关注我@Jim Cramer。
Tweet me at Jim Cramer.
你只要一天没盯着市场，然后来到这种真正制造东西的地方，比如爱达荷州博伊西的美光新半导体工厂的施工现场。
You take your eye off the market for one lousy day and come out here where they actually make things like a Boise, Idaho construction site for Micron's new semiconductor factory.
你就会意识到股价和现实之间存在着令人震惊的巨大鸿沟。
You realize there's an incredibly jarring gulf between stock prices and reality.
当然，这没关系。
Of course, it doesn't matter.
市场似乎并不会因为这里天气好就上涨，对吧？
The market doesn't seem to rally just because it's a beautiful day out here, does it?
我看到8000名工人在1000万平方英尺的钢铁和混凝土基础设施上忙碌着。
I'm watching 8,000 workers crawling all over 10,000,000 square feet of steel and concrete infrastructure.
但相反，我真正要面对的是离这里2150英里远的华尔街那糟糕的一天，道琼斯指数下跌了704点，标普500指数下跌了0.87%，纳斯达克指数下跌了整整1%。
But instead, what I really have to do is settle for a rough and nasty day on Wall Street 2,150 miles away from here, where the Dow tumbled seven zero four points, S and P declined point 87%, and the Nasdaq lost a full percent.
哦，我真希望今天能有个好行情，因为地球上没有比制造半导体更重要的制造工艺了，而美光就在这里生产。
Oh, I wish we had a better session, though, because there's no manufacturing process in the planet that's more than building semiconductors, and Micron builds them right here.
这家公司一直致力于在美国发展，我们来到这里就是为了见证并赞扬这种承诺。
This is a company that's always been committed to The United States, and we have come out here to see and praise that commitment.
这家公司要投入2500亿美元。
This company's spending 250,000,000,000.
是的。
Yeah.
会是这样吗？
Will it be?
2500亿美元投在这里、纽约和弗吉尼亚，用来制造最先进的存储芯片，其中很多是为了现在大规模建设的数据中心，很快还会用于机器人和自动驾驶汽车。
$250,000,000,000 in here, New York, and Virginia to make the most advanced memory chips, many for the gigantic data center build out right now and soon for robots, self driving cars.
它们都需要存储才能工作，而美光在存储领域是个重量级选手，仅次于三星和SK海力士，排名第三。
They all need memory to work, and Micron's a heavy hitter in the memory space, the third largest after Samsung and SK Hynix.
如果你用毛利率来衡量一家公司的成功，也就是扣除销售成本后保留的收入比例，那你眼前看到的将是全球最赚钱的公司之一，这里只是其中的两座晶圆厂。
If you measure a company's success by its gross margin, the percentage of revenue they keep after the cost of goods sold, what you're looking at will be just two fabs within one of the most lucrative companies in the world.
不过，不幸的是，即使你像我一样认为美光股票被严重低估，也不能忽视整个大盘。
Unfortunately, though, you can't take your eye off the broader market even if you think as I do that Mike Biden stock is radically undervalued.
对。
Yeah.
即使今天股价上涨了37美元，情况依然如此。
That's even after today's $37 rally.
归根结底，我们总是需要通过市场的视角来看待股票。
In the end, we always have to look at stocks through the market's prism.
对吧？
Okay?
不是我们的，而是市场的。
Not ours, but the markets.
而现在，市场不会给美光应有的认可，因为一些公司无法控制的因素。
And right now, the market's not gonna give Micron its due because of factors beyond this company's control.
是什么让市场的视角变得模糊？
What is clouding the market's prism?
是什么让一切都变得如此糟糕？
What is making everything so darn fair?
让我来解释一下。
Let me spell it out.
我要从美国的沃尔玛说起，它是全球最大的零售连锁店，每周有超过2亿顾客光顾。
I'm gonna start with The United States Of Walmart, the largest retail chain in the world where more than 200,000,000 customers shop every single week.
沃尔玛是一家很棒的公司。
Walmart's a fantastic company.
你知道吗，我也是这么想的。
You know, I think that.
价格非常有竞争力。
Tremendous prices.
最近，它吸引了各个经济阶层的人，而且它的电商业务非常强劲，上个季度就表现得很明显。
Lately, it's been able to attract people from all ends of the economic spectrum, and it has a very strong ecommerce business that was on display this last quarter.
话虽如此，今天早上沃尔玛公布财报时，业绩还是没达到华尔街的预期。
That said, when Walmart reported this morning, it missed Wall Street's expectations.
对我来说，这次的结果比以往更复杂。
To me, these results were more complicated than usual.
有一笔巨大的关税退税，还有很难理解的联邦报销药房数据。
A gigantic tariff rebate, difficult to understand, federally reimbursed pharmacy numbers.
当我计算联邦药品价格谈判带来的影响，并把它剔除后。
When I calculated the hit from federal drug price negotiations and backed that out.
我其实觉得，嘿。
I actually thought, hey.
告我好了。
Sue me.
我觉得这个季度还不错。
I was in good quarter.
不算特别好，但也不错。
Not great, but good.
不过，如果汽油价格没涨到4美元，情况会好得多，结果股价就因此大跌了。
It it it would have been much better, though, if gasoline prices hadn't gotten up to $4, and that caused the stock to get crushed.
这不仅仅是因为油价贵了，消费者手里的钱就少了。
It's not just because consumers have less money to spend when fuel is expensive.
你看，沃尔玛有个习惯，就是经济不景气的时候，它会保持低价，甚至把价格压得更低。
You see, Walmart has this nasty habit of keeping prices low or taking them even lower when times get tough.
从山姆·沃尔顿时代起，他们就这么做了。
They've done it like this since the days of Sam Walton.
这对顾客来说是好事，长期来看，对股东也非常有利。
It's great for customers, and long term, it's been fantastic for stockholders.
问题是，这意味着股东现在得承受短期的损失。
Problem is, it means the stockholders right now have to take a short term hit.
那些持有股票到今天的人，当他们看到业绩后疯狂抛售时，他们看到了两件事。
The people who own the stock until today, when they furiously dumped it when they saw the results, they saw two things.
这两件事是他们不喜欢的。
The two things they didn't like.
第一，随着汽油价格不断上涨，业务并没有在季度中变得更糟。
One, business didn't get worse as the quarter went on because of ever higher gasoline prices.
第二，沃尔玛选择了一个大胆的做法，要么短期少赚点钱，要么抢占大量市场份额。
And two, Walmart chose to do something gutsy, make a little less money short term or take a lot of market share.
这是好的商业决策，这让我回到了之前提到的那个阴暗的角度，好的商业决策不一定能带来好的股价。
That is good business, which sends me back to that dark prism I mentioned before where good business isn't necessarily gonna be rewarded with good stock prices.
当你把沃尔玛季度末的低迷业绩和汽油价格的持续上涨放在一起看，我们就不难明白，股价可能一开始就有点过高了，所以今天才会暴跌9%。
When you match Walmart's subdued end of quarter results with the continual increase in the price of gasoline, well, it doesn't become clear to us that the stock was maybe a little too high coming in, hence the 9% meltdown today.
这并没有反映出这家公司愿意在经济放缓时牺牲一点利润来获取市场份额。
It didn't reflect the fact that this company is willing to take a very small earnings hit to gain market share during a slowdown.
这就是他们教我们的长期赚钱之道。
It's what they taught us with making money long term.
换句话说，我们都明白，只要和伊朗的战争拖下去，很多东西都会涨价，除了股票。
Or to put it another way, we all understand as long as the war with Iran drags on, we're gonna pay more for a lot of things except stocks.
股票呢，我们要求价格更低才愿意投钱进去。
Stocks where we demand lower prices before we put more money to work.
昨晚总统说要经济上对付伊朗，我们就明白了这一点。
We learned that last night when the president talked about taking on Iran economically.
他说他想搞个什么全国性的，我也不太清楚，经济围困之类的。
Said he he wants to get some sort of national, I don't know, financial siege going.
伊朗已经是地球上受制裁最严重的国家之一了，我不确定我们还能做什么，甚至不确定这有没有用。
That Iran is one of the most heavily sanctioned countries on earth already, I'm not sure what else we can do or even if it matters.
这周我们会有零售业的财报，有些不错，比如塔吉特和家得宝，也有一些不太好的，比如沃尔玛，可能还有劳氏。
Now we're getting retail earnings this week, and we have some good ones, Target and Home Depot, as well as some not so good ones, Walmart and maybe Lowe's.
不过它们不会互相抵消。
They don't cancel each other out, though.
沃尔玛比其他零售商大得多，它给整个行业、整个购物领域都带来了压力。
Walmart's so much bigger than every other retailer that it casts a pull over the entire industry over the entire shopping business.
同时，如果利率下降的话，今天会更好过一些。
At the same time, this would have been a better day if interest rates had gone down.
