NAND Flash Market Bulletin - Dec. 31, 2025

Last Modified

2025-12-31

Update Frequency

Weekly

Format

PDF

Driven by robust AI server demand, suppliers prioritize high-margin products, causing shortages elsewhere and driving up prices. With supplier inventory at low levels, it remains a seller's market. While client inventory generally declined due to tight supply, hyperscalers maintain strategic stock. The upward trend is expected to persist.

Key Highlights

Market Dynamics: Suppliers prioritize AI server capacity for profit, causing severe shortages for non-server clients and driving up both contract and spot prices.
Supply Side: Supplier inventory has dropped to low levels, shifting the market to a seller's domain. With limited capacity expansion, tight supply is expected to persist.
Client Inventory: PC OEMs and smartphone brands see declining inventory due to supply squeezes. Module houses are restricting sales to avoid stockouts amid rising costs.
Hyperscalers: Driven by AI server deployment and SSD replacement needs, hyperscalers maintain strong purchasing momentum, resulting in rising strategic inventory levels.