Summary of Storage Industry Conference Call Industry Overview - The DRAM market inventory is gradually decreasing since 2025, with current utilization at approximately 82%, which is at the lower limit of normal supply-demand balance, positively impacting prices [1][2] - The fastest-growing demand sectors are servers and automotive electronics, while the mobile market holds the largest share at 35% [2] - The NAND Flash market is highly competitive, with Samsung leading in market share [1][4] Key Points and Arguments DRAM Market - Major players in the DRAM market include Samsung (41%), SK Hynix (27%), Micron (26%), and ChangXin (6%) [2] - Current prices for DRAM products: - DDR4 16GB 3,200 at $6.8 - DDR4 8GB ETT at $4.5 - DDR5 prices range from $6.0 to $8.5 [2][4] - Server market accounts for 30% of total storage demand, with significant demand spikes following new product launches like iPhone 17 and Xiaomi 17 [2] NAND Flash Market - Samsung holds a 31% market share in NAND Flash, with inventory expected to decrease starting in 2025 [4] - Current NAND Flash utilization is between 78%-80%, projected to rise to around 90% in Q4 2025 [4] - Typical NAND Flash product prices include: - 1TB QLC wafer at $5.5 - 1TB TLC wafer at $6.2 [4] Technological Developments - DRAM manufacturers are transitioning to D1β process technology, while ChangXin is at D1z, indicating a generational gap [4] - NAND Flash is evolving towards higher stacking layers, with Changjiang Storage closing the gap with international competitors [1][4] - Samsung is seeking collaboration with Changjiang Storage due to the trend of separating logic and storage arrays, with Xstacking technology being crucial [5] HBM Market - HBM prices are expected to stabilize with slight declines due to increased capacity [10] - AI servers constitute about 4.5%-5% of total storage, with HBM being essential for AI products [10] - Current HBM production capacity is 100,000 pieces/month, projected to expand to 326,000 pieces/month by 2025 [10] Additional Insights - The supply-demand dynamics are influenced by the transition of cold data to hot data, increasing the demand for SSDs, particularly ESSDs [26][28] - The HDD market is not expected to expand significantly, leading to a shift towards SSDs [26][27] - The overall storage industry is anticipated to maintain an upward trend due to improving supply-demand relationships and technological advancements [4] Conclusion - The storage industry is experiencing a positive shift with decreasing inventories and increasing demand across various sectors, particularly in DRAM and NAND Flash markets. The collaboration between major players and advancements in technology will likely shape the future landscape of the industry.