威刚董事长：现在有钱也买不到存储

Core Viewpoint - The current shortage of DRAM and NAND is unprecedented, with market demand exceeding expectations and original manufacturers' safety stock at historical lows, leading to a "make what you can sell" situation [2][4]. Group 1: Market Conditions - The chairman of ADATA, Chen Libai, noted that the simultaneous shortage of DRAM and NAND is a phenomenon not seen in over 20 years [2]. - The extreme tightening of supply has resulted in high visibility of orders for ADATA, but actual shipments are constrained by limited allocations from original manufacturers [4]. - Customers are facing a situation where they have money but cannot purchase goods, with even top executives needing to negotiate directly with suppliers for inventory [4]. Group 2: Pricing and Contracts - Due to the supply-side having absolute bargaining power, most non-CSP customers are unable to secure long-term contracts and must accept short-term agreements with monthly pricing negotiations [4]. - The current demand for AI is a genuine necessity, with its sustainability and scale surpassing any previous storage shortages, indicating a prolonged bullish market trend [4]. Group 3: Future Outlook - It is anticipated that the supply-demand imbalance for DRAM and NAND will persist until 2026, with ADATA's strategy for the upcoming year focusing on "selling conservatively" and prioritizing strategic key customers [5].