研报 | AI服务器存储需求暴增，推升4Q25 NAND Flash前五大品牌厂营收季增23.8%

Core Viewpoint - The global NAND Flash industry revenue in Q4 2025 significantly benefited from AI infrastructure demand, with the top five brands' revenue increasing by 23.8% to reach $21.17 billion. The demand for Enterprise SSDs surged due to North American cloud service providers building AI server infrastructure, exacerbating the NAND Flash shortage and driving up prices [2][3]. Revenue Performance of Major Suppliers - Samsung ranked first with revenue of $6.6 billion, a 10% quarter-over-quarter increase, but its market share declined to 28%. The average selling price (ASP) increased, but bit shipments decreased due to a high base from the previous quarter and process transition losses [3]. - SK Group (including SK hynix and Solidigm) saw a revenue increase of 47.8% to $5.21 billion, raising its market share to 22.1% and maintaining its second position. Growth in bit shipments was driven by Mobile NAND Flash and Enterprise SSDs [5]. - Kioxia reported revenue of $3.31 billion, a 16.5% increase, achieving record highs in both revenue and bit shipments for Q4 2025 [5]. - Micron's revenue increased by 24.8% to nearly $3.03 billion, ranking fourth. The company is enhancing QLC production and expanding its product offerings using the ninth-generation NAND Flash technology, which is expected to boost bit output in 2026 [5]. - SanDisk also reported revenue of nearly $3.03 billion, a 31.1% increase, ranking fifth. The company is actively expanding its previously weaker server segment, leading to significant progress in its Data Center business [5]. Industry Insights - TrendForce forecasts that in 2026, NAND Flash prices will continue to rise due to limited capacity expansion and surging AI demand. Major manufacturers are accelerating technology upgrades and shifting product focus to high-capacity QLC Enterprise SSDs to meet the requirements of generative AI for large capacity and speed. Consequently, resources will continue to tilt towards the server segment, squeezing supply for consumer products [6].