Driven by surge in AI server demand, enterprise SSD shortages have catapulted average selling prices and gross margins to record highs, pushing the sector into a supercycle. Despite weakening consumer end-market demand and constrained capacity expansion caused by capital expenditure shifting toward DRAM/ HBM, supply imbalances are expected to sustain price momentum into the next quarter while accelerating high-capacity storage adoption.

Key Highlights

• Record Demand & Revenue: Strong AI server demand drove an enterprise SSD shortage, enhancing supplier pricing power. Sharply increased average selling prices propelled industry revenue and gross margins to historical highs.
• Supply Constraints: Capital expenditures prioritised for DRAM and HBM resulted in limited flash capacity additions, providing solid support for sustained price strength.
• Supplier Dynamics: Samsung maintained its leadership position. SK Hynix Group leveraged advanced stack processes and high-capacity solutions to boost profitability. Micron jumped to third in market share, while Kioxia and SanDisk accelerated product validation and portfolio optimization.
• Technology Trends & Outlook: Adoption of advanced multi-layer stacking and ultra-high-capacity enterprise SSDs will accelerate. The industry continues to shift toward AI server applications with strong revenue momentum expected into the third quarter.

Table of Contents

1. With AI Demand Driving a Surge in ASPs, NAND Flash Industry’s Revenue Rose by 83.6% QoQ to Hit a New Record High in 2Q26
2. Suppliers’ 2Q26 Revenue Performances and Outlooks
3. Summary and Technical Trends for 2Q26
   • 2Q26 Revenue Ranking among NAND Flash Suppliers

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