Due to front-loaded bulk procurement in the first half of the year, consumer electronics will face a weak peak season in the second half, with contract price growth slowing down. The spot market is in a stalemate over pricing. While suppliers maintain extremely low inventory through strict production control, PC, smartphone, and module makers adopt conservative procurement due to weak demand and component shortages. Conversely, cloud service providers keep stocking up for AI, offering solid demand support.

Key Highlights

• Market Trend: Front-loaded manufacturing over the first half of the year will lead to a sluggish peak season in the second half. Contract price growth is expected to flatten out significantly, while the spot market enters a stalemate over price gaps.
• Suppliers & Cloud: Suppliers maintain low inventory and pricing leverage through strict output control and AI server demand. Cloud service providers actively stock up to secure supply chains, serving as the main pillar of stable demand.
• Downstream & Modules: PC and smartphone makers adopt conservative procurement with flat inventory levels due to weak demand and component shortages. Module houses see surging inventories from aggressive stockpiling, which will sharply cool their upcoming purchasing momentum.

Table of Contents

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

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