Capital shifts to high-performance chips have squeezed mature processes, triggering structural shortages in high-reliability memory. As value revaluation outpaces volume growth, market revenue surges. The industry enters a price plateau, shifting competition to supply stability and long-term contract management.

Key Highlights

• Long-Term Capacity Squeeze: Global investments pivot to high-value chips, leaving mature manufacturing processes heavily constrained.
• Rigid Demand Barriers: Highly unsubstitutable sectors like automotive and edge AI demand extreme reliability, creating strong moats.
• Historic Value Revaluation: Driven by pricing rather than volume, the industry experiencing a massive revenue surge, hitting multi-decade highs.
• Structural Price Plateau: Without expansion plans, supply remains tight. Prices will hover around historic peaks and drift higher during peak seasons.
• Shift in Market Competition: Vendors lean on long-term supply agreements, shifting competitive focus from low pricing to supply stability.
• Extended Profitability Cycle: Leading suppliers with automotive certifications and high-density products will enjoy a prolonged profit era.

Table of Contents

1. Price Plateau Lands amidst Ongoing Structural Shortages of NOR Flash and SLC NAND in 2H26
2. Shrinking Supply for Mature Processes under Marginalization by AI
3. Structural Undersupply Continues, Prices Have Entered a High Plateau Phase
4. Conclusion: Prolonged Period of High Profitability for Mature Memory Products
   • Supply Situations and Price Trends by Product Category, 2H26

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