<p>➀ Intensifying competition from China, weak demand, and oversupply are forcing traditional NAND manufacturers like Samsung, Hynix, Kioxia, and Micron to cut production volumes, which may lead to industry consolidation in the long term.</p><p>➁ According to TrendForce, these companies are implementing production cuts by lowering utilization rates and delaying process upgrades.</p><p>➂ Since Q3 2024, prices have been declining, and H1 2025 demand appears weak, with Chinese producers aggressively expanding production.</p>