Micron Technology(US:MU) Zhi Tong Cai Jing·2025-12-05 05:59Core Insights - The Enterprise SSD market experienced significant growth in Q3 2025, driven by increasing AI demand and expansion of AI infrastructure by North American cloud service providers (CSPs) [1] - The market atmosphere shifted from "recovery" to "material acquisition" in Q4, leading to a projected increase of over 25% in average contract prices for Enterprise SSDs due to supply constraints [1] Market Performance - The total revenue of the top five Enterprise SSD manufacturers increased by 28% quarter-over-quarter, reaching $6.54 billion, marking a new high for the year [2] - Samsung led the market with a revenue of $2.44 billion, a 28.6% increase from the previous quarter, capturing a market share of 35.1% [2][4] - SK Group's revenue reached $1.86 billion, up 27.3%, securing a market share of 26.8% [2][4] - Micron reported a revenue of $991 million, a 26.3% increase, maintaining a market share of 14.3% [2][4] - Kioxia achieved the highest growth rate among major suppliers, with a revenue of $978 million, growing over 30% [2][5] - SanDisk's revenue was $269 million, benefiting from increased production capacity and strong demand for QLC products [2][5] Supplier Analysis - Samsung capitalized on the recovery in general server demand, particularly benefiting from the Intel Ice Lake platform, leading to substantial SSD orders [4] - SK Group's overall revenue growth was driven by strong demand for TLC SSDs, despite only a slight increase in large-capacity product shipments [4] - Micron's competitive edge in PCIe SSD products has allowed it to penetrate more customer supply chains, contributing to its revenue growth [4] - Kioxia's flexible strategy of providing Enterprise-grade NAND Flash to CSPs with self-development capabilities has solidified its position as a key supplier [5] - SanDisk is expected to outperform its peers in revenue growth next year due to the ramp-up of its 218-layer product capacity [5]