存储芯片迎史上最强涨价周期，还会持续多久？

Core Insights - The storage industry is experiencing a significant price surge driven by AI demand, marking the beginning of a "super cycle" [1][2][4] - Major players like Samsung, SK Hynix, and Micron are benefiting from this price increase, with substantial growth in revenue and profit margins reported [5][6] Group 1: Price Trends and Market Dynamics - Since October, major storage companies have raised product prices, with DDR contract prices expected to increase by 35% and NAND prices by 20% in Q4 2023 [1] - The current cycle is anticipated to last until at least the end of 2026, influenced by AI demand extending the typical three-year cycle [2][4] - The transition from DDR4 to DDR5 has been accelerated due to AI investments, leading to supply shortages and increased prices for DDR5 and other memory products [4][9] Group 2: Company Performance - Micron reported a strong performance for Q1 2026, with adjusted revenue of $13.64 billion, a 57% year-over-year increase, and a net profit of $5.48 billion, up 58% [5] - Samsung's Q3 2025 operating profit reached 12.16 trillion KRW (approximately $8.56 billion), a 32.2% increase year-over-year [5] - SK Hynix's Q3 2025 sales were 24.45 trillion KRW, with a year-over-year growth of 39% and an operating profit increase of 62% [5] Group 3: Market Outlook and Supply Chain Considerations - The global storage market is dominated by major players, with Samsung, SK Hynix, and Micron holding over 90% of the DRAM market share [7] - Despite rising prices, these companies are cautious about expanding production capacity, focusing instead on optimizing capital expenditures to avoid oversupply risks [8] - Demand for DRAM is expected to exceed supply growth, with a projected 26% increase in demand by 2026, leading to a potential average price increase of 58% [9]