存储芯片还在涨价！铠侠砸出个“黄金坑”？

Core Viewpoint - The A-share storage chip sector experienced a significant decline on November 14, with multiple stocks dropping over 10% following disappointing earnings from Kioxia Holdings, which negatively impacted the U.S. storage chip market and subsequently the A-share market [1][3][5]. Group 1: Market Performance - On November 14, several stocks in the A-share storage chip sector, including Tongyou Technology, Bawei Storage, and Jiangbolong, saw declines exceeding 10%, while 13 other stocks fell by more than 7% [1][5]. - Kioxia Holdings reported a second-quarter revenue of 448.3 billion yen, below market expectations of 461.1 billion yen, with a year-on-year decline of 6.8% and a net profit drop of over 60% [3][5]. - Despite the downturn on November 14, Kioxia's stock had increased by over 470% year-to-date, indicating a strong performance prior to the earnings report [7]. Group 2: Price Trends and Market Outlook - The global storage market entered a new high-growth cycle this year, driven by AI development, with storage chip prices rising significantly [3][10]. - On November 14, it was reported that Samsung Electronics raised prices for some memory chips by up to 60% compared to September, due to strong demand from data centers and supply constraints [3][10]. - Kioxia's second-quarter results did not reflect the price increases that began in the third quarter, as the company had fixed-price agreements with Apple for mobile NAND chips [5][10]. - Analysts remain optimistic about Kioxia's third-quarter performance, projecting record revenues between 500 billion and 550 billion yen, driven by increased demand for NAND products related to AI [10][11]. Group 3: Diverging Views on Future Demand - There is a growing divergence in market sentiment regarding future storage demand, with some analysts expressing concerns about potential overcapacity and reduced demand if the AI sector underperforms [11][12]. - The ongoing supply constraints for eMMC and DDR5 chips suggest that while supply remains tight, actual end-user demand may not be as robust as anticipated [11]. - The situation in North America, particularly regarding data center construction and energy supply, could significantly impact storage demand, with concerns about the feasibility of AI investments due to energy constraints [11][12].