我们的财政部长已经采取了回购大量国债的方式来压低利率。
Our treasury secretary has resorted to buying back an unusual amount of treasuries to hold rates down.
这个我不太清楚。
I don't know about that.
美国有40万亿美元的债务，而回购40亿长期国债，这让财政部长看起来有点像那个用手指堵堤坝的小荷兰男孩。
When America has $40,000,000,000,000 in debt, a $4,000,000,000 buyback of long term treasuries has this treasury secretary looking a little like the like the little Dutch boy with his fingers plugging the dike.
给他再多，比如说十根手指，也许他就能搞定这一切了。
Give him that give that man another, say, billion fingers, and maybe he'll be able to take care of all this.
所以我们只能假设，因为沃尔玛业绩不佳，美国消费者确实在放缓消费。
So we are stuck with assuming that because Walmart didn't deliver, the American consumer really is slowing down.
虽然我很想说，美国制造业的实力才是关键，这才是我们应该持有股票的原因，但我必须记住，我们国家三分之二的经济是基于服务业的。
As much as I'd like to say that's what's behind me, raw American manufacturing might is what matters, that this is why we should own stocks, I have to remember that two thirds of our country is service based.
沃尔玛就是服务型经济的温度计。
Walmart is the thermometer for the service based economy.
而今天，它显示出一个有点病恹恹的病人，除非中东实现和平，否则这个病人不会好转。
And today, it showed a somewhat sickly patient, one that won't get better until peace breaks out in The Middle East.
从历史上看，这可不是我们想押注的事情。
Historically, that's not something we necessarily wanna make a bet on.
现在因为利率下降了，也许利率还会继续降。
Now because rates came, down, maybe rates will come down.
也许它们会降下来。
Maybe they will come down.
我不想说财政部长不会这么做。
I don't wanna say the treasury secretary doesn't.
也许他是个魔术师。
Maybe he's a magician.
对吧？
Okay?
也许他更像是一个魔术师，成功地把三十年期国债拉了起来，而不是一个堵洞的荷兰男孩。
Maybe he's more of a a magician, successfully pulling up the thirty year treasury than he is a Dutch boy plugging holes.
也许消费者会习惯四美元一加仑的汽油，除非它要涨到五美元。
Maybe the consumer gets used to $4 gasoline unless it's going to 5.
但我们就只能满足于美光的这颗大理石，它在某些地方绵延不绝，一望无际。
But we're just gonna have to be satisfied with the micron marble, which goes on for acres and acres in some places as far as the eye can see.
今晚，我们将了解这家非常特别的公司如何为我们的国家做出惊人的贡献，并在一个许多美国公司都失败的行业中取得成功，同时赚得盆满钵满。
Tonight, we're learning why this very special company is doing amazing things for our country and succeeding in an industry where so many American companies have failed and making bullets of money while doing it.
说到底，我们不要太绝望。
The bottom line, let's not despair too much.
美光的股票最终上涨了4%。
Micron stock did finish up 4%.
这就是了不起的美国例外主义在起作用。
That's terrific American exceptionalism at work.
问题是，标普500里还有另外499只股票，而PRISM让其中很多今天看起来非常糟糕。
The problem is there's another 499 stocks in the S and P 500, and the PRISM made a lot of them look downright awful today.
对。
Right.
把油价降下来。
Get oil down.
把利率降下来。
Get interest rates down.
PRISM就会好很多。
The PRISM will be a heck of a lot better.
这个画面被一个不同的背景破坏了，那个背景在两千英里之外。
This picture is spoiled by a different backdrop, one that is 2,000 miles away.
我们来连线宾夕法尼亚的萨姆。
Let's talk to Sam in Pennsylvania.
萨姆。
Sam.
吉姆，你听我说。
Jim, listen.
在摩根大通主导耐克之后，我得说，作为他们产品的消费者，我觉得我可以提供一些建议。
After JPMorgan dominated Nike, I have to say, as a consumer of their products, I think I could help to out with some tips here.
这已经是好几个季度的问题了，甚至可能是好几年了。
This has been a this has been an ongoing issue for a couple of quarters now, if not a couple of years.
股价已经跌了70%。
Stock is down 70% where it was.
我觉得
And I think
他们需要
what they need to
做的是专注于核心消费者，提高产品质量。
do is focus on the core consumer and increase the quality of the product.
他们必须给我们提供物有所值的东西。
They gotta offer us a value proposition.
别再用那些可持续材料了。
It's enough with the sustainable materials.
得回到耐克的核心理念，就是做自己最擅长的事。
It's get back to the core core ideology of Nike being the best at what they do.
你懂吧？
You know?
所以呢，
So
那是谁说的，山姆？
Who's that, Sam?
哪家公司？
What company?
耐克。
Nike.
耐克。
Nike.
好的，山姆。
Alright, Sam.
你看。
Look.
我希望只是质量问题。
I wish it were just quality.
我希望只是市场份额问题。
I wish it were just market share.
我希望只是成本问题。
I wish it were just the cost.
我希望只是某个单一问题。
I wish it were something.
现在耐克的问题太多了，整个行业都在放缓。
There are just too many things going wrong right now with Nike, and the whole industry slowing down.
有时候你甚至不能怪他们。
Sometimes you can't even blame them for what they're doing.
就是什么都不值得。
It's just nothing's worth it.
美光在一个许多其他公司都失败的行业里取得了成功。
Micron is succeeding in an industry where so many others have failed.
这也是为什么在今天股市普遍下跌的情况下，它是少数几个上涨的AI相关股票之一。
That's partly why it was one of the only positive AI related stocks in today's red tape.
今天，在美光宣布2500亿美元制造计划之后，我坐下来和我们的嘉宾主持——美光的CEO聊了聊。
On their money today, on the heels of their $250,000,000,000 manufacturing announcement, I'm sitting down with our host for the day, Micron's CEO.
不要错过我们内容广泛的对话。
Don't miss our wide ranging conversation.
然后，另一家总部在博伊西的公司——艾伯森，表现可就没那么好了。
Then a different Boise based company, Albertsons, isn't doing that well at all.
那这家杂货店的股票到底怎么了？
So what's been going on with that grocery stock?
我会深入挖掘，带你走进这个了不起的设施的后台，展示最让我感动、也让我深刻体会到美光对美国投资意义的地方。
I'm digging deeper, and I'm taking you behind the scenes of this fantastic facility and showing you the area that inspired me the most and reminded me just how meaningful Micron's American investment is.
所以，请继续关注克莱默。
So stick with Cramer.
千万别错过《疯狂金钱》的每一秒。
Don't miss a second of mad money.
在X上关注吉姆·克莱默。
Follow at Jim Cramer on x.
有问题吗？
Have a question?
发推给克莱默。
Tweet Cramer.
标签#疯狂提及。
Hashtag mad mentions.
给吉姆发邮件到madmoney@CNBC.com，或者拨打我们的电话180743。
Send Jim an email to madmoney@CNBC.com, or give us a call at 180743.
错过了什么？
Missed something?
前往madmoney.cnbc.com。
Head to madmoney.cnbc.com.
是什么让你有信心去做一件以前没人做过的事情？
What made you confident that you could do something that hadn't been done before?
我从不害怕失败。
I have no fear of failure.
开拓进取的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，想想你老板的老板需要什么。
One of my favorite pieces of advice, think about what your boss's boss needs.
领导力的表现形式可以有很多很多种。
Leadership can look in many, many different forms.
归根结底，还是要相信你自己。
It really does come down to just trusting yourself.
人生短暂，而且
Life is short, and
你必须想得大，才能成就大事。
you just gotta think big to accomplish big things.
朱莉娅·博尔森主持CNBC的“变革者与权力玩家”节目。
Julia Borson hosts CNBC changemakers and power players.
每周二更新新一期，无论你在哪里收听播客都能找到。
New episodes every Tuesday wherever you get your podcasts.
我们现在在爱达荷州的博伊西，美光科技，这家内存芯片制造商，正在这里投入数百亿美元，建造的不是一座而是两座半导体工厂，就是我身后的这些，以应对严重的内存芯片短缺问题。
We're here in Boise, Idaho where Micron, the memory chipmaker, is spending tens of billions of dollars to build not one but two semiconductor fabs, the ones you see behind me, in order to tackle the dire memory chip shortage.
我觉得这家公司是国宝级的。
I think this company is a national treasure.
美光最近赚得盆满钵满，过去十二个月股价上涨了731%，因为数据中心对内存的需求简直是无底洞。
Micron's been printing money lately with its stock up 731% over the past twelve months because data centers have an incisable appetite for memory.
管理层表示，明年短缺情况应该会更严重。
Management says the shortage should get even worse next year.
