Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook on investment opportunities within the sector [6]. Core Insights - The AI industry is experiencing significant growth, with companies like NVIDIA and Google leading advancements in AI technology and infrastructure [1][22]. - The demand for AI is driving a supply gap in the storage market, leading to increased prices and a favorable market environment for storage manufacturers [3][53]. Summary by Sections NVIDIA Performance - NVIDIA's Q3 FY26 revenue reached $57.006 billion, exceeding expectations with a 22% quarter-over-quarter growth and a 62% year-over-year increase [13][14]. - The company's operating income was $36.01 billion, reflecting a 27% increase from the previous quarter and a 65% increase year-over-year [14]. - The data center segment accounted for 89.8% of total revenue, driven by strong demand for AI-related products [15][17]. Google Innovations - Google launched the Gemini 3 AI model, which has set new benchmarks in various performance metrics, showcasing its capabilities in reasoning and multi-modal understanding [22][25]. - The Nano Banana Pro model was introduced, enhancing image generation capabilities with high-resolution outputs and improved creative control [37][39]. Storage Market Dynamics - The storage industry is benefiting from the AI transformation, with DRAM and NAND market sizes increasing by 24.7% and 16.8% respectively in Q3 2025, reaching historical peaks [3][54]. - Major manufacturers like Samsung are seeing significant revenue growth, with DRAM business income hitting record highs due to rising prices [54].