来源：美通社 北京2026年2月25日 /美通社/ -- IBM（纽约证券交易所代码：IBM）近日发布了嵌入了 AI智能体的下一 代闪存系统IBM FlashSystem，开启"自主存储"（autonomous storage）的新时代。新一代 FlashSystem通 过内嵌AI智能体增强了AI能力，实现持续性的数据保护、主动的威胁分析和定制化的恢复建议，重新 定义企业级IT弹性。借助新一代FlashSystem，客户可以将存储系统转变为一个always-on智能层，确保 可靠、安全的同时，还能减少90% 的存储手动管理工作量。 新的产品组合包括： 新一代FlashSystem产品亮相 作为FlashSystem系列过去六年来的一次重磅更新，此次同时发布的三款产品可满足多样化的业务需 求，包括： IBM FlashSystem 5600：可在紧凑的空间内提供企业级存储能力。在单个1U系统中提供高达2.5 PB的有效容量，为中端市场的存储密度设定了更高标准，并提供高达260万IOPS。其超高密度的 三款全新闪存系统——IBM FlashSystem 5600、7600和9600。与前一代产品相比，它们提升了4 ...

假期综合版——0223：继续看好国产AI&海外上游通胀【东北计算机】 关于各板块细节更新，大家自行查看我们假期15～22号各场专家会纪要，或者各场文字要点 1.模型而言，豆包春节DAU翻倍，各大厂进军多模态刚刚开始体现大模型之间的差距，#智谱minimax大涨A股核心 看三朵云； 2.而在算力领域，多模态对算力的需求爆发刚刚开始，#国产第三方算力【H与海光】成为最大预期差，#大厂自研 GPU+CPU成为确定性趋势，边际等同于海外google，#国内是字节阿里和腾讯；#H的ccl招标预计在3月； 3.在存储板块，从去年8.9月开始，继续坚定不移看多，#边际上很多国内大厂已经开始上门蹲点囤货，且D5爆发增 长，推理生态正在迅速扩张； 海外链核心通胀在PCB上游（核心是赢家通吃），叠加3月GTC大会，液冷值得高度关注： 从年初持续看好国产链，国内从模型能力提升到算力资源紧缺，今年整体国产AI还是处于高速发展阶段，大厂 capex到国产算力能力再到模型能力： 1.模型而言，豆包春节DAU翻倍，各大厂进军多模态刚刚开始体现大模型之间的差 假期综合版——0223：继续看好国产AI&海外上游通胀【东北计算机】 关于各板块细 ...

Core Insights - California's effective property tax rate is 0.74%, lower than the national average of 0.99%, but high home values lead to substantial tax bills [1][2] - Proposition 13 caps property tax increases at 2% annually, but new buyers face taxes based on full market value, creating disparities in tax burdens across counties [1][2] Property Tax Overview - The median annual property tax in Marin County is the highest in California at $5,500, with a median home value of $1.47 million and an effective tax rate of 0.63% [2] - Santa Clara County has a median property tax of $4,694, with a median home value of $1.94 million, reflecting an effective rate of 0.75% [2] - San Mateo County, with the highest median home value over $2 million, has a median property tax of $4,424, showcasing the impact of Proposition 13 [2] County Rankings - Orange County ranks 10th with a median annual property tax of $3,404 and a median home value of $1.2 million [1] - Alameda County, home to Oakland and Berkeley, has a median property tax of $3,993, reflecting an effective rate of 1.21% [1] - San Francisco County has a median property tax of $4,311, driven by high home values and additional voter-approved bonds [1][2]