不过，即使经历了这波上涨，股价也仅为明年预期收益的六倍多一点，因为华尔街吓坏了，担心美光及其竞争对手会过度增加产能，一旦需求开始下滑，就会措手不及。
Even after this run, though, the stock trades at just over six times next year's earnings estimates because Wall Street's terrified, Terrified that Micron and its competitors will add too much capacity and become flat footed once demand starts to come down.
我觉得情况不会变成那样。
I think it isn't gonna turn out like that.
我觉得情况会有点不一样。
I think it is gonna be a little bit different.
数据中心是个巨大的变革者，而且没有哪个数据中心能离开海量、几乎无限的内存。
The data center is that much of a game changer, and no data center can go without gobs and gobs, almost limitless amounts of memory.
但别光听我说。
But don't take it from me.
今天早些时候，我和我们的主持人桑杰·梅赫罗特拉坐下来聊了聊，他是美光科技的董事长、总裁兼首席执行官，想了解更多情况。
Earlier today, sat down with our host, Sanjay Mehrotra, the chairman, president, and CEO of Micron Technology to find out more.
一起来看看。
Take a look.
桑杰，很多人看到我身后的景象可能会说，听着。
Sanjay, a lot of people could see behind me and say, listen.
这里有很多混凝土、很多钢材，还有很多戴着安全帽的人。
There's a lot of concrete, a lot of steel, a lot of people with hard hats.
我看到这些，觉得这是国家的瑰宝。
I look at it and I think national treasure.
吉姆，我一直把美光视为国家瑰宝。
Jim, I have always considered Micron a national treasure.
近五十年来，我们一直以内存创新引领行业。
Nearly fifty years of leading with innovation in memory.
如今在美国，唯一一家推动全球领导地位的内存公司就是美光。
The only memory company that is here today in US driving global leadership.
而现在，内存已成为人工智能的关键基础设施。
And now memory has become a critical infrastructure for AI.
没有内存，就没有人工智能。
Without memory, there is no AI.
想要推进人工智能，就需要更多内存。
You want to advance AI, you need more memory.
这一切都是在这里发明的，你知道，这里创造了六万两千项专利，领先的工作都是在这里完成的。
All invented here, you know, 62,000 patents created, you know, with the leading work done here.
而现在，我们正在这里建设前沿的内存制造设施。
And now we are building leading edge memory manufacturing here.
非常兴奋，吉姆。
Very excited, Jim.
感谢你来这里看看实际情况，也感谢你带整个团队过来。
And thank you for coming here to see the action here as well as bringing your whole crew here.
我喜欢看到美国的伟大和创新。
I like to see American greatness and innovation.
当我们国家因为美光而获胜时，我很高兴。
I like it when I think our country is winning because of Micron.
告诉我，如果我去纽约的克莱会发生什么。
Tell me what would happen if I went to Clay, New York.
我去了马纳萨斯，还有其他你们在做这些事情的地方。
I went to Manassas, the other places you're doing these things.
不仅仅是博伊西。
It's not just Boise.
这是一项大工程。
This is a big effort.
完全正确。
Absolutely correct.
美光正在投资两千五百亿美元。
Micron is investing $250,000,000,000.
这可是个天文数字。
Big big numbers.
是十亿，不是百万。
And Big billion, not million.
我们完全致力于在美国进行这些投资，以提升领先的存储芯片制造，以及我们所说的用于汽车、工业、医疗、国防和航空航天市场的长生命周期存储产品。
And total totally committed to making these investments here in America to bring up leading edge memory manufacturing as well as what we call long life cycle memory products for automotive, industrial, medical, defense, aerospace markets.
所以我们在爱达荷州博伊西这里正在建设两座大型晶圆厂。
So what we are building here in Boise, Idaho are two large fabs.
吉姆，每座晶圆厂都有十个足球场那么大。
Jim, each of these fabs will be the size of 10 football fields.
也就是说，相当于两个老鹰队主场的规模。
That means the size of two Eagles stadiums.
每个晶圆厂将
Each fab will be
达到
the size
晶圆厂的规模。
of fabs.
两个获胜的晶圆厂。
Two winning fabs.
没错。
That's right.
绝对正确。
Absolutely.
两个获胜的晶圆厂。
Two winning fabs.
一切从这里开始。
It starts here.
我们正在纽约州的锡拉丘兹和克莱建设，大约一个月前，我们在那里浇筑了混凝土，也在尽可能快地推进。
We are building in Syracuse, New York, in Clay, New York as well, where earlier, a month or so ago, we poured concrete moving as fast as we can over there as well.
在弗吉尼亚州的马纳萨斯，我们正在大规模升级那里的技术，以满足那些终端市场的需求。
In Manassas, Virginia, we have, broad modernizing the technology there to meet the requirements of those end markets.
所以从数据中心到边缘，无论是数据中心、消费电子、汽车还是工业，我们都在尽快提升内存供应。
So from data center to edge, for data center, consumer, automotive, industrial, we are bringing up memory supply as fast.
好的。
Okay.
那么现在有人在那里吗？
So are there people are there people right now?
是黄仁勋吗？
Is it the Jensen Huang?
有亚马逊吗？
Is there Amazon?
谁在说，听着。
Who's saying, listen.
那些芯片什么时候能造好？
When are those chips gonna be done?
它们什么时候能完成？
And when are they gonna be done?
我们什么时候能看到这里的成果？
When are we gonna see something from here?
我们所有的客户都想要更多的内存。
All of our customers want more memory.
他们想要……他们会打电话来，我直接参与，我们的团队也直接和客户对接。
They want They call you I we are I'm engaged directly engaged, and our teams are engaged directly with our customers.
他们很感激美光押注美国工人。
They appreciate that Micron is betting on American worker.
美光在美国投资。
Micron is investing in America.
我们正在努力提升的美国供应，对我们所有客户都非常重要。
Our US supply that we are working hard to bring up is very important to all our customers.
所以，是的，我的意思是，这个爱达荷州博伊西的晶圆厂，现在大约有8000名建筑工人在这里。
So, yes, I mean, this, Boise, Idaho fab, which has right now about 8,000 construction workers are here.
这个晶圆厂将在2027年年中产出第一批晶圆。
This fab will have first wafers out middle of twenty twenty seven.
吉姆，这些晶圆厂需要很长时间才能建好。
Jim, these fabs take a long time to build.
你不能像开关一样一按就建好一个晶圆厂。
You cannot flip a switch and have a fab constructed.
但是，但是你怎么能冒险建这么大的东西，考虑到这个行业历史上一直是这样的，这样的，这样的？
But but how can you afford to risk building something this big given the way the industry has historically been like this and this and this?
吉姆，人工智能改变了内存的需求格局。
Jim, AI has changed the demand profile for memory.
这不是繁荣和萧条吗？
It's not boom, bust?
人工智能内存有长期需求，因为人工智能遍布数据中心、消费市场，当然还有工业自动化。
AI memory has secular demand with AI across data center, across consumer markets, and of course, industrial automation.
而且未来还有机器人，到本十年末，这些机器人会越来越多，最终会有数亿台，它们都需要大量的内存。
And in future, robotics, which by end of the decade, each of these robots, there will be over time hundreds of millions of these robots, they all require tons of memory.
所以内存需求非常巨大。
So memory demand is tremendous.
供应却很紧张。
Supply is constrained.
我们预计2027年比2026年还要紧张。
We see 2027 even tighter with respect to 2026.
我们在这里建的，第一座晶圆厂在2027年投产，2028年左右开始量产。
What we are building here, first Wafer South in '27, production ramping in 2028 time frame.
纽约的克莱厂，量产时间大概在2029年到2030年。
Clay New York, production ramping, you know, by '29, 2030 time frame.
第二座博伊西工厂将开始提升产能。
The second Boise fab will start ramping up
2020年。
2020
在这五年期间，客户对我们的需求承诺。
commitment of demand from our customers over these five year period.
你有没有想过，至少在三年前，你的战略客户协议会锁定他们，并且是照付不议的？
Ever dream even at least three years ago that you strategic customer agreements where they lock in and they take or pay?
他们是照付不议的。
They are take or pay.
没有退出条款。
No outs.
没有退出条款。
No outs.
他们不能打电话给你说，基本上，我现在有困难。
Can't call you and say, essentially, I'm having a hard time here.
给我个喘息的机会。
Give me a break.
我告诉你，他们是照付不议的，对吧？
And can I tell you, they are take or pay?
客户已经支付了现金保证金，或者你知道的，其他类似的财务承诺，总额达到220亿美元，而且我们的客户想要比我们在SCA中能承诺给他们的更多的供应。
Customers have made cash deposits or, you know, other similar financial commitments amounting to $22,000,000,000, and our customers wanted more of supply than what we could commit to them in the SCAs.
真是难以置信。
Incredible.
即使是数据中心，今天客户想要的内存比我们能承诺给他们的还要多50%。
Even for data center, today, customers want 50% more memory than what we are able to commit to them.
你看。
Look.
