江苏百瑞赢：AI浪潮驱动“存储超级周期”，新年伊始芯片价格持续看涨

Core Insights - The global technology industry is focusing on the storage chip market as prices rebound sharply due to the AI-driven demand surge, marking the beginning of a "super cycle" in the semiconductor industry [1][3] Group 1: Market Dynamics - The primary driver of the price increase is the explosive growth in AI computing power demand, leading to a structural supply-demand imbalance [1] - TrendForce's report indicates that the overall contract price for general DRAM is expected to increase by 55-60% quarter-on-quarter in Q1 2026, while NAND Flash product prices are projected to rise by 33-38% [1] Group 2: Demand Drivers - AI servers are the main engine of demand growth, requiring 5 to 10 times more DRAM and NAND Flash storage capacity than traditional servers [2] - The share of storage devices in data center procurement costs has risen to approximately 40% and is expected to increase to 50% [2] Group 3: Supply Constraints - Major storage manufacturers have implemented strict production cuts since 2024 to focus on high-value products, contributing to a long-term foundation for price increases [2] - Industry inventory levels have dropped to historical lows after significant destocking, and new capacity typically takes 2-3 years to come online, indicating a tight supply situation in the short to medium term [2] Group 4: Future Outlook - The current price increase in storage chips signals the start of a new upward "super cycle" in the industry [3] - The combination of strong AI computing demand, structural adjustments in manufacturer capacity, and healthy inventory levels is expected to sustain a volume and price increase in the storage chip market through 2026 [3] - This technology-driven industrial cycle presents a historic strategic opportunity for the domestic storage industry and domestic substitution [3]