Core Viewpoint - Sandisk has experienced a remarkable stock price increase of nearly 1,500% over the past year, driven by strong demand for its solid-state drives, particularly in data centers, and is projected to continue its growth trajectory in 2026 [1][8]. Company Overview - Sandisk, established in 1988, specializes in solid-state storage drives, portable flash drives, and memory cards, with its primary revenue sources being NAND flash drives and solid-state drives for mobile phones, data centers, and gaming [3][4]. Market Position - Sandisk is one of the five major players in its markets, competing with companies like Micron and Samsung in data centers and smartphones, and with Seagate in gaming storage drives [4]. Financial Performance - The company has a market capitalization of $92 billion, with a current stock price of $625.78 [5][6]. - In the most recent quarter, Sandisk reported a revenue increase of 31% from the previous quarter and 61% year over year, with net income soaring by 617% from the previous quarter and 672% year over year [7]. - For fiscal Q3, Sandisk is targeting revenue between $4.4 billion and $4.8 billion, representing a growth of 47% to 60% over Q2, with adjusted earnings projected at $12 to $14 per share, doubling from the previous quarter [9]. Growth Drivers - The primary catalyst for revenue growth has been the demand for solid-state drives in data centers, which has surged due to the rapid expansion of data centers driven by the increasing need for artificial intelligence computing [6][10]. - Sandisk's data center revenue grew by 64% in the last quarter compared to the previous quarter [6]. Future Outlook - Analysts predict that Sandisk may double its prices in 2026 due to the high demand for its data center and enterprise drives [8]. - Despite the significant stock price increase, Sandisk is considered to have further growth potential, supported by its strong earnings power and a forward price-to-earnings (P/E) ratio of 14, indicating an attractive valuation [11].

Core Insights - The report by Global Info Research focuses on the global NVMe-oF storage area network systems market, providing comprehensive analysis and insights into market size, key regions, major manufacturers, and industry trends [1][4] - The global NVMe-oF storage area network systems revenue is projected to reach approximately $9,775 million by 2025 and is expected to grow to $54,273 million by 2032, with a compound annual growth rate (CAGR) of 27.6% from 2026 to 2032 [1][3] Market Size and Growth Potential - The report aims to determine the total market size of NVMe-oF storage area network systems globally and in key countries/regions [3] - It assesses the growth potential of the NVMe-oF storage area network systems market and forecasts future growth for various products and end markets [3] Competitive Landscape - The report analyzes major participants in the NVMe-oF storage area network systems market based on parameters such as company profile, sales volume, revenue, pricing, gross margin, product portfolio, geographic distribution, and key developments [3] - Key companies covered in the report include Dell Technologies, Hewlett Packard Enterprise, Netapp, IBM, Huawei, Hitachi Vantara, Pure Storage, Inspur, Lenovo, Fujitsu, Oracle, Broadcom, Marvell, Micron Technology, Samsung Electronics, Western Digital, Kioxia, Vast Data, Weka, and Lightbits Labs [3][4] Market Drivers and Challenges - The report provides insights into the driving factors, constraints, opportunities, and key developments such as new product launches or approvals affecting the NVMe-oF storage area network systems market [4]

Core Viewpoint - Seagate Technology's stock has significantly outperformed the S&P 500, with a year-to-date increase of 56.6% through February 12, 2026, and a remarkable 335% rise over the past year, driven by strong earnings and a shift towards AI infrastructure demand [1]. Financial Performance - Seagate reported $2.83 billion in revenue for the January 27 earnings report, exceeding estimates of $2.76 billion, representing a year-over-year growth of 21.7% [1]. - The company achieved a non-GAAP EPS of $3.11, surpassing the consensus estimate of $2.84 by 9.5%, marking the eighth consecutive quarter of positive earnings surprises [1]. - Seagate's gross margin reached a record 42.2%, and the operating margin was 31.9%, with free cash flow increasing by 305% year-over-year to $607 million [1]. Market Position and Strategy - Seagate's business model has shifted fundamentally, with its HAMR-based Mozaic products now qualified with five major cloud customers, positioning the company to capture AI-driven storage demand [1]. - The CEO highlighted the opportunity in the data center infrastructure market, which is expected to represent a multi-trillion-dollar modernization cycle through 2030 [1]. - Seagate's leadership in areal density through HAMR technology provides a structural advantage as data centers seek performance and cost-efficiency [1]. Analyst Outlook - Management's Q3 guidance anticipates $2.90 billion in revenue and $3.47 EPS, indicating continued growth [1]. - Analysts have set a price target of $467.67 for Seagate's stock, approximately 8% above current levels, with 19 buy or strong buy ratings compared to just one sell [1]. - Seagate's valuation reflects optimism, trading at 33x forward earnings with a PEG ratio of 0.91, suggesting that the market believes in the sustainability of earnings growth [1].