我在X上看到，埃隆·马斯克说他会买下你们生产的所有东西。
I I was reading on x that Elon Musk said he would buy everything that you made.
如果他打电话给你说，听着，桑杰，我想买下你们生产的所有东西，而且我不想让其他人……
What would happen if he called you and said, listen, Sanjay, I wanna buy everything that you make, and I don't want anybody else to
我会告诉你。
have I'll tell you.
我们所有终端市场的客户都会买下所有……
All our customers across our end markets will buy everything that
你在这样的人出现并横扫一切之前，先签好这些协议。
you these agreements before someone like that comes in and sweeps.
我的意思是，这些协议至关重要。
I mean, these agreements are critically important.
它们当然让我们对供应有了可见性和信心，使我们能够在美国投资2500亿美元的承诺。
They give us, of course, the visibility to the supply and confidence in that supply enabling us to invest $250,000,000,000 commitments here in America.
这些协议也向我们的客户保证了我们能够承诺给他们的供应。
These agreements give our customers assurance of the supply that we are able to commit to them as well.
但如果某个董事会成员说，你知道吗，桑杰？
But what happens to some board member says, you know what, Sanjay?
你在美国搞的这一切，我觉得很棒，但让我们去菲律宾做，然后大赚一笔。
This whole thing you got with America, I think it's great, but let's do this in The Philippines and just crush it, make a lot more money.
你会对那位董事会成员怎么说？
What do you say to that that board member?
听着。
Look.
我们是一家美国公司。
We are an American company.
我们之所以有今天的成就，靠的是美国的创新。
We are we we are where we are with American innovation.
内存已经成为人工智能的关键推动力。
Memory has become a key enabler of AI.
内存就是人工智能背后的智慧。
It is memory is the intelligence behind artificial intelligence.
对吧？
Right?
所以这非常重要。
So it is critically important.
作为一家美国公司，我们为在美国投资感到非常自豪。
We are very proud as an American company that we are investing in America.
当然，我们在海外也有大规模的生产制造，并且我们会继续投资，继续推进我们海外工厂的发展。
Of course, we have large scale manufacturing overseas as well, and we continue to invest and continue to advance our overseas fabs as well.
吉姆，所有这些都是为了满足客户需求。
All of this is needed, Jim, to meet the customer demand.
而且，尽管我们尽最大努力尽快增加供应，我还是看不到供应何时能赶上需求。
And still, I cannot see when supply will catch up with demand despite all our efforts to bring up supply as fast as we can.
好的。
Okay.
现在我环顾四周，不幸的是，在我们国家，一种常见的观点是，制造东西太贵了。
Now I look around here, and a contrast was the view a common view in our country, unfortunately, that it's too expensive to make things.
在这个国家，没有劳动力来制造东西，也没有职业道德。
There's no workforce to make things in this country and no ethic.
但在这里，情况并非如此。
That can't be true here.
你看。
Look.
美光在美国已经存在了五十多年，将近五十年了。
Micron has been around here in America for fifty plus, nearly fifty years.
我们一直在美国这里制造内存。
We have been building memory here in America.
每天有8000名建筑工人，他们工作态度非常认真，在这里建造晶圆厂。
8,000 construction workers with tremendous work ethic are here every day building the fabs.
我们有超过7000名工程师和工人，他们推动创新，引领前沿的研发路线图。
We have 7,000 plus engineers and workers that are driving innovation and driving leading edge r and d roadmap.
所以你是在培训一些工人，他们就在这里建立自己的职业生涯，就在这里。
So you're training I you're training some of these workers, the careers they're building right here right here.
完全正确。
Absolutely right.
你知道，我们刚刚建成了培训中心，也就是劳动力培训中心。在那里，不仅我们培训工人，我们的供应商也培训工人来支持我们，而且爱达荷西部学院也带学生来这里接受培训。
I mean, you know, we have just built our training center, workforce training center, where not only we are training workers, our suppliers are training workers to support us here as well as we have College of Western Idaho that is bringing students here to train them.
美光正在投资学徒项目。
Micron is investing in apprenticeships.
我们正在与退伍军人机构合作。
We are partnering with veteran institutions.
我们的劳动力中也有很多退伍军人。
Lot of our workforce is made up of veterans as well.
我们正在与大学合作，推进半导体课程。
We are partnering with universities to advance semiconductor curriculum.
所以创新在美国蓬勃发展，这也是美光现在投资美光研究实验室的原因，因为这里没有比美国更好的创新中心了。
So innovation is thriving here in America, and this is where, you know, Micron now invests in Micron Research Labs because there is no better innovation hub than here in America.
听你这么说，我想，这不就是政府以前为我们做的吗？
Listen to you, and I think, well, isn't this what the government used to do for us?
你看。
Look.
我的意思是，政府与行业的合作至关重要。
I mean, partnership with government and industry is critically important.
公司来做更好。
Better that we that the corporations do it.
你知道，他们会做得很好。
You know, they're gonna do it great.
完全同意。
Totally.
我们有责任引领先进研究，与生态系统合作，这就是我们在这里宣布的100亿美元美光研究实验室项目。
It's our responsibility to lead advanced research working with the ecosystem, this $10,000,000,000 Micron Research Lab announcement that we made here.
这是美光在召集生态系统伙伴，共同引领突破性创新。
This is Micron is convening the ecosystem partners to lead with breakthrough innovation.
大学、初创公司、客户、行业机构、政府，我们都在与他们合作，推动下一代先进研究。
Universities, startups, customers, industrial bodies, government, we are partnering with them to drive the advanced research for the next generation.
所以，吉姆，把博伊西想象成创新的中心，这个中心将持续十年以上，甚至未来几十年；博伊西也是近期技术路线图的中心，现在博伊西还成为了领先内存制造的中心。
So, Jim, think of Boise as the hub for innovation that will be ten years plus for subsequent decades, Boise as the hub of near term road map of technologies, and now Boise becoming the hub of leading memory manufacturing here as well.
博伊西，我得搬过来住。
Boise, I gotta move here.
这里太好了。
It's too great.
这里真是个搬来住的好地方。
It's a great place to move here.
我们能够吸引顶尖人才来这里。
We are able to attract top talent here.
好的。
Alright.
我们马上回来，继续采访美光科技董事长、总裁兼首席执行官桑杰·梅赫罗特拉。
We'll be right back with Sanjay Mehrotra, chairman, president, CEO of Micron.
是什么让你有信心去做一件以前从未做过的事情？
What made you confident that you could do something that hadn't been done before?
我从不害怕失败。
I have no fear of failure.
开拓进取的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，想想你老板的老板需要什么。
One of my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多不同的形式。
Leadership can look in many, many different forms.
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说到底，就是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short,
要想成就大事，就得敢想大的。
and you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC的《变革者》和《权力玩家》节目。
Julia Borson hosts CNBC Changemakers and Power Players.
每周二更新，欢迎在各大播客平台收听。
New episodes every Tuesday wherever you get your podcasts.
休息之前，我提到美光按每股收益来算便宜得离谱。
Before the break, I mentioned that Micron's insanely cheap on an earnings per share basis.
所有存储类股票都是这样。
All the memory stocks are.
你看，因为从历史上看，这行就是典型的周期性行业，有繁荣也有萧条。
See, because historically, this has been a classic boom and bust business.
但我不太确定历史还会重演，因为内存短缺已经改变了游戏规则。
But I'm not so sure the history still applies because the memory shortage has changed the game.
美光与主要客户签订了超过16份多年期照付不议合同。
Micron has more than 16 multiyear take or pay contracts with major customers.
这些客户甚至还在支付预付款，因为他们迫切需要确保获得更多内存。
These guys are even putting down deposits because they desperately need to secure more memory.
这让美光管理层对未来一两年、甚至五年后的需求有了更清晰的展望。
That gives Micron management much more visibility and how demand will look a year or two, maybe even five years down the road.
这也是我认为这里可能正在形成多年股东回报增长潜力的另一个原因。
Another reason why I believe there may be a multiyear runway of shareholder greatness developing here.
现在，我们在与桑杰·梅赫罗特拉讨论的第二部分中谈到了这一点以及更多内容。
Now we talked about that and more in part two of our discussion with Sanjay Mehrotra.
他是美光科技的董事长、总裁兼首席执行官。
He's the chairman, president, and CEO of Micron Technology.
只要我关注这个行业，我就一直觉得你们特定的终端内存芯片没有得到应有的重视。
For as long as I follow this industry, I've always felt that your particular end memory chips just weren't given its due.
力量对比已经大大地向你们倾斜了。
The balance of power has shifted dramatically in your favor.
为什么？
How come?
你知道，如今没有内存就没有AI。
You know, today, there is no AI without memory.
AI系统需要更多的内存。
AI systems need more memory.
它们需要更高性能的内存。
They need higher performance memory.
它们需要更低功耗的内存。
They need lower power memory.
