近期半导体股票持续下跌，但CNBC的吉姆·克雷默周二表示，仍有充分理由不放弃该板块。
Semiconductor stocks have been getting crushed in recent days, but CNBC's Jim Cramer said Tuesday there's a compelling reason not to give up on the group.
范埃克半导体ETF在连续六个交易日中下跌了7.2%，克雷默警告称，油价和利率上升可能延长抛售潮。然而，他指出，芯片股票正日益整体交易，而不顾其个别基本面，这掩盖了推动今年早些时候该板块出色上涨的强劲需求。
The VanEck Semiconductor ETF has fallen 7.2% over six consecutive sessions, and Cramer warned that rising oil prices and interest rates could prolong the sell off. However, he argued chip stocks are increasingly trading together regardless of their individual fundamentals, obscuring the strong demand that fueled the sector's remarkable rally earlier this year.
为了说明这一点，克雷默描述了他最近一次去苹果展厅的访问，在那里他看到搭载更个性化Siri和先进智能家居技术的设备。这次体验凸显了日益复杂的消费产品需要更多的算力和存储，为芯片制造商创造了额外机会。
To illustrate his point, Cramer described a recent visit to an Apple showroom, where he saw devices featuring a more personalized Siri and advanced smart home technology. The experience highlighted how increasingly sophisticated consumer products require more computing power and memory, creating additional opportunities for chipmakers.
“在你决定因为无法承受痛苦而抛售半导体股票之前，去展厅看看，”《疯狂的钱》主持人说。“去看看这些芯片被用在哪里。它们出现在你最意想不到的地方。不要盯着半导体指数，要看设备。”克雷默以内存芯片制造商美光为例，指出其基本面正被更广泛的抛售所掩盖。该公司已成为人工智能建设的最大受益者之一，内存芯片需求远超供应。
"Before you decide to bail from the semis because you can't take the pain, go to the showroom," the "Mad Money" host said. "Go see where these chips are used. They appear in places that you'd least expect them. Don't watch the semiconductor index, watch the devices." Cramer pointed to memory chip maker Micron as an example of a company whose fundamentals are being overshadowed by the broader sell off. The company has become one of the biggest winners of the artificial intelligence build-out, with demand for memory chips far outstripping supply.
克雷默强调，美光目前有26项长期客户协议，这些协议目前覆盖其2030年前约35%的收入，且2031年的谈判已经展开。这些取或付合同要求客户履行财务承诺，他表示，这使美光对未来收入有更清晰的可见度。“如果美光没有这些协议，我会担心，”克雷默说。
Cramer highlighted its 26 long-term customer agreements, which currently cover about 35% of revenue through 2030, with negotiations already underway for 2031. Those take-or-pay contracts require customers to honor their financial commitments, he said, giving Micron greater visibility into future revenue. "If Micron had no agreements I would be worried," Cramer said.
需求故事不仅限于内存芯片。克雷默还强调了英特尔和AMD，它们“制造的CPU几乎是所有机器的基本构建块”。
And the demand story isn't limited to memory chips. Cramer also highlighted Intel and AMD, which "make the CPUs that are basic building blocks for practically every machine under the sun."
克雷默承认，该板块在经历巨幅上涨后可能面临进一步亏损，但表示投资者不应忽视这些涨幅背后的基本需求。“在这些股票走这么远之后，出现剧烈回调是合理的，”他说。“但我认为，当你看到这些设备，当你知道其应用场景正在爆炸式增长时，你就能明白为何美光、英特尔或AMD的股价一直在上涨。”
Cramer acknowledged that the group could face further losses after its enormous run, but said investors shouldn't dismiss the fundamental demand behind those gains. "It's reasonable to expect a sharp pullback after how far these stocks traveled," he said. "I just think that when you see the devices, when you know the exploding use cases, you can understand why Micron or Intel or AMD have been moving up." "It wasn't all Situational Awareness, the wayward hedge fund that took so many semis up to unsustainable levels with borrowed money," Cramer said. "A lot of this is just raw demand."
“这并非全是情境意识（Situational Awareness）——那个借钱炒高半导体股票至不可持续水平的对冲基金，”克雷默说。“很多情况只是原始需求。”克雷默的慈善信托——即CNBC投资俱乐部运作的投资组合——持有AAPL、INTC、MU的股票。
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