Summary of Key Points Industry: Storage Devices - The US storage sector (including manufacturers, modules, and equipment) experienced a significant increase recently, reinforcing the previous viewpoint that after a substantial rise in global storage, there will be a period of volatility. The slowdown in spot prices may lead to the first wave of profit-taking, but a significant correction is unlikely as the valuations of SK Hynix and Micron remain below 10X [1] - Under the trend of the AI industry, the fundamentals of storage are expected to continuously exceed expectations. Although the valuations of storage manufacturers cannot be directly compared to TSMC, they are anticipated to gradually shift from current cyclical valuations to growth valuations. This represents a discrepancy in expectations, with potential to break through 10X, and even reach 15X, marking the second wave of market activity after the volatility [1] Company: Teradyne - Teradyne's stock rose by 5.4% recently, with a market capitalization surpassing $50 billion. The stock has been reaching new highs, with a year-to-date increase of 66%. The logic behind the backend testing equipment industry is confirmed, representing the largest discrepancy in expectations for this round of hard technology [2] - Other companies in the front-end equipment sector, such as LAM, KLA, and AMAT, also saw significant increases, with year-to-date gains ranging from 30% to 40%. Semiconductor equipment has been the best-performing asset class within the SOX index [2]

Core Viewpoint - Western Digital's stock price has risen due to the continuous increase in memory chip prices, strong financial performance, and positive institutional outlook on the industry [1] Stock Performance - As of February 11, 2026, Western Digital's stock price increased by 3.67%, closing at $272.20 [2] Industry Policy and Environment - The memory market has experienced a rapid increase since 2026, with memory prices rising by 80%-90% in Q1 2026 compared to Q4 2025, reaching historical highs across all categories including DRAM, NAND, and HBM. This industry-wide benefit has significantly boosted the performance of storage stocks, with Western Digital being a key beneficiary [3] Financial Performance - The company reported strong Q2 results on January 30, with revenue of $3.02 billion (up 25% year-over-year) and net profit of $1.84 billion (up 210%). Adjusted earnings per share were $2.13, exceeding market expectations of $1.93. Management's guidance for Q3 revenue ($3.2 billion ± $100 million) and earnings per share ($2.30 ± $0.15) is significantly above analyst expectations, highlighting strong growth momentum driven by AI [4] Institutional Perspectives - UBS analysts noted that meaningful supply relief in the global storage industry is not expected until around 2028, with structural demand from AI data center construction continuing to strengthen the storage industry's outlook and pricing power. As of February 2026, the average target price for Western Digital among institutions is $322.91, with a high of $440.00, and 75% of ratings are buy or hold [5] Sector Performance - On February 11, 2026, U.S. storage stocks generally rose, with Western Digital, SanDisk, and Seagate Technology all increasing by over 4%. Western Digital's trading volume was approximately $1.12 billion, indicating high liquidity. The overall strength of the sector resonates with the fundamentals of individual stocks [6]

