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Core Viewpoint - Kioxia is experiencing significant profit decline despite the booming demand for storage driven by AI, with a net profit drop of 62% year-on-year in Q2 FY2025 [2][3]. Financial Performance - Kioxia reported a net profit of 40.7 billion yen for Q2 FY2025, a substantial decrease from the previous year [2]. - The company's Q2 profit fell 74% compared to the previous quarter, indicating a challenging financial environment [3]. - Analysts had expected a profit of 47.4 billion yen, highlighting a shortfall in performance [2][3]. Market Dynamics - The decline in Kioxia's profits is attributed to a shift in product mix, with low-margin smart device products increasing to 35% of sales due to seasonal demand [3]. - Despite short-term pressures, Kioxia remains optimistic about future quarters, anticipating record revenue and strong profit recovery in Q3 FY2025, with revenue expected to grow by 12-23% to 500-550 billion yen [3]. NAND Market Outlook - Kioxia forecasts that NAND demand will exceed supply in 2025, leading to a mid-double-digit percentage growth in bit shipments [3]. - The company expects bit growth to accelerate to high double digits in 2026 as supply tightens further [3][4]. Future Developments - Kioxia plans to launch its 8th generation BiCS Flash in early 2026 to meet AI application demands, alongside the mass production of 245TB QLC SSDs and the introduction of the 10th generation BiCS Flash [4]. - The company anticipates a consistent annual growth rate of around 20% in NAND storage demand, primarily driven by the rising needs of AI data centers [4].