HBM堆栈层数增加，传旺宏下季度NOR Flash涨价30%

Core Viewpoint - The demand for NOR Flash is surging due to the transition from HBM3E to HBM4 in AI servers, leading to a significant increase in pricing and supply constraints for NOR Flash products [1][2][3] Group 1: Market Dynamics - The storage market is experiencing a boom, with prices for DDR4 and DDR5 skyrocketing, and NAND Flash market conditions improving, further solidifying the positive outlook for the industry [1] - The transition to GPU architecture in data centers is enhancing computational efficiency, prompting cloud service providers to undertake data center upgrades [2] Group 2: Company Insights - Macronix, as a leading supplier of NOR Flash, is expected to benefit directly from the structural demand opportunities created by HBM4's introduction [3] - Macronix's Chairman, Wu Minqiu, noted a recent uptick in demand for NOR Flash products, particularly in server and data center applications, with a focus on 512Mb and emerging high-capacity needs of 1Gb to 2Gb [2][3] Group 3: Future Outlook - The market is witnessing a potential "super cycle," although Wu Minqiu remains cautious about predicting the duration and extent of the current demand surge [1] - The characteristics of HBM4, including increased data processing speed and bandwidth, are crucial for applications in generative AI and high-performance computing, which are expected to drive further demand for NOR Flash [2]