所以内存的价值，这个等式已经完全改变了。
So the value of memory has that equation has totally changed.
我们的客户，为了推动他们自己的增长，他们需要更多的计算能力。
They our customers, to drive their own growth, they need more compute.
他们需要更多的内存。
They need more memory.
所以内存真的成了一个关键的推动因素。
So memory really has become a key enabler.
吉姆，这不仅是在数据中心，即使在你的手机里，为了获得更丰富的体验，对吧。
Jim, this is not only in data centers, Even in your phone, you know, to have richer experiences Right.
在支持AI的手机里，你需要更多的内存容量。
In AI enabled phone, you need more memory content.
你的电脑、你的自动驾驶汽车，现在都需要越来越多的内存容量。
Your PCs, your self driving cars, all of them now need more and more memory content.
所以对内存的需求越来越大。
So the need for memory is ever greater.
现在在AI领域，不仅仅是设备和服务器。
And now in AI, it's not just the devices and the servers.
现在有了智能体AI。
Now you have agentic AI.
智能体就是所有的代理，所有的上下文窗口都在变大。
Agentic is all the agents, all the context windows that are getting larger
这些也都需要更多的内存。
And that's all need more memory as well.
好的。
Okay.
所以，我们有很多美光的股东。
So, we have a lot of shareholders of Micron.
我知道自从节目开播以来，我多年来一直对你持乐观态度。
I know I've talked with you positively for years and years since the show started.
他们可能会说，是的。
And they're probably saying, yeah.
那很好。
That's great.
但他们能赚到足够的钱吗？
But are they able to make enough money?
事实上，你现在赚的钱是我见过迈克·罗恩赚得最多的。
In fact, you're making the most money I've ever seen Mike Ron make.
客户觉得这公平吗？
Do the customers think that's fair?
他们理解这其实是你无能为力的吗？
Do they understand that it's just that there's nothing you can do?
你必须花很多钱才能赚很多钱，对吧？
You gotta spend a lot of money to make a lot of money?
你知道，我们的客户认识到内存的价值，因为内存让他们能够交付和设计产品，这些产品是他们的增长引擎，也为他们的客户创造价值。
You know, our customers recognize the value of memory because memory is what is enabling them to deliver, to design products that are driving growth engine for them, that are enabling value for their customers.
对吧？
Right?
所以我们的客户认可内存的价值。
So our customers recognize the value of memory.
当然，他们也在为内存的价值买单。
And, of course, you know, they are paying the value of memory.
对他们来说，重要的是内存的供应。
And what's important to them is availability of memory.
这就是
That's
为什么超过16家公司，那些大公司，大家都知道的公司，都说，你看。
why more than 16 companies, big companies, the companies everybody knows have said, look.
我想和你做生意，因为我想确保我有供应。
I wanna do a deal with you because I wanna be sure I have supply.
完全正确。
That's absolutely correct.
因为他们需要供应，而且他们看到了内存的价值。
Because they need the supply, and they see the value of memory.
因此，他们愿意为内存付费。
Therefore, they are willing to pay for the memory.
当然，他们决定如何管理利润，如何给产品定价。
Of course, they decide how they're gonna manage their profits, how they're gonna price their products.
顺便说一下，在上次财报电话会议时，我们已经和16家客户签署了战略客户协议。
And by the way, we had 16 customers with whom we had signed the strategic customer agreements announced at the time of our last earnings call.
从那以后，当然，我们又签署了更多的战略客户协议。
Since then, of course, we have signed more strategic customer agreements as well.
那我们怎么摆脱这种想法呢，就是，等等。
So how do we get away from the idea that, well, wait a second.
数据中心在放缓。
The data center is slowing down.
AI在放缓。
AI is slowing down.
Anthropic这个月不行。
Anthropic, month.
OpenAI这个月也不行。
OpenAI, bad month.
我们怎么摆脱这种看法呢？
How do we get away from that?
因为你知道那只是看到了局部，没看到大局。
Because you know that's missing the big picture.
这不是关于某一个客户的问题。
It's not about any one customer.
而是关于多元化的终端市场。
It's about diversified end markets.
美光对我们来说很重要，它能帮助我们全力支持所有终端市场，包括数据中心、消费电子、汽车和工业。
And Micron is important for us to support all of our end markets to the best of our abilities, data center, consumer, automotive, industrial.
而且我们的客户群非常广泛。
And we have a wide range of customers.
如今，我们在这些终端市场拥有业内最强大的产品组合，而且所有终端市场的需求都很旺盛。
We have strongest portfolio today in the industry going across these end markets, and the demand across all our end markets are high.
内存行业目前无法满足这种需求。
Memory industry is not able to keep up with the demand.
好的。
Okay.
到了12月9号，你和政府的协议就满两年了。
Now come December 9, your deal with the government, it'll be two years.
我了解到，在那之后，你们就可以回购股票了。
I understand that after that, you're allowed to buy back stock.
我知道现在你们还不能这么做。
I know you can't right now.
你们的同行，闪迪、西部数据、CA，都在大量回购股票。
Your compadre, Sandisk, Western Digital, CA are buying back huge amount of stock.
你觉得你们会不会也出现大量回购股票的情况？
Do you see a situation where you too can buy back a huge amount of stock?
吉姆，我们之前说过，我们当然在扩展业务。
Jim, we have said before that, of course, we are growing the business.
我们在投资业务。
We are investing in the business.
我们在投资先进的研究和产品路线图，也在投资建设内存供应基地，就像你在这里看到的。
We are investing in advanced research, r and d roadmap for our products, investing, as you see here, in building out the memory supply base.
所以我们当然会先投资于业务增长。
So we will, of course, invest first in growing the business.
上个季度我们的净现金有250亿美元。
We had $25,000,000,000 of net cash positive last quarter.
这个季度的自由现金流还会更高。
Free cash flow this quarter will even be greater.
当然，多余的现金我们会返还给股东，而且我们现在比以往任何时候都更有能力去发展业务，同时以更大的规模回报股东。
Of course, excess cash, we will return to shareholders, and we are best positioned ever to grow the business as well as provide return to our shareholders at larger levels than before.
是的，我们承诺会这样做。
And, yes, we are committed to doing that.
好的。
Okay.
现在有很多人在讨论，可能会出现真正的过度建设。
Now there are a lot of people talking about there's a real overbill that could happen.
你当然，我们也会过度建设。
You of course, we're gonna overbill.
我三年前跟你谈过。
I spoke to you three years ago.
我们有过一次非常直接的对话，你说，吉姆，我得收敛一下。
We had a very pointed conversation where you said, Jim, I gotta rein in.
你当时太乐观了。
You were too bullish.
嗯，我是说，你让我兴奋起来，但你告诉我别太乐观。
Well, I mean, you got me excited that you told me not to get too bullish.
我的意思是，你三年前并不是那么乐观。
I mean, you you weren't that you were not all that bullish three years ago.
而现在，显然，每个人都在某种程度上变得过于乐观了。
And now, obviously, everyone's gotten too bullish to some degree.
你怎么看？
What do you think?
现在情况到底怎么样？
Where where is it?
现在是什么情况？
Where is it?
我们处在周期的哪个阶段？
Where are we in the cycle?
你看。
Look.
我的意思是，我们看不到供应追上需求的尽头。
I mean, we see no end when supply catches up with demand.
没有尽头。
No end.
我们看不到尽头。
We do not end.
这里的需求还在持续增长。
The demand continues to grow here.
那真是最好的故事了。
Well, that's the best best story ever.
而且，这再次体现在那些战略客户协议中，即与客户签订的五年期协议，他们承诺会接受我们的供应。
And, again, it is reflected in those strategic customer agreements, their five year agreements with our customers where they have committed to taking the supply.
另外，我还想指出，这些战略客户协议也可以由我们的客户选择延长。
And can I just also point out that these strategic customer agreements can also be extended by our customers?
所以这给了我们对需求的保证。
So this gives us assurance of demand.
当然，你知道，事情从来不会一帆风顺。
Of course, you know, nothing ever goes in a straight line.
总会有起起落落。
There can be ebb and flow.
这正是美光所展示的，当我们与客户进行多年合作时，我们也有机会进行调整。
This is what Micron has showed that these when we partner with customers over a multiyear horizon, it gives us opportunity to make adjustments as well.
如今供应非常紧张，以至于我们必须建造洁净室。
Today's supply is so tight that we have to build out the clean rooms.
当然，我们如何装备洁净室，将始终基于我们对需求的最新评估，以严谨的方式进行。
Of course, how we equip the clean rooms will always be in a disciplined manner based on the latest assessment of demand we have.
但是我们的客户，当我们与他们紧密合作时，你知道，吉姆，我们在他们开发周期的早期就与他们紧密合作了。
But our customers, when we work closely with them and, you know, Jim, we are working closely with them earlier and earlier in their development cycle.
