至少火到2026年底？AI需求引爆存储史上最强涨价周期

Core Viewpoint - The storage industry is experiencing a significant price surge driven by AI demand, marking the beginning of a "super cycle" that is expected to last until at least the end of 2026 [1][2]. Group 1: Price Increases and Market Dynamics - Major companies like Samsung, SK Hynix, and Micron have raised product prices, with DDR contract prices expected to increase by 35% and NAND prices by 20% in Q4 2023 [1]. - The stock prices of companies in the storage sector have surged, with Shannon Chip, Dongxin Co., Jiangbolong, and Baiwei Storage seeing increases of 294.51%, 291.19%, 195.51%, and 67.17% respectively in the second half of this year [1]. - The current cycle is characterized by a supply-demand imbalance, exacerbated by AI's unexpected demand, leading to a significant rebound in prices after a prolonged down cycle [2][3]. Group 2: Financial Performance of Key Players - Micron reported a strong performance for Q1 FY2026, with adjusted revenue of $13.64 billion, a 57% year-over-year increase, and adjusted net profit of $5.48 billion, also up 58% [3][4]. - Samsung Electronics achieved an operating profit of 12.16 trillion KRW (approximately $8.56 billion) in Q3 2025, a 32.2% increase year-over-year, exceeding analyst expectations [4]. - SK Hynix reported Q3 2025 sales of 24.45 trillion KRW, with a year-over-year growth of 39% and an operating profit of 11.38 trillion KRW, reflecting a 62% increase [4]. Group 3: Future Outlook and Industry Trends - The global storage market is projected to reach $300 billion by 2027, driven by AI demand and the ongoing super cycle [3]. - Companies are cautious about expanding production capacity due to previous downturns, with Samsung and SK Hynix indicating a reluctance to rapidly increase production [7][8]. - Demand for DRAM is expected to outpace supply growth, with a projected 26% increase in demand for 2026 compared to a 20% increase in supply, leading to a potential price increase of 58% for DRAM [8].