<p>➀ The storage market, including NAND and DRAM, has been severely impacted since the third quarter of 2021, with DRAM prices falling by 57% and NAND prices by 55%;</p><p>➁ The market began to recover in the second half of 2023, driven by the rise of AI and the demand for HBM in AI chips;</p><p>➂ However, the warm season did not last long, and the storage market seems to be facing another winter at the beginning of 2025;</p><p>➃ NAND prices are expected to remain low in the first half of 2025, but SSD shipments are expected to increase in the second half due to growing demand for AI servers;</p><p>➄ DRAM prices are also expected to decline significantly in the first quarter of 2025, mainly due to weak consumer demand and excess supply of DDR4 memory modules;</p><p>➅ The DRAM industry is expected to shift its focus to DDR5 and HBM in the future, as these technologies are becoming increasingly important in data centers and AI applications.</p>