这是我们的独特优势。
This is our unique advantage.
你的部分。
Your part.
作为一家美国公司，作为技术领导者，美国推动AI创新，能够与客户紧密合作是我们的独特优势。
As an American company, as a technology leader, America driving AI innovation, it's our unique advantage to be able to work closely with our customers.
我们看到的是，从当今的数据中心，到明天的自动驾驶汽车、机器人，以及各种消费设备，对内存的需求持续增长，我们正在努力满足客户的需求。
What we see is that the demand of memory from today's data center, you know, tomorrow, autonomous vehicles, self driving cars, robots, and across consumer devices, the demand for memory continues to increase, and we are working hard to meet the requirements of our customers.
我想谈谈你对美国的承诺。
I wanna talk about your commitment to America.
你显然致力于为人们创造职业机会。
You're obviously committed to, making careers for people.
你致力于让很多人获得工作，但你也致力于这个国家。
You're committed to tremendous amount of work be people getting jobs, But you're also committed to the country.
你为国家做贡献的方式之一，就是你自己在特朗普账户上投入了承诺的资金。
And one of the ways you're committed to the country is that you yourself have driven the Trump account in terms of your commitment.
2.5亿美元。
$250,000,000.
其他公司也得跟上。
Other companies have to step up.
完全正确，吉姆。
Absolutely right, Jim.
我们非常自豪，美光通过这2.5亿美元的承诺，投资于美国人的未来，确保美国儿童的财务未来，这笔资金分布在七个州，覆盖收入低于15万美元的县。
We are very proud that Micron is investing in the future of Americans through this $250,000,000 commitment to the commitment to secure the financial future of American children with $250 commitment in seven different states in counties where the income is below a $150,000.
特朗普账户大约一个月前启动，我们已经看到，这2.5亿美元承诺中的5000万已经投入使用。
And with the Trump account launched about a month ago, what we are seeing is that 50,000,000 of of that $250,000,000 of commitment is already being deployed.
当然，我们正在与财政部合作，确保这笔钱
Of course, we are working with treasury to get that money
进入财政部的账户。
into the accounts of the treasury.
比我想的还多。
Than I thought.
已经看到五千万美元了，你知道，在这七个州。
Seeing already $50,000,000, you know, in these seven states.
而且，这不仅仅是这2.5亿美元通过特朗普账户的承诺。
And by the way, it's not only this 250,000,000 commitment through Trump accounts.
美光，在爱达荷州博伊西这里，承诺了7500万美元用于社区投资基金，与社区合作。为什么？
Micron, here in Boise, Idaho, $75,000,000 commitment towards community investment fund to work with the community Why?
为了解决
To address
不是社区的敌人。
Not the enemy of the community.
对。
Yeah.
与社区合作，通过住房需求、交通需求，当然还有社区福利和生活质量的改善来支持社区。
Working with the community to support the community through housing needs, transportation needs, and, of course, for the welfare and quality of life improvement in their community.
在纽约克莱，美光承诺投入2.5亿美元，同样是与社区合作，用于教育、学校、STEM教育、工人培训，还有交通和住房。
In Clay New York, Micron has commitments of $250,000,000, again, working with the community for education, for schools, for STEM education, worker training, yes, transportation, as well as housing.
对。
Yeah.
所以美光确实与我们有业务的社区紧密合作。
So Micron really works closely with communities where we have operations.
好的。
Okay.
现在关于你们那个宏大的实验室公告，还有最后一件事。
Now one last thing on your tremendous labs announcement.
黄仁勋，美光正在应对AI时代最大的挑战之一，重新发明存储技术和架构，以推动下一代越来越强大的AI系统。
Jensen Huang, Micron is taking on one of the greatest challenge of the AI era, reinventing memory technologies and architectures to fuel the next generation of increasingly powerful AI systems.
没有你，我们就无法实现我们想要的机器人。
We won't be able to do the robots that we want without you.
我们无法实现自动驾驶汽车。
We won't be able to do the self driving cars.
也许没有你，我们连把人送上火星都做不到。
Maybe we can't put people on Mars without you.
现在这一切都取决于内存技术。
All this stuff is determined by memory right now.
你说得对，吉姆。
So correct, Jim.
内存如今至关重要。
Memory is today essential.
我是说，这就是为什么我称它为AI时代的战略基础设施。
I mean, it that's why I call it strategic infrastructure of the AI era.
内存对于各种设备、各种技术、各种产品解决方案都至关重要，我们非常自豪能与这个生态系统合作。
Memory is essential across devices, across technologies, across product solutions, and we are very proud to be able to partner with this ecosystem.
你在我们今天的新闻稿中可以看到，美国顶尖的机构和实体正在与美光研究实验室合作，共同推动美国在半导体技术领域的领导地位。
You see in our press release today on Micron Research Labs, leading institutions and leading entities from US are partnering with us to drive America's leadership in semiconductor technology.
现在，我们回顾一下这个
Now we will look back on this
电话。
call.
创新。
The innovation.
我们会回顾。
Will look back.
我们会记住。
We will remember.
我们会记住你所做的。
We remember what you did.
我们会成长
We're gonna grow
我们的目标。
our goal here.
我们负责任，并期待其他公司加入我们，不仅推动先进研究，也合作促进社区发展。
We are being responsible, and we look forward to other companies joining us, not only in driving advanced research, but certainly partnering to advance the communities.
你知道，我们期待其他公司加入
You know, we look forward to other companies joining
参与像特朗普和手表这样的事，他们会明白的，他们会步入正轨。
in things like Trump and watch, and they'll get it, and they'll get their act.
嗯，有很多公司在做伟大的事情，但他们应该和你一起做。
Well, there's many companies doing great things, but they should do them alongside of you.
桑杰·梅赫罗特拉，美光公司董事长、总裁兼首席执行官，在博伊西。
Sanjay Mehrotra, chairman, president, and CEO of Micron in Boise.
感谢你接待我们的团队。
Thank you for having our team.
感谢你为国家所做的贡献。
Thank you for what you're doing for
国家。
the country.
谢谢你，吉姆。
Thank you, Jim.
接下来，美光并不是博伊西唯一的大公司。
Coming up, Micron isn't the only big company in Boise.
那么，你是不是也应该买入艾伯森呢？
So should you be buying into Albertsons also?
克莱默接下来会分析一下。
Cramer's checking it out next.
我正准备来爱达荷州博伊西。
I was getting ready to come out here to Boise, Idaho.
我一直在想，总部在博伊西的超市连锁艾伯森的股票到底怎么了？
I kept thinking, what the heck happened to the stock of Albertsons, the Boise based supermarket chain?
你可能也知道他们叫Safeway、Vons，或者我过世的妈妈最喜欢的Acme。
You might also know them as a Safeways, Vons, or my late mom's fave, Acme.
这只股票真是被折腾得够呛。
Here's a stock that's been really put through the meat grinder.
我是说，简直太糟糕了。
I mean, just awful.
真是痛苦不堪。
A house of pain.
今年以来下跌了30%，比大约四年前的高点下跌了超过68%，很大程度上是因为他们试图与克罗格合并但失败了，这笔交易被拜登总统的反垄断团队否决了，因为联邦贸易委员会担心这两家公司合并后过于强大，可以肆无忌惮地提高价格，损害消费者利益。
Down 30% year to date and down over 68% from its highs, set roughly four and a half years ago, in large part because they tried and failed to merge with Kroger, a deal that was shot down by president Biden's antitrust team, because the FTC feared the two together were way too powerful, could raise prices with impunity, screwing the consumer.
你看，阿尔伯森斯是在2020年夏天上市的。
See, Albersers came public in the summer of twenty twenty.
它之前在2006年被Cerberus私有化，而那时正是进军杂货业务的好时机。
It had previously been taken private by Cerberus back in 2006, and that was soon to be a great time to be in the grocery business.
疫情期间，很多人都在家吃饭。
The pandemic had tons of people eating most of the meals at home.
还记得吗？
Remember?
IPO价格是16美元。
The IPO price is $16.
到2022年初，股价在35美元左右徘徊。
By early twenty twenty two, the stock was trading in the mid to high thirties.
然后世界开始恢复正常，阿尔伯森斯的股价就跌到了二十多美元。
Then the world started going back to normal, and the stock of Albertsons got clobbered down to the twenties.
不过在2022年10月，克罗格提出了250亿美元的现金加股票收购要约。
In October 2022, though, they got this takeover bid from Kroger for $25,000,000,000 in cash and stock.
这本来会合并美国第二大和第四大的连锁超市，打造一个真正的巨头。
This would have combined the second and fourth largest grocery chains in America, creating a true powerhouse.
问题是，那时候是莉娜·汗在掌管联邦贸易委员会。
Problem is, this was back when Lena Khan was running the Federal Trade Commission.
