Core Viewpoint - The storage market has entered a "super bull market" phase, surpassing historical highs from 2018, driven by the increasing demand for AI and server capacity. Supplier bargaining power has reached an all-time high, with storage prices expected to rise significantly in the coming years [4]. Price Trends - The price of 64GB RDIMM storage has surged from $255 in Q3 2025 to $450 in Q4 2025, with expectations to further increase to $700 by March 2026. A price point of $1,000 (approximately $1.95/Gb) within this year is plausible, nearly double the 2018 peak of $1.00/Gb [5]. Cost Structure Changes - The ongoing rise in storage prices is fundamentally altering the Bill of Materials (BoM) for hardware manufacturers. Although capital expenditures are increasing, the supply-demand gap remains, with DRAM production expected to grow by 24% year-on-year in 2026 [6]. Smartphone Impact - By 2025, storage will account for over 10% of the BoM in the iPhone 17 Pro Max, up from about 8% in the iPhone 12 Pro Max in 2020. For flagship models with 16GB–24GB LPDDR5X memory and 512GB–1TB UFS 4.0 storage, the storage cost may exceed 20% of the BoM due to current price increases. The supply of older technologies like LPDDR4 and eMMC is rapidly shrinking as leading manufacturers shift production to more profitable server DDR5 storage [10].