Core Insights - The article discusses the increasing average selling prices (ASP) of memory products, leading to higher profits for suppliers, and a shift in capital expenditure focus towards technology upgrades and high-value products in the DRAM and NAND Flash industries [2][4]. DRAM Industry - Capital expenditure for the DRAM industry is projected to reach $53.7 billion in 2025 and grow to $61.3 billion in 2026, representing a 14% year-over-year increase [4]. - Micron is identified as the most aggressive player, with a projected capital expenditure of $13.5 billion in 2026, a 23% increase, focusing on 1 gamma process penetration and TSV equipment [5]. - SK Hynix is expected to invest $20.5 billion in 2026, a 17% increase, to expand HBM4 capacity [5]. - Samsung plans to invest $20 billion, an 11% increase, for HBM 1C process penetration and slight increases in P4L wafer capacity [5]. - There is a limited capacity expansion opportunity for Micron until its new facility in the U.S. is completed, expected to contribute to output only by 2027 [5]. NAND Flash Industry - Kioxia/SanDisk is noted as the most proactive in expanding capacity, with a projected investment of $4.5 billion in 2026, a 41% increase, to accelerate BiCS8 production and invest in BiCS9 R&D [6]. - Micron aims for a slight increase in NAND Flash capacity with a projected capital expenditure increase of 63% in 2026, focusing on G9 processes and Enterprise SSDs [6]. - Samsung and SK Hynix/Solidigm are expected to reduce or limit NAND Flash capital expenditures, prioritizing investments in HBM and DRAM [6]. - The demand surge in the NAND Flash market is driven by the rapid increase in storage capacity needs due to AI and a shortage of HDDs, leading to a structural shortage rather than a temporary market fluctuation [6][7]. Market Outlook - The article indicates that the capital expenditure focus in 2026 will shift towards process upgrades and hybrid-bonding rather than capacity expansion, resulting in limited output growth [7]. - The NAND Flash market is expected to continue experiencing supply shortages throughout 2026 [7].

Core Insights - The AI wave is rapidly transforming the global technology landscape, indicating a potential "script rewrite" rather than simple iteration [2] - The semiconductor industry is facing systemic challenges as 2nm technology enters mass production, with competition among major players like TSMC, Intel, and Samsung becoming increasingly complex [2] - Human-shaped robots are expected to see explosive growth in shipments by 2026, potentially disrupting the global labor market [2] - The future of the technology industry is not limited to AI; it is reshaping existing industry structures and creating new possibilities [2] Event Overview - TrendForce will host the "2026 Top Technology Market Trends Forecast Release and TechFuture Awards Ceremony" on November 27, 2025, in Shenzhen, focusing on key technology trends and hidden opportunities [3][6] - The event will highlight ten core sectors including wafer foundry, HBM, NAND Flash, AI servers, third-generation semiconductors, energy storage, display panels, near-eye displays, human-shaped robots, and autonomous driving [6] - The TechFuture Awards will recognize outstanding companies and teams in technology innovation, commercial implementation, market promotion, and ecosystem building [6][7] Future Outlook - The event aims to provide strategic guidance for the industry by exploring future business model innovations and the deep integration of AI and data technologies [6][7] - The anticipated release of the "2026 Top Technology Market Trends Forecast" will delve into industry trend hotspots and technological innovations [6][7] - The overall goal is to lead the industry towards sustainable and high-quality development [6][7]

