智通财经网·2025-11-15 12:57Core Viewpoint - The demand for NAND Flash is not a temporary market fluctuation but a long-term industry trend driven by AI applications, indicating a significant shift in the storage market dynamics [1][2]. NAND Flash Industry Trends - The NAND Flash industry is experiencing a structural shortage due to the rapid increase in storage capacity demand driven by AI applications, leading to a shift from HDD to SSD, with SSD market value expected to surpass HDD quickly [1][2]. - Capital expenditure strategies among manufacturers are conservative, focusing on process upgrades rather than expansion, which will likely result in a supply-demand imbalance extending into 2026 [2]. Price Dynamics - The price gap between consumer-grade NAND and enterprise-grade storage is expected to narrow quickly, with consumer markets becoming more passive price acceptors, potentially contributing higher price elasticity than enterprise storage [3]. - NAND Flash prices have surged over 50% in the past two and a half months, with specific products like 512Gb TLC NAND Wafer prices nearly doubling [3]. NOR Flash Market Developments - There is a significant increase in demand for high-capacity NOR Flash, with manufacturers indicating a potential price increase of 30% for NOR Flash products in Q1 of the following year due to heightened demand from AI server applications [4].