➀ Top NAND suppliers saw significant Q1 2025 declines: ASP (-15% q-o-q), units (-7%), and revenues (-24%);

➀ Samsung, Hynix, Micron, and Kioxia reported revenue drops of 25%, 35.5%, 11%, and 27.9% respectively;

➂ SanDisk plans to prioritize QLC product shipments to improve profitability amid slight ASP and shipment declines.

➀ TrendForce表示，美国关税的未来走向将是影响下半年内存供需和定价的关键因素；

➁ 90天的宽限期暂时缓解了因新关税壁垒导致的需求损失担忧，但美国贸易政策方向的持续不确定性使得内存买家更加谨慎——通过增加DRAM和NAND库存水平作为应对供应风险的缓冲；

➂ 这种积极的库存积累扩大了第二季度的DRAM和NAND Flash预期合同价格上涨，但这种上涨可能是短暂的，因为美国品牌和出口商的需求，他们对关税变化更为敏感，已经大量提前到第一季度，打破了季节性趋势。

➀ Sandisk plans to increase prices for all products aimed at channel and consumer customers starting April 1, with a hike of over 10%.

➁ The increase is due to the transition to a supply shortage in the NAND Flash chip industry and recent tariff changes, which will affect the availability of supplies and increase Sandisk's business costs.

➂ Sandisk will continue to conduct frequent price reviews and expects additional increases in the next quarter.

➀ TrendForce reports a 6.2% decline in Q4 NAND revenues, with ASPs falling 4% QoQ;

➁ Samsung's revenue fell 9.7% QoQ due to weak consumer electronics demand;

➂ Kioxia's Q4 revenue declined by only 0.2% QoQ due to enterprise SSD shipments;

➃ Micron's Q4 NAND Flash revenue dropped 9.3% QoQ despite strong enterprise SSD shipments.

Kioxia has unveiled its 10th generation 332-layer 3D NAND flash memory technology, offering up to 33% better performance and enhanced bit density, interface speeds, and power efficiency compared to its 8th generation ICs.

The new technology features a CMOS directly Bonded to Array (CBA) and Toggle DDR6.0 interface, enabling a 4.8 GB/s NAND interface speed.

While the 322-layer design is not yet at the company's goal of a 1,000-layer 3D NAND by 2027, it still represents a significant advancement in bit density by 59% and power efficiency improvements.

➀ The chip industry is striving to increase the stack height of 3D NAND flash memory from 200 layers to 800 layers or more in the coming years to meet the endless demand for various types of memory.

➁ The additional layers will bring new reliability issues and a series of incremental reliability challenges, but the NAND flash memory industry has been steadily increasing the stack height over the past decade.

➂ The development direction of 3D NAND is from 500 to 1,000 layers. However, achieving so many layers is not just a matter of doing more of what we have been doing.

➀ The rise of artificial intelligence and machine learning applications requires expanded memory capacity and data bandwidth;

➁ The CXL interface, based on PCIe, aims to provide low-latency, high-bandwidth connections for efficient memory sharing between devices such as CPUs, GPUs, and accelerators;

➂ The CXL interface allows Flash to overcome the semantic wall between DRAM and Flash, providing high capacity and low-cost memory.

➀ NAND Flash demand is weak, with contract prices expected to decline by 3-8% in Q4;

➁ TrendForce predicts that the decline in contract prices will be over 10% in Q4, with the exception of enterprise-level SSDs, which will only see a small increase of 5%;

➂ The demand for servers remains stable, but consumer markets are weak, and the supply exceeds demand due to overproduction and conservative procurement strategies.