Core Viewpoint - The global storage chip market is experiencing a bull market driven by a supply-demand imbalance, with significant growth in high-end storage chip demand due to the explosion of AI computing power. Companies in the storage industry, including Beijing Starry Sky Technology Co., Ltd. (Starry Sky), are leveraging capital markets for growth opportunities amid this favorable industry environment [1][10]. Company Overview - Starry Sky has submitted its IPO application to the Hong Kong Stock Exchange, focusing on enterprise-level AI storage solutions. It holds a 10.4% market share in China's distributed AI storage solutions market, making it the second-largest provider in this sector [1][2]. - The company has undergone three developmental phases since its establishment in 2015, evolving from a storage technology provider to a leader in the distributed AI storage solutions market [3][4]. Financial Performance - Starry Sky's revenue for 2023 and 2024 is projected to be 167 million and 172 million RMB, respectively, with losses of 181 million and 84.18 million RMB. However, in the first three quarters of 2025, the company reported revenue of 195 million RMB, a 65.4% year-on-year increase, and a net profit of 8.11 million RMB, marking a turnaround from a loss of 65.51 million RMB in the previous year [2][7]. - The company's revenue growth is attributed to increased demand for AI storage solutions, with significant order increases for both AI data lake storage and AI training and inference storage solutions [8][9]. Market Position and Competition - Starry Sky ranks second in the Chinese distributed AI storage solutions market, with a market share of 10.4%, trailing behind Huawei, which holds 14.7%. The company faces competition from major tech giants like Huawei, Inspur, and H3C, which offer comprehensive hardware and software solutions [10][12]. - The ongoing bull market for storage chips is expected to benefit Starry Sky, as its software-defined solutions help clients optimize existing storage infrastructure amid rising hardware costs [11]. Shareholder Structure - Starry Sky has completed eight rounds of financing since its inception, with the latest round in December 2022 valuing the company at 4.58 billion RMB. The shareholder structure includes a mix of founders, professional investment institutions, and state-owned enterprises, reflecting strong confidence in the company's future [4][5]. Revenue Model - The company primarily generates revenue from two core services: AI storage solutions and associated AI storage services, with the former contributing 80% of total revenue in 2024. The AI data lake storage and AI training and inference storage segments are crucial components of this revenue model [6][9].

Core Insights - AI technology is reshaping various industries, with storage technology becoming increasingly critical as a backbone for AI applications. Jiangbolong has emerged as a key player in the AI storage transformation with innovative solutions and precise market positioning [1]. Group 1: Full-Stack Solutions - Jiangbolong provides a full-stack solution for AI servers and computing integrated machines, covering all scenarios of AI training and inference. Key products include eSSD, RDIMM, SOCAMM2, and innovative memory solutions, which offer efficient and reliable storage performance tailored to complex AI needs [1]. - The new UNCIA 3856 SATA eSSD features high-quality 3D eTLC NAND and self-developed firmware algorithms, achieving a balance of large capacity, low power consumption, and high endurance, thus providing a solid data storage foundation for AI servers [1]. Group 2: Memory Solutions - Jiangbolong's DDR5 RDIMM and MRDIMM memory modules are core choices for general servers and AI infrastructure due to their high bandwidth, low latency, and excellent compatibility. The DDR5 MRDIMM significantly enhances data transfer rates through a multi-channel architecture, delivering unprecedented performance for AI computing integrated machines [3]. - The SOCAMM2 memory product, based on LPDDR5/5x particles and CAMM modular design, meets the stringent performance and energy efficiency requirements of data centers. It offers ultra-high transmission rates (up to 8533 Mbps) and low power consumption (one-third of standard DDR5 RDIMM), providing dual enhancements in capacity and bandwidth for intelligent computing centers [3]. Group 3: Edge AI Solutions - Jiangbolong has introduced the integrated packaging mSSD for edge AI applications, utilizing wafer-level system-in-package (SiP) technology to integrate the controller, NAND, PMIC, and other components into a single package. This makes mSSD an ideal storage solution for edge AI devices such as AI PCs and robots, offering flexibility and efficiency [5]. Group 4: Strategic Vision - In the AI era, mere improvements in storage performance are insufficient to meet the complex and changing application demands. Jiangbolong aims to achieve efficient utilization of storage resources and flexible release of computing power through an edge-cloud collaborative strategy. The company strengthens partnerships within the industry chain to inject critical storage capabilities into AI intelligent computing center construction and promote the continuous advancement and widespread application of edge AI storage technology [7]. - Jiangbolong's outstanding performance in the AI storage sector is reflected not only in the continuous launch of innovative products but also in its deep insights into industry trends and precise understanding of customer needs. The company will continue to adhere to an innovation-driven development strategy, focusing on core media like mSSD to iterate more forms and scenarios of innovative packaged storage, contributing further to the popularization and application of AI technology [7].