集邦咨询：AI基础建设助力NAND Flash产业 2025年第三季度铠侠营收季增33.1%

Core Insights - The demand for Enterprise SSDs is expected to remain strong due to ongoing expansions in AI infrastructure by Cloud Service Providers (CSPs), leading to a projected revenue increase of 16.5% for the top five NAND Flash brands in Q3 2025, nearing $17.1 billion [1] Group 1: Company Performance - Samsung reported a revenue of $6 billion in Q3 2025, reflecting a quarter-over-quarter increase of 15.4%, maintaining a market share of 32.3% [2][4] - SK Group, which includes SK hynix and Solidigm, achieved revenues of approximately $3.53 billion, with a quarterly growth of 5.7%, benefiting from Solidigm's focus on QLC Enterprise SSDs [2][4] - Kioxia experienced significant growth, with a revenue increase of 33.1% to over $2.84 billion, driven by AI Server demand and seasonal smartphone factors, raising its market share by 2 percentage points [2][4] - Micron's revenue reached $2.42 billion, up 15.4% quarter-over-quarter, primarily due to record shipments of data center SSDs [2][4] - SanDisk's revenue grew to nearly $2.31 billion, a 21.4% increase, supported by applications in the cloud and edge markets [2][4] Group 2: Market Trends - The overall NAND Flash price is expected to continue rising in Q4 2025, with price increases projected between 20-25% across various products, driven by sustained demand from AI applications and a return to normal inventory levels [1] - The shift towards higher performance TLC and QLC Enterprise SSDs is anticipated to further boost CSP demand in the upcoming quarter [1]