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. - Moomoo

Kioxia, a leading global NAND flash memory manufacturer, reported financial results that fell short of market expectations, despite significant revenue and profit growth. The company's operating profi... Read original →

Kioxia's underperformance signals a shift in the NAND flash market from growth-driven to competition-driven dynamics. Despite its BiCS-10 edge, the company faces mounting pressure from Samsung, SK Hynix, and SanDisk, who are aggressively scaling QLC SSD and PCIe 6.0 technologies. The AI data center boom is pushing NAND toward a quasi-memory role, but geopolitical risks—especially in Taiwan, China, and Hong Kong, China—raise compliance and supply chain costs. In the short term, stock buybacks aim to stabilize investor sentiment, but long-term success hinges on balancing technological advancement with production capacity. Over the next 12–18 months, NAND pricing is expected to remain volatile, with industry consolidation accelerating as leading players pursue vertical integration and advanced process nodes.