她对几乎所有并购都本能地持敌对态度。
She was reflexively hostile to pretty much all mergers.
所以联邦贸易委员会把克罗格和阿尔伯森斯告上了法庭。
So the FTC took Kroger and Albertsons to court.
他们在2024年12月获得了阻止合并的初步禁令。
They got this preliminary injunction against the merger December 2024.
然后第二天，阿尔伯森斯就放弃了，认输了，说没门。
And then the next day, Albertsons gave up, threw in the towel, said no way.
做不成了。
Can't do it.
看来克罗格可能真的躲过了一劫，因为阿尔伯森斯从那以后业绩越来越差。
Turns out Kroger might have really dodged a bullet here because Albertsons has been doing worse and worse ever since.
看看最近一个季度就知道了，他们是七月底公布的。
Just look at the latest quarter, which they reported in late July.
阿尔伯森斯同店销售额下降了0.8%，比华尔街预期的0.5%降幅还要糟糕。
Albertsons posted a point 8% decline in same store sales, worse than the point 5% decline Wall Street was looking for.
他们的毛利率收窄了50个基点。
Their gross margin shrank by 50 basis points.
每股收益只有42美分，而预期是54美分。
Their earnings per share came in at 42¢, and it's expecting 54¢.
这比去年同期下降了24%。
That was down 24% year over year.
阿尔伯森斯甚至几乎全面下调了全年预测，说每股收益会在1.75到1.85美元之间，而之前他们给出的指引是2.22到2.32美元。
Average has even cut its full year forecast practically across the board, saying they'll earn a dollar 75 to a dollar 85 per share when previously they've been guiding for $2.22 to $2.32.
这些数字太糟糕了，各位。
Those are disastrous numbers, people.
比大家今天对沃尔玛业绩的任何预期都要糟糕得多，所以股价立刻暴跌了22%，真是吓人。
Much worse than whatever anyone might have thought about Walmart results today, which is why the stock immediately plunged a shocking 22%.
首席执行官苏珊·莫里斯把责任归咎于，引用一下，“行业单位趋势带来的压力越来越大，消费者也更加谨慎”，引用结束。
CEO Susan Morris blamed down the quote you're increasing pressure from industry unit trends and a more cautious consumer, end quote.
不过，为高管们说句公道话，整个行业的压力确实存在。
Now in officer's defense, the industry wide pressure is real.
就在几周前，我联系了西斯科，就是那个食品分销巨头，他们财报演示中的一张图表让我印象深刻。
Just a couple of weeks ago, I checked in with Cisco, the s y y kind, giant food distributor, and I was struck by a chart they featured in their earnings deck.
那张图表引用了人口普查局的销售数据，显示三十多年来，消费者在外就餐的花费越来越多，而在像阿尔伯森这样的杂货店的花费越来越少。
The chart, referencing sales data from the Census Bureau, shows that there's been a three decade plus trend of consumers spending more money on food away from home and less money at grocery stores like at Albertsons.
疫情期间这种情况确实发生了巨大变化，但疫情过后，情况变得更糟了。
That changed dramatically, sure, during COVID, but after the pandemic, it only got worse.
这和我们看到的食品通胀、油价上涨的情况是一致的。
That jives what we've seeing between food inflation, rising gas prices.
人们从超市买的东西越来越少了。
People are buying less and less stuff from the supermarket.
你在沃尔玛也听到过这种说法。
You heard that refrain from Walmart.
现在艾伯森说他们有办法解决这个问题。
Now Albertsons says they have a plan to fix this.
他们正试图简化运营模式，从11个部门（有些是按地区划分，有些是按品牌划分）缩减为四个地区，并设立一个中央商品采购中心。
They're trying to simplify their operating model from 11 divisions, some regional, some brand based, and just four regions with the central merchandising hub merchandising hub.
也许这样能行。
Maybe that'll do it.
我不知道。
I don't know.
但华尔街似乎对管理层扭转局面的能力没什么信心。
But Wall Street doesn't seem to have much faith in management's ability to turn things around.
我不怪你。
I don't blame you.
这个行业很难做。
This is a tough industry.
目前，股价还不到全年盈利预测中值的七倍。
At this point, the stock's selling for less than seven times the midpoint of its full year earnings forecast.
股息收益率5.7%。
5.7% dividend yield.
那太高了。
That's too high.
你知道这意味着什么吗？
You know what that means?
通常，我可能会觉得这个估值很诱人，但有时候股票便宜是因为它们活该便宜。
Ordinarily, I might find that valuation enticing, but sometimes stocks are cheap because they deserve to be cheap.
对我来说，这又是一个好心反垄断执法适得其反的例子。
For me, this is one more example of what happens when well meaning antitrust enforcement backfires.
它造成的情况比监管机构原本试图避免的还要糟糕。
It creates a situation that's worse than what the regulators were even trying to prevent.
我们在拜登政府司法部阻止捷蓝航空和精灵航空合并时就看到了这一点。
We saw that when Biden just department blocked the merger of JetBlue and Spirit Airlines.
他们不希望航空业进一步整合，尤其是在低成本领域。
They didn't want more airline consolidation, especially in the low cost space.
但不到一年后，精灵航空就申请了破产。
But less than a year later, Spirit Airlines filed for bankruptcy.
然后从破产中走出来，又再次倒闭，直到今年春天彻底关门。
Then emerged from bankruptcy, then went under again before fully closing up shop this spring.
如果当初就让飞机留在捷蓝航空名下，情况会更好。
It would have been better if they just let the plane stay under JetBlue's name.
沃尔格林也发生了同样的事情。
Same thing happened with Walgreens.
他们在2015年试图收购陷入困境的来德爱。
They tried to buy the struggling Rite Aid back in 2015.
联邦贸易委员会拼命阻止这项收购，因为这两家是三大连锁药店中的两家。
FTC fought tooth and nail to block it because those were two of the big three drugstore chains.
但Rite Aid自己撑不下去。
But Rite Aid couldn't stand on its own.
去年，他们关掉了所有门店。
Last year, they shuttered all the stores.
交易被阻止了，但药店行业还是从三家变成了两家。
The deal got blocked, and the drugstore industry still went from three to two.
如果Kroger收购Albertsons成功，他们就会合并美国前四大杂货商中的两家。
With Kroger's acquisition of Albertsons, they would have combined two of the top four grocers in America.
但这是一个竞争极其激烈的行业，沃尔玛占据约20%的市场份额。
But this is an incredibly competitive industry dominated by Walmart with roughly 20% market share.
Kroger和Albertsons合并后目前还不到13%。
Kroger and Albertsons combined currently have less than 13%.
这会让他们有更大的规模来对抗沃尔玛、Costco、Publix、亚马逊旗下的Whole Foods，以及那些席卷美国的外国折扣杂货商，比如Aldi，至少可以说是风靡一时。
That would have given them more scale to hold their own against a Walmart or Costco, Publix, Amazon based Whole Foods, and the foreign discount grocers that that that have taken over America like, Aldi, at least, let's say, taken over by storm.
我认为Kroger和Albertsons需要合并才能在艰难的行业中保持竞争力。
I'd argue Kroger and Albertsons needed to merge to stay competitive in a tough business.
这两家合在一起，正好可以制衡那些只有沃尔玛或好市多的地区。
The two together could be a great counterweight to areas where there's only a Walmart or a Costco.
阿尔伯森和克罗格这些年来市场份额都在流失，克罗格的股价今年已经下跌了10%。
Both Albertsons and Kroger have lost market share over the years, and Kroger stock is down 10% year to date.
说到底就是这样。
Here's the bottom line.
阿尔伯森的情况不太好，说得客气点。
Albertsons is not doing well, to put it lightly.
我觉得他们几年前就应该被允许和克罗格合并，但是，你知道吗？
I think they should have been allowed to merge with Kroger years ago, but, hey, you know what?
也许现在还不算太晚。
Maybe it's not too late.
特朗普政府似乎不太在意反垄断执法，所以也许他们应该再试一次。
The Trump administration doesn't seem to weave in any antitrust enforcement, so maybe they should just give it another try.
合并是他们保持竞争力的最佳机会。
Consolidation is their best shot at staying competitive.
让他们合并，去跟那些大公司竞争。
Merge them and let them compete against the big boys.
这对我们所有人都有好处，尤其是对总部在爱达荷州博伊西的那家大型公司的股东们。
Better for all of us, especially the shareholders of the other big company headquartered in Boise, Idaho.
广告时间到了，我们稍后回来。
Ad Money's back at the break.
这是Booyah，大老爹Cramer。
It is Booyah, big daddy Cramer.
Booyah，来吧。
Booyah, hit me.
嘿。
Hey.
我有一块煤，它一直承受着压力。
I got a I got a lump of coal, and it's been under some pressure.
要多久才能变成钻石？
How long for us a diamond?
我说的是有点自私。
I'm talking about some selfish.
