NOR Flash memory is facing a structural imbalance as major international manufacturers reallocate capacity to high-end AI products, contracting supply amid surging demand from servers and automotive applications. Delayed capacity expansions and resource diversion among vendors mean high-density supply shortages remain difficult to bridge, driving prices continuously upward. This profitable cycle is expected to persist through next year and beyond

Key Highlights

• Structural Shift: Major vendors prioritize high-end AI memory over mature nodes. Expansion delays keep output behind demand.
• Supplier Bottlenecks: Taiwanese makers balance capacity across multiple product lines, while Chinese peers face relocation and qualification hurdles.
• Demand Drivers: Surging adoption in servers, edge devices, automotive, and satellite communications fuels high-density needs.
• Price Divergence: High-capacity products face severe shortages with steep price hikes, whereas low-density segments stabilize.
• Extended Cycle: Driven by structural supply constraints, the current profit cycle will likely extend through next year.

Table of Contents

1. 2H26 NOR Flash Supply Gap Shows No Signs of Narrowing as Capacity Expansions Struggle to Pace Multiplying Demand
2. Supply-Side Analysis: Capex Commitments Have Been Secured but Also Postponed; Quantitative Breakdown of NOR Flash Bit Growth
3. Analysis on Demand: AI Server and Edge AI as Core Drivers for New Increment; Satellite Applications Continue to Amplify
4. Projected Price Trend for 2H26
5. Market Activities and Price Trends of Various Product Categories for 2H26
6. Legacy Memory Enters Prolonged and Structurally Profitable Phase

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