Group 1 - The narrative on AI hardware is shifting from "computing power" to "storage capacity," indicating a significant change in market dynamics [1] - Bernstein analysts highlight an unprecedented storage supercycle driven by AI data explosion, raising SanDisk's target price from $300 to $580 [1][2] - The demand for NAND storage is expected to increase fivefold per GPU due to the evolving requirements of AI models, marking a critical shift in the NAND industry [2] Group 2 - There is a stark supply-demand mismatch in the NAND market, with minimal new production capacity leading to soaring prices for NAND and DRAM [2] - Morgan Stanley's report contrasts Bernstein's optimistic view, labeling SanDisk's current high profits as cyclical rather than structural, with a target price of $235 [3] - The debate centers around whether the current AI-driven demand will lead to a lasting change in storage needs or revert to historical cycles of boom and bust [3]
580美元，闪迪目标价上调93%！伯恩斯坦：AI正创造一个前所未有的存储超级周期