不。
No.
不。
No.
我们不要苏打水。
We don't want seltzer.
当然。
Sure.
我们有可口可乐。
We got Coca Cola.
可口可乐是赢家。
Coke is the KO is the winner.
对吧？
Right?
选质量好的。
Go with the quality.
嘿。
Hey.
加州的桑杰怎么样？
How about Sanjay in California?
桑杰。
Sanjay.
太棒了，吉姆。
Booyah, Jim.
谢谢你带来精彩的表演。
Thanks for putting up a good show.
太棒了。
Booyah.
永远爱，永远
Always love always
喜欢，兄弟。
love it, buddy.
怎么了？
What's up?
我在找BMNR。
Looking for the BMNR.
这个还值得买吗？
Is this still a good buy?
我上次在安全的地方买过。
I did bought it last time in secured one.
好吧。
Fine.
直接去买比特币吧。
Just go out and buy just go buy Bitcoin.
别买衍生品。
Don't buy the derivatives.
衍生品太危险了。
The derivatives are too dangerous.
你可以买比特币。
You can buy Bitcoin.
我喜欢这个。
I like that.
我们找个印第安纳州的埃里克吧。
Let's get an Eric in Indiana.
埃里克。
Eric.
好耶，吉姆。
Booyah, Jim.
埃里克。
Eric.
好耶。
Booyah.
喂？
Hello?
去年夏天
Last summer
对。
Yeah.
你让我手忙脚乱的。
You got me a scramble.
嗨。
High.
你说过你喜欢这家公司，但不是在那个价位。
You said you like this company, but not at those levels.
股价跌了大约30%，而利润和订阅用户还在持续增长。
It's down about 30% while profits and subscribers have continued to grow.
吉姆，在这个价位，Arlo的技术还站得住脚吗？
Jim, at these levels, is Arlo's technology abide?
你知道吗？
You know what?
它实际上是盈利的。
It's actually profitable.
我觉得这不是个坏主意。
I think it's not a bad idea.
我们躲过了一劫。
We we dodged a bullet.
我就告诉你这么多。
I'll tell you that much.
各位，这就是闪电轮的结论。
And that, ladies and gentlemen, is conclusion of the lightning round.
闪电轮由嘉信理财赞助。
The lightning round is sponsored by Charles Schwab.
接下来，博伊西今天很忙，但克莱默还没结束。
Coming up, it's been a busy day in Boise, but Cramer's not done yet.
接下来别错过他的最后想法。
Don't miss his final thoughts next.
今天早些时候，我穿上了睡衣。
Earlier today, put some pajamas on.
那种脚丫图案的睡衣，套上兜帽，戴上乳胶手套，然后发现自己在一个干净得能造美光半导体的房间里。
The footy PJ kind, slapped on a hood, some latex gloves, and found myself in a room that's clean enough to make Micron semiconductors.
那真是个奇迹。
It was a wonder.
那房间简直了，更像是个室内体育场，头顶的篮子里有芯片飞来飞去，工人们盯着屏幕，要不是我在制造下一代存储设备的楼里，我差点把那些屏幕当成股票图表来卖。
Just a remarkable room, more of an indoor stadium, really, with chips flying around in baskets overhead, workers looking at screens that I would have sold for stock charts if I weren't in a building where they're making next gen memory devices.
这可不是我第一次进洁净室。
Now this wasn't my first clean room.
之所以叫洁净室，是因为如果有任何杂质，你就得扔掉数百万颗芯片。
Clean because if there are any impurities, then you gotta throw out millions of chips.
我说的可不是六块三毛九一袋的薯片里的那种芯片。
And I'm not talking the chips in a six thirty nine bag of Frito Lay's.
这些芯片价值数百万美元，客户们都在抢着让美光赶紧发货。
These chips cost millions of dollars, and customers are breaking down the doors for Micron to please send them anything.
据美光全球运营执行副总裁马尼什·巴亚说。
According to Manish Baya, he's the executive vice president of Micron's global operations.
在这个纳米尺度上检查和检测缺陷，就像在整个爱达荷州找一只蚂蚁。
Inspect and detect defects at this nanoscale is like trying to locate a single ant in the entire state of Idaho.
所以，这就是无尘室。
Hence, clean room.
所以，这就是那身睡衣。
Hence, the pajamas.
不过，我在无尘室里思绪飘了。
I found my mind wandering in the clean room, though.
我在想，这家公司做的事情如此困难又如此重要，我很高兴你能和我一起看到这些。
I was thinking that the notion of what this company does is so difficult and so important that I'm thrilled that you got to see it with me.
你一定要亲眼看看。
You need to see it.
你必须看到它，因为你正在看的是未来。
You need to see it because what you're looking at is the future.
我们花了太多时间讨论Anthropic的季度业绩好不好，或者开盘价高不高，要不要发行股票。
We spend so much time talking about whether Anthropics having a good quarter or opening high, do a stock offering.
我们忘了，无论那些AI实验室做什么，未来都已经在这里了。
We forget that the future's here regardless of what those AI labs do.
我希望我能告诉你更多。
I wish I could tell you more.
我想说，你知道吗？
I'd like to be able to say, you know what?
美光研究实验室，这个今天早上在我们的网络上公布的计划，得到了美光100亿美元的资助。
Micron Research Labs, the initiative that was unveiled on our network this morning, backed by 10,000,000,000 document from Micron.
我希望有什么能帮助我们穿越时空。
I wish anything's gonna help us time travel.
想象一下，我们将清洁天空。
Imagine we'll clean the skies.
我本来想阻止火灾的。
I had stop the fire.
我希望它能拯救鲸鱼。
I it'd save the whales.
但我不知道它会带来什么。
But I I don't see I have no idea what it'll produce.
但你看，这就是重点。
But, see, that's the point.
我确实知道这一点。
I do know this.
如果我们想用科技做出非凡的事情，很可能需要美光的智慧和广度。
If we're gonna do anything remarkable with technology, it'll probably need Micron's brain and broad.
这是我今天在这里看到的最明显的两个因素。
Two most self evident factors I saw at work here today.
纯粹的好奇心。
Pure wonderment.
如果你今天和我在一起，你还会感受到另一种情绪。
I know another emotion you would have felt if you're with me today.
那就是自豪。
Pride.
对于那些认为我们在这里什么都造不出来、成本太高、我们太笨拙、中国在制造业上牢牢掌控的人来说，我可以告诉你们，这就是最好的证明，美国依然有能力。
For those of us who think we can't make anything here, that it's too expensive, that we're too slawful, that the Chinese have a hammerlock on manufacturing, I can tell you that this, this is exhibit a, that America still got it.
如果我在这里能帮你擦去眼中的一丝怀疑，那我就比那些穿PJ和连帽衫的人把那个不可思议的房间保持得干净做得更好。
If I manage to remove a speck of cynical dust from your eye here, then I did a better job than all those PJs and hoodies did at keeping that incredible room clean.
谢谢你，桑杰。
Thank you, Sanjay.
谢谢，美光。
Thanks, Micron.
你让我们所有人都感到骄傲。
You make us all proud.
我喜欢说，永远有牛市。
I like to say there's always a bull market.
我有些问题要专门留给你。
Some of my problems are just for you right here.
《疯狂金钱》，我是吉姆·克莱默。
Mad Money, I'm Jim Cramer.
下次见。
See you next time.
吉姆·克莱默在本播客中表达的所有观点仅代表克莱默个人意见，不代表CNBC或其母公司、关联公司的观点，这些观点可能已在电视、广播、互联网或其他媒体上由克莱默发布过。
All opinions expressed by Jim Cramer on this podcast are solely Cramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by Cramer on television, radio, internet or another medium.
你不应将克莱默的任何观点视为对特定投资或特定策略的具体诱导，而应仅视作他个人意见的表达。
You should not treat any opinion expressed by Cramer as specific inducement to make a particular investment or follow a particular strategy but only as an expression of his opinion.
克莱默的观点基于他认为可靠的信息，但CNBC及其关联公司或子公司不保证其完整性或准确性，也不应依赖这些观点。
Cramer's opinions are based upon information he considers reliable but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such.
如需查看完整的《疯狂金钱》免责声明，请访问cnbc.com/madmoneydisclaimer。
To view the full Mad Money disclaimer, please visit cnbc.com/madmoneydisclaimer.
是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我一点都不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
其中一条
One of
我最喜欢的建议是，想想你老板的老板需要什么。
my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多不同的形式。
Leadership can look in many, many different forms.
归根结底，还是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short, and
你必须想得大才能成就大事。
you just gotta think big to accomplish big things.
朱莉娅·布尔斯廷主持CNBC的变革者和权力人物节目。
Julia Boorstin hosts CNBC changemakers and power players.
每周二更新新集，无论你在哪里收听播客。
New episodes every Tuesday wherever you get your podcasts.
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