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Core Viewpoint - The storage sector has experienced a significant downturn due to the poor performance of KIOXIA, raising concerns about the sustainability of the AI-driven storage market and increasing fears of an "AI bubble" [1][4][5] Group 1: KIOXIA's Performance - KIOXIA's stock plummeted over 23% following the release of its disappointing Q2 FY2025 earnings, which showed a more than 60% year-on-year decline in adjusted net profit to 40.7 billion yen, falling short of analyst expectations of 47.4 billion yen [1][4] - The company's revenue for the same quarter decreased by 7% year-on-year to 448.3 billion yen, although it saw a quarter-on-quarter increase of 30.8% [4] - KIOXIA's guidance for Q3 FY2025 indicates expected revenue of 500-550 billion yen, which is below market expectations of 530 billion yen, and Non-GAAP operating profit guidance of 100-140 billion yen, also below the anticipated 141 billion yen [4][6] Group 2: Market Impact - The fallout from KIOXIA's earnings report led to a widespread sell-off in the global storage chip sector, with significant declines in stock prices for major companies such as SanDisk (down 13.96%), Seagate (down 7.31%), and Western Digital (down 5.39%) in the U.S. market [7][8] - In South Korea, SK Hynix and Samsung Electronics saw their stock prices drop by 8.5% and 5.45%, respectively, while the A-share storage chip sector in China also experienced declines, with several stocks falling over 10% [8] Group 3: Industry Outlook - Analysts suggest that KIOXIA's disappointing results reflect uncertainty at the end of the storage industry's cyclical low, but they remain optimistic about the upward trend in NAND prices [8] - Major players like Samsung, SK Hynix, and KIOXIA are reducing NAND flash supply, with Samsung considering price increases of 20% to 30% for next year [8] - Market research indicates that the shortage of AI-driven storage products may persist until at least 2027, with demand for DRAM products expected to stabilize only after that [9]