Core Insights - The global smartphone panel shipment reached 586 million units in Q3 2025, with a quarter-on-quarter increase of 8.1% and a year-on-year increase of 5.3%, driven mainly by the iPhone 17 series and new releases from other major brands [2] - The total smartphone panel shipment for 2025 is projected to be 2.243 billion units, representing a year-on-year growth of 3.4%, marking a recent peak [2] AMOLED Panel Performance - AMOLED panel shipments in Q3 2025 reached 246 million units, with a quarter-on-quarter increase of 9.9%, benefiting from increased adoption in mid-range models [5] - SDC maintained a dominant position in the mid-to-high-end market with a 40% shipment share, while BOE continued to supply iPhones and other major brands [5] - Visionox expanded its market share by leveraging cost advantages [5] LCD Panel Performance - LCD panel shipments increased by 6.9% quarter-on-quarter to 340 million units in Q3 2025, with BOE accounting for over 30% of shipments [6] - The demand for low-end a-Si LCD panels remains stable due to cost advantages and after-sales market needs, while LTPS LCD demand continues to decline [6] - The overall smartphone panel market is expected to be dominated by AMOLED and a-Si LCD technologies moving forward [6] Market Outlook - The growth momentum for the smartphone panel market in 2025 is primarily driven by the rising penetration of AMOLED technology and close collaboration between Chinese panel manufacturers and brands [6] - By 2026, it is anticipated that AMOLED panel shipments will exceed 45% of the market, while LCD panels will maintain around 55% [6] - Korean suppliers will continue to dominate the high-end market, while Chinese manufacturers will accelerate their penetration into the mid-to-high-end market through cost and brand collaboration advantages [6]

Core Viewpoint - The article highlights the upcoming MTS2026 Storage Industry Trend Seminar, focusing on the transformation of the storage industry driven by AI technology and the restructuring of the global ecosystem [2]. Event Details - The seminar is scheduled for November 27, 2025, from 9:00 AM to 5:30 PM at the Shenzhen St. Regis Hotel [5][20]. - The agenda includes keynote speeches, a TechFuture Awards ceremony, and networking opportunities [18][19]. Keynote Speakers and Topics - The opening remarks will be delivered by the Chairman of TrendForce, Dong Yunchang, discussing the impact of AI and supply-demand variables on wafer foundries [5]. - Senior Research Vice President Guo Zuorong will analyze the capacity competition and price trends in the memory market for 2026 [5]. - Other notable speakers include: - Ni Jinfeng from Solidigm, discussing innovations in storage that support AI breakthroughs [7]. - Huang Shaowa from Qianxing Technology, focusing on collaborative innovations in storage and computing to promote AI applications [10]. - Chen Baoli from Intel, presenting on the role of Xeon 6 in empowering the cloud intelligence era [11]. - Zhaoming from Oconno, addressing the dual drivers of traditional and AI technologies in the server market for 2026 [14]. Industry Insights - The seminar aims to gather industry leaders to discuss the future of storage technology and its integration with AI, highlighting the importance of innovation in driving industry growth [16].

Group 1 - The global TV shipment volume in Q3 2025 has dropped below 50 million units for the first time, totaling approximately 49.75 million units, reflecting a quarter-on-quarter increase of 6% but a year-on-year decrease of 4.9% [2] - The decline in TV shipments is attributed to extended consumer purchase cycles, changes in international circumstances leading to demand pull-forward effects, and the diminishing impact of subsidy policies in the Chinese market, resulting in an overall market contraction [2] Group 2 - Capital expenditures (CapEx) for the eight major North American Cloud Service Providers (CSPs) are projected to increase by 65% year-on-year, up from an initial estimate of 61%, with total CapEx expected to exceed $600 billion in 2026, representing a 40% year-on-year growth [5] - This growth indicates a robust long-term potential for AI infrastructure development as CSPs maintain an aggressive investment pace [5] Group 3 - The demand for solid-state batteries is expected to reach 740 GWh by 2035, with nearly a hundred companies planning production capacity that collectively exceeds hundreds of GWh [8] - Some production, including semi-solid batteries, has already commenced, while full solid-state batteries are in the small-scale trial production phase, with applications in non-automotive sectors such as industrial robots and medical devices [8]

