【3/20】マイクロン売上3倍でも株価急落 $250億CAPEX計画の深層

マイクロンが売上3倍・粗利率75%の記録的決算でも株価急落。CAPEX250億ドル超への引き上げが半導体サイクルの過剰投資懸念を再燃させた。HBM4量産とCHIPS法の投資義務が交錯するメモリスーパーサイクルの深層を解説。-----【noteに掲載中の追加レポートはこちら！】聞く経済ニュース活字版https://note.com/kiku_keizai※運営コストを賄うため、noteメンバーシップの登録をご検討よろしくお願いいたします！-----・マイクロン決算の全貌 売上238億ドル・EPS12.20ドルでも市場が売った理由・250億ドルCAPEX計画の内訳 台湾PSMC買収と米国ファブの地理的時差・HBM4量産開始 NVIDIA Vera Rubin向け供給は2026年末まで完売状態・メモリのピッグサイクル 2018年・2022年の過剰供給は繰り返すのか・CHIPS法のダブルバインド 米国内製造40%目標とアジア即時増産の矛盾・韓国勢の供給規律 サムスン・SK hynixがDRAM拡張を縮小する背景・初の5年間戦略的顧客契約 メモリはコモディティから脱却できるか-----・CNBChttps://www.cnbc.com/2026/03/18/micron-mu-q2-earnings-report-2026.html・Quartzhttps://qz.com/micron-earnings-q2-2026-ai-memory-demand-bottleneck・FinancialContenthttps://markets.financialcontent.com/stocks/article/marketminute-2026-3-19-the-high-price-of-growth-why-microns-triple-digit-revenue-spike-triggered-a-7-sell-off・FinancialContenthttps://markets.financialcontent.com/stocks/article/marketminute-2026-1-14-the-perilous-peak-micron-technology-and-the-great-memory-debate-of-2026・Reuters via Investing.com https://www.investing.com/news/stock-market-news/micron-shares-slip-as-hefty-spending-plans-eclipse-strong-aifueled-earnings-4569945・VideoCardz https://videocardz.com/newz/samsung-and-micron-confirm-hbm4-enters-mass-production-for-nvidia-vera-rubin・Tom's Hardware https://www.tomshardware.com/pc-components/dram/micron-enters-high-volume-production-of-hbm4-for-nvidia-vera-rubin・InfotechLead https://infotechlead.com/networking/micron-q2-2026-earnings-revenue-surge-25-bn-capex-plan-and-ai-led-growth-strategy-94563・Cloud News https://cloudnews.tech/sk-hynix-warns-memory-wafer-shortage-could-last-until-2030/・SK hynix Newsroomhttps://news.skhynix.com/2026-market-outlook-focus-on-the-hbm-led-memory-supercycle/・SemiWiki https://semiwiki.com/forum/threads/samsung-and-sk-hynix-are-scaling-back-their-dram-expansion-plans-is-there-concern-about-potential-overcapacity.24759/・Micron Technology IR https://investors.micron.com/news-releases/news-release-details/micron-and-trump-administration-announce-expanded-us-investments・Tom's Hardwarehttps://www.tomshardware.com/pc-components/dram/microns-new-york-chipmaking-fabs-by-five-years-but-accelerates-second-fab-in-idaho-and-reallocates-chips-act-funding・GlobeNewswirehttps://www.globenewswire.com/news-release/2026/03/15/3255955/14450/en/Micron-Completes-Acquisition-of-PSMC-s-Tongluo-P5-Site-in-Taiwan.html・TrendForce https://www.trendforce.com/news/2026/03/16/news-micron-plans-second-tongluo-facility-after-completing-psmc-p5-acquisition-construction-to-start-by-fy26/・Investing.com https://www.investing.com/news/transcripts/earnings-call-transcript-micron-technology-q2-2026-beats-forecasts-with-strong-growth-93CH-4569498・The Motley Fool https://www.fool.com/earnings/call-transcripts/2026/03/18/micron-mu-q2-2026-earnings-call-transcript/・The Motley Fool https://www.fool.com/coverage/stock-market-today/2026/03/19/stock-market-today-march-19-micron-falls-despite-record-revenue-amid-margin-and-capex-concerns/・Markets Daily https://www.themarketsdaily.com/2026/03/19/micron-technology-nasdaqmu-stock-price-expected-to-rise-cantor-fitzgerald-analyst-says.html・FinancialContent https://markets.financialcontent.com/stocks/article/marketminute-2026-3-17-micron-technology-mu-earnings-preview-wedbush-targets-500-amid-hbm-explosion・Seeking Alphahttps://seekingalpha.com/article/4883217-micron-stock-may-plunge-following-earnings-results・EE Times https://www.eetimes.com/the-great-memory-stockpile/・Engineering News-Recordhttps://www.enr.com/articles/61938-micron-pushes-start-of-100b-new-york-megafab-to-2026