Driven by new models and AI deployments, smartphone and server shipments grew in Q4, while notebooks declined due to economic factors. Looking into Q1, surging material costs are forcing price hikes, suppressing consumer electronics demand and weakening overall momentum. The market relies solely on CSP investments in AI and data centers to support Enterprise SSD demand.

Key Highlights

• Divergent Demand: In Q4, smartphone and server shipments rose due to replacement cycles and AI needs, respectively, while notebooks declined amid economic headwinds.
• Cost Impact: Rising BOM costs in Q1 forced price increases, severely curbing consumer buying interest and causing significant drops in notebook and Client SSD shipments.
• Enterprise Support: Despite weak consumer markets, sustained CSP investments in AI and data centers make Enterprise SSDs the key pillar supporting total NAND Flash demand.
• Weakening Momentum: Impacted by sluggish consumer product demand, overall demand bit momentum is expected to shift from growth to decline.

Table of Contents

1. 4Q25 NAND Flash Industry Review and Outlook
   • Global NAND Flash Market Sufficiency Ratio by Quarter
   • Mainstream NAND Flash Contract Price Trend
2. NAND Flash Supply Analysis
   • Global NAND Flash Wafer Output Forecast
   • Global NAND Flash Output by Process Technology
   • Global NAND Flash Output by Architecture
3. NAND Flash Manufacturer Status
   • 4Q25 Revenue Ranking among NAND Flash Suppliers
4. NAND Flash Demand Analysis
   • Global NAND Flash Demand by Application
   • Enterprise SSD PCIe Technology Roadmap
   • 4Q25 Revenue Ranking among Enterprise SSD Suppliers

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