Core Viewpoint - The photovoltaic industry is currently facing a dual weakness in supply and demand, leading to downward pressure on prices across various segments of the supply chain [20]. Group 1: Polysilicon - Current industry inventory remains above 420,000 tons, primarily due to increased polysilicon output in October and cautious purchasing by downstream manufacturers [4]. - Supply is inconsistent, with some manufacturers ramping up production while others, like Tongwei, are reducing operating rates due to maintenance and demand issues, leading to an expected decrease in November output to approximately 127,000 tons [5]. - The market is experiencing a "dual weakness" scenario, with both supply and demand declining, putting continued pressure on polysilicon prices [6]. - Despite high inventory levels, there is some support for prices due to anticipated supply reductions and expectations of a "stockpiling" policy [7]. Group 2: Wafer - Current wafer inventory has risen to over 21 GW, with low purchasing willingness from downstream markets due to a bearish outlook on future prices [8]. - Demand remains weak, leading to a consensus among manufacturers to reduce production in response to price declines and high inventory levels [9]. - Overall transaction prices for wafers are continuing to decline, with significant price drops observed in second and third-tier companies, while leading firms still show some price support [10]. Group 3: Cell - Current inventory levels for cells are maintained at around 5-7 days, but there is structural differentiation, with pressure concentrated on the 210 RN size [11]. - Demand is structurally weak, particularly for the 210 RN size, with a notable increase in inventory for the 183 N size due to reduced demand from India [12]. - Overall price risks for cells are significant, with prices for the 183 N size approaching 0.3 RMB/W, and the 210 RN size stabilizing around 0.28-0.285 RMB/W [13]. Group 4: Modules - As winter approaches, outdoor projects are winding down, leading to reduced orders for module manufacturers and a decline in both domestic and overseas demand [14]. - The market is primarily supported by domestic centralized projects, but demand for 210 size modules is expected to drop sharply next month, putting pressure on prices [14]. - Overall, the module market is facing significant downward pressure due to weak terminal demand and insufficient order reserves [14].

Core Insights - The article highlights the upward revision of capital expenditure (CapEx) growth for major North American Cloud Service Providers (CSPs) from 61% to 65% for 2025, with expectations of further growth to over $600 billion in 2026, reflecting the long-term growth potential of AI infrastructure [2][4]. Group 1: Capital Expenditure Trends - The eight major CSPs include Google, AWS, Meta, Microsoft, Oracle, Tencent, Alibaba, and Baidu. Google has raised its 2025 CapEx forecast to $91-93 billion to meet the increasing demand for AI data centers and cloud computing [4]. - Meta has also increased its 2025 CapEx to $70-72 billion, indicating significant growth in 2026 [4]. - Amazon has adjusted its 2025 CapEx estimate to $125 billion, while Microsoft expects its 2026 CapEx to exceed that of 2025 [5]. Group 2: Impact on AI Hardware Ecosystem - The surge in CapEx is expected to stimulate demand for AI servers, driving growth in upstream supply chains such as GPU/ASIC, memory, packaging materials, and downstream systems like liquid cooling modules and power supplies [5][6]. - NVIDIA is anticipated to benefit significantly from this CapEx growth, with expected shipments of its GB300 and VR200 products surpassing previous forecasts, primarily driven by the top five North American CSPs [5]. - Oracle is expected to see substantial growth due to demand from North American government projects and cloud AI database leasing services [5]. Group 3: Future Developments in AI Solutions - The market is expected to adopt integrated AI solutions more aggressively in 2026, with NVIDIA planning to launch a new generation of VR200 racks [6]. - Competitor AMD is also set to promote its Helios integrated solutions, with Meta and Oracle being among the first adopters [6]. - Meta plans to significantly increase its CapEx by 65% to $118 billion in 2026 to support its initiatives in NVIDIA's GB/VR Rack and self-developed ASIC solutions [6].

