The NAND Flash market is facing supply shortages from 4Q25 due to the surging enterprise SSD demand and limited supply growth. Spot market prices are soaring, and supplier inventories are rapidly depleting. PC OEMs, module houses, hyperscalers, and smartphone brands show varied inventory levels, reflecting different market dynamics. Overall, short-term NAND Flash shortages and price increases are unlikely to ease.

Key Highlights

• Contract Market: NAND Flash contract prices surged, with legacy products experiencing even higher increases. Overall supply-demand imbalance and spillover effects drove up prices across the entire product line.
• Spot Market: Extremely tight supply led to rapid price increases in the spot market.
• NAND Flash Suppliers: Inventory levels significantly decreased to healthy levels, and supply became tight.
• PC OEMs: Weak end-market sales and low acceptance of price hikes led to a slight decrease in inventory levels.
• Major Module Houses: Strategic disposal of low-priced inventory to the spot market for higher profit led to a sharp drop in inventory levels.
• Hyperscalers: North American hyperscalers showed strong purchasing power, resulting in inventory declines. Chinese hyperscalers focused on inventory adjustments but remained optimistic about future demand.
• Smartphone Brands: Pull-in momentum slowed, and inventory levels slightly decreased.

Table of Contents

1. Market Update
2. TrendForce’s View
   • Inventory Levels of NAND Flash Suppliers and Clients in Major Application Segments

<Total Pages: 3>