NAND remains the 'next big thing' in memory after HBM! However, the battle for market share is intensifying, and Kioxia's profits and outlook have fallen short of expectations. - 富途牛牛

Kioxia, a leading global NAND flash memory manufacturer, reported disappointing earnings that fell short of market expectations, causing a brief decline in its share price. While the company achieved ... Read original →

Kioxia's underwhelming results signal a shift in the NAND flash market from rapid growth to intense competition. Despite its BiCS-10 edge, rising capacity from Samsung, SK Hynix, and SanDisk is pressuring margins. The surge in demand from AI data centers is driving convergence between NAND and HBM technologies, but also heightening geopolitical risks, especially with tightened export controls affecting Taiwan and Hong Kong-based manufacturers. In the short term, stock buybacks aim to stabilize investor sentiment, but long-term viability hinges on Kioxia’s ability to maintain technological leadership. Over the next 12–24 months, the NAND sector will likely consolidate, with advanced-process manufacturers gaining dominance, while legacy players face attrition. The interplay of AI demand, supply chain resilience, and regulatory pressure will define the industry’s next phase.