Core Viewpoint - TrendForce predicts a comprehensive decline in TV panel prices for November 2025, while monitor panel prices are expected to remain stable compared to the previous month, with slight decreases anticipated for some laptop panels [4][5][6]. TV Panel Prices - TV panel demand has slightly weakened, but some brands are still willing to place orders. Panel manufacturers are making minor adjustments to production rates while accommodating brand demands. As the year-end approaches, most brand clients and panel manufacturers are beginning to observe panel prices [4]. - The forecast for November indicates a decrease of $1 for 32-inch and 43-inch panels, $2 for 50-inch and 55-inch panels, and $3 for 65-inch and 75-inch panels [5]. Monitor Panel Prices - Demand for monitor panels has significantly weakened entering the fourth quarter, but manufacturers are cautious in adjusting prices, leading to continued losses. Consequently, a consensus has been reached between buyers and sellers to maintain stable prices for monitor panels [6]. - The only expected price drop is for the 23.8-inch VA Open Cell panel, which may decrease by $0.1, while other mainstream sizes are anticipated to remain stable [6]. Laptop Panel Prices - Despite entering the traditional off-season, demand for laptop panels is slightly stronger than expected, with some brand clients willing to increase their purchase volumes. Panel manufacturers are adopting a more flexible pricing strategy to maintain customer relationships, leading to minor price concessions [7]. - The forecast for November suggests that TN panel prices will remain stable, while IPS panel prices are expected to decrease by $0.1 across the board [7].

Core Insights - The development of solid-state batteries is transitioning from laboratory research to industrialization, with nearly a hundred companies planning production capacity totaling over 100 GWh [2] - Semi-solid batteries have already achieved commercial production and are being used in electric vehicles, while full solid-state batteries are in the small-scale trial production phase, with expectations for automotive applications by around 2027 [2] - The demand for solid-state batteries is projected to exceed 206 GWh by 2030 and expand to over 740 GWh by 2035, indicating a significant shift towards large-scale applications [3] Technology Section - Solid-state batteries are characterized by their key materials and components, including positive and negative electrodes, solid electrolytes, separators, current collectors, cell manufacturing, and packaging [8] Market Analysis - The cost analysis of solid-state batteries indicates ongoing trends in cost reduction, which is crucial for market competitiveness [10] - The market demand forecast suggests a growing need for solid-state batteries across various applications, including electric vehicles, energy storage, consumer electronics, humanoid robots, and eVTOL/UAM [10] Industry Progress - The industrialization of solid-state batteries is progressing globally, with notable advancements in regions such as Europe, Japan, South Korea, and China [11] - Challenges in the industrialization process are being addressed, with ongoing research and development efforts to enhance battery performance and reduce costs [11]

Core Viewpoint - The article discusses the price forecast for display panels in November 2025, indicating a general downward adjustment in television panel prices, while monitor panel prices are expected to remain stable, and slight decreases are anticipated for some laptop panels [2][5][9]. Television Panel Price Forecast - The average price for 65-inch television panels is projected to be $168, down by $3 from the previous month, representing a decrease of 1.8%. The lowest price is expected to be $162, and the highest $171 [5]. - The average price for 55-inch television panels is expected to be $121, down by $2, a decrease of 1.6%. The lowest price is projected at $114, and the highest at $124 [5]. - The average price for 43-inch television panels is forecasted at $63, down by $1, a decrease of 1.6%. The lowest price is expected to be $61, and the highest $65 [5]. - The average price for 32-inch television panels is anticipated to be $34, down by $1, a decrease of 2.9%. The lowest price is projected at $33, and the highest at $35 [5]. Monitor Panel Price Forecast - The average price for 27-inch IPS monitor panels is expected to remain stable at $63, with a lowest price of $57.6 and a highest price of $65.8 [6]. - The average price for 23.8-inch IPS monitor panels is projected to be $49.9, with a lowest price of $47.1 and a highest price of $51.4 [7]. Laptop Panel Price Forecast - The average price for 17.3-inch TN laptop panels is expected to be $38.1, down by $0.1, a decrease of 0.3%. The lowest price is projected at $37.5, and the highest at $39.6 [9]. - The average price for 15.6-inch Value IPS laptop panels is anticipated to be $40.1, down by $0.1, a decrease of 0.2%. The lowest price is expected to be $38.4, and the highest at $41.7 [9]. - The average price for 14.0-inch TN laptop panels has stabilized at $26.9 since July 2024, with a lowest price of $26.4 and a highest price of $28.1 [9]. - The average price for 11.6-inch TN laptop panels has also stabilized at $25.1 since July 2024, with a lowest price of $24.2 and a highest price of $26.5 [9].