Industry Overview - The Enterprise SSD market experienced significant growth in Q3 2025, driven by the rapid demand for AI transitioning from training to inference, alongside North American cloud service providers expanding AI infrastructure and general server construction [1] - The total revenue of the top five brands in the Enterprise SSD market increased by 28% quarter-over-quarter, reaching $6.54 billion, marking a new high for the year [1] Market Dynamics - The market atmosphere shifted from "recovery" to "material acquisition" in Q4, as NAND Flash suppliers adopted a cautious approach to capacity expansion due to past market volatility, leading to a supply growth rate that lags behind demand [2] - To avoid delays in the costly AI server construction, cloud service provider buyers have been actively building inventory, resulting in a seller's market [2] - The average contract price for Enterprise SSDs is expected to increase by over 25% quarter-over-quarter in Q4, with industry revenue anticipated to reach new highs [2] Company Performance - Samsung captured the recovery in general server demand, achieving a revenue increase of 28.6% in Q3, totaling $2.44 billion, benefiting from a comprehensive TLC product line [3] - SK Group, which includes SK hynix and Solidigm, saw a revenue increase of 27.3% to $1.86 billion, driven by strong demand for TLC SSDs despite only a slight increase in large-capacity product shipments [3] - Micron's revenue rose to $991 million, a 26.3% increase, as the company improved its competitiveness in PCIe SSD products and expanded its customer base [3] - Kioxia reported the highest revenue growth among major suppliers at over 30%, reaching $978 million, by providing enterprise-grade NAND Flash to cloud service providers with self-development capabilities [3] - SanDisk's revenue for Q3 was $269 million, with expectations for stronger growth next year due to increased production capacity of its 218-layer products and strong market demand for QLC [4]