智通财经网·2026-01-22 12:14Core Insights - The storage chip stocks and high-end storage product stocks have emerged as one of the hottest investment themes in the global stock market, with significant price increases driven by the AI data center construction boom [1][2][6] - Companies like SanDisk (SNDK.US), Western Digital (WDC.US), Seagate (STX.US), and Micron Technology (MU.US) have become top performers in the S&P 500 index, with investors viewing them as attractive despite rising valuations [1][2][6] - The ongoing AI-driven demand is fundamentally changing the cyclical nature of the storage chip market, leading to unprecedented growth and a potential "super cycle" that could last until at least 2027 [6][8][17] Investment Performance - SanDisk's stock has seen a cumulative increase of over 110% since the beginning of 2026, following a staggering 580% rise in 2025 [1][2] - Other storage giants like SK Hynix and Samsung have also experienced significant stock price increases, with Seagate and SanDisk both exceeding 200% growth in 2025 [2][7] - The Kospi index in South Korea surged by 76% in 2025, largely due to the performance of SK Hynix and Samsung, which contributed nearly half of the index's gains [7] Market Dynamics - The demand for storage chips is being driven by the rapid expansion of AI data centers, which is increasing the need for high-bandwidth memory (HBM) and enterprise-level SSDs [2][6] - Analysts predict that the current "super cycle" in storage chips will be more intense and longer-lasting than the previous cycle driven by cloud computing [6][8] - The supply constraints in the storage chip market are expected to persist, with significant new supply not anticipated until 2028 [8][17] Price Trends - The prices of DRAM and NAND storage chips are expected to rise sharply, with forecasts indicating a potential increase of 88% for DRAM and 74% for NAND in 2026 [18][19] - The ASP (average selling price) for server DRAM is projected to increase by 144%, with enterprise SSD prices expected to rise by 87% [18][19] - The current market sentiment is bullish, with analysts increasingly optimistic about the long-term demand for storage chips driven by AI infrastructure [19][20] Analyst Sentiment - Analysts from major financial institutions are raising their earnings forecasts for storage companies, with SanDisk's EPS expectations up by 172% over the past three months [16] - Investment firms are recommending an overweight position in leading storage companies, emphasizing the importance of the storage chip market in the context of AI [8][19] - Despite concerns about the rapid price increases, the fundamental outlook for storage chip companies remains strong, with expectations of continued demand and price support [20]