Core Viewpoint - SK Hynix is not considering selling its stake in Solidigm, despite rumors of poor IPO performance, as Solidigm's current performance and future outlook are optimistic [2]. Group 1: Company Overview - Solidigm, established by SK Hynix in 2021, focuses on the planning, design, and sales of SSDs based on NAND flash technology, following the acquisition of Intel's NAND flash business for approximately $9 billion [2]. - The acquisition was completed in two phases, with the first phase finalizing in December 2021 and the second phase in mid-2023, which included the payment of around $1.9 billion for remaining assets [2]. Group 2: Product Development - Solidigm announced its SSD roadmap, planning to launch high-capacity QLC SSDs of 61.44TB and 122TB in July 2023 and November 2024, respectively, utilizing 192-layer QLC 3D NAND flash [3]. - The company aims to develop next-generation products that exceed 200 layers, addressing the competitive landscape where other NAND suppliers have surpassed 200 layers [5][8]. Group 3: Market Position and Strategy - Solidigm emphasizes the importance of storage in AI infrastructure, stating that maximizing GPU utilization is critical, and storage solutions are becoming increasingly vital [4]. - The company has established strong partnerships across various industries, securing numerous design projects, including collaborations with leading cloud and storage OEMs [4]. Group 4: Technology and Innovation - Solidigm's product lineup includes both floating-gate and charge-trap technologies, which are seen as key advantages in meeting diverse workload requirements [8]. - The company has successfully shipped over 120EB of QLC products since 2018, showcasing its expertise in this challenging technology [5]. Group 5: Future Outlook - Solidigm plans to deliver a 245TB SSD by the end of 2026, which will utilize NAND flash produced in Dalian and will incorporate its proprietary technology [9]. - The company is also exploring the potential of PLC flash technology, indicating a willingness to adapt to market demands and customer needs [9].

编译 | 华尔街大事件 基于对NAND市场复苏的预期，分析师于2024年10月给予 Lam Research ( NASDAQ: LRCX ) "强力买入" 评级。相信技术升级周期将继续推动 该公司未来的增长。然而，由于 风险逐渐上升，分析师将其评级下调至"持有"，其合理价值为73美元。 4月23日，Lam Research公布了其 2025财年第三季度 业绩，如下图所示，营收增长24.2%，营业利润增长34.7%。强劲增长的动力源于市场对 其系统（包括用于沉积、蚀刻、清洗和其他晶圆制造的设备）的强劲需求。整体系统收入同比增长26.7%，值得关注。 强劲的系统增长反映了市场对NAND技术驱动的系统升级的强劲需求。正如 财报电话会议 中所强调的，DRAM和代工逻辑客户正在积极升级其 现有系统，以适应更先进的NAND技术，并满足对AI计算和GPU的强劲需求。管理层指出，鉴于Lam Research在先进NAND技术领域的强大市 场地位，系统升级可能会推动其未来的增长。 本季度的另一大亮点是管理层对全球晶圆厂设备 (WFE) 支出充满信心，预计2025财年支出约为1000亿美元。尽管地缘政治风险和关税战不断升 级， ...