研报 | AI基础建设助力NAND Flash产业，2025年第三季度铠侠营收季增33.1%

Core Insights - The article highlights the strong demand for Enterprise SSDs driven by cloud service providers (CSPs) expanding their AI infrastructure, leading to a 16.5% quarter-over-quarter revenue increase for the top five NAND Flash brands, approaching $17.1 billion [2][3]. Group 1: Market Performance - The top five NAND Flash manufacturers collectively generated revenues of $17.1 billion in Q3 2025, with a market share of 92% [3]. - Samsung led the market with $6 billion in revenue, a 15.4% increase from the previous quarter, maintaining a market share of 32.3% [5]. - SK Group, including SK hynix and Solidigm, reported revenues of $3.53 billion, up 5.7%, capturing 19% of the market [7]. - Kioxia's revenue surged by 33.1% to $2.84 billion, benefiting from AI server demand and seasonal smartphone factors, increasing its market share to 15.3% [7]. - Micron achieved $2.42 billion in revenue, a 15.4% increase, primarily due to record shipments of data center SSDs, holding a 13% market share [7]. - SanDisk's revenue rose to $2.31 billion, a 21.4% increase, driven by applications in cloud and edge markets, with a market share of 12.4% [7]. Group 2: Future Outlook - The demand for high-performance TLC and QLC Enterprise SSDs is expected to continue due to AI applications, although inventory normalization and production transitions may limit shipment growth [2]. - NAND Flash prices are projected to rise by 20-25% in Q4 2025, supported by ongoing supply shortages in HDDs [2].