Foreign investment is optimistic about NAND Flash, and is looking forward to the development of enterprises such as Taiwan factory and group association

The US Foreign Investment 45 report pointed out that the NAND Flash industry development is positively viewed, and the companies include SanDisk, Longsys, Samsung, Guanxin and Taiwan-based manufacturers. In terms of group connections, the recent rise in the memory market, coupled with the layout of AI computing market, after the Taiwan Stock Exchange also stopped trading on the 10th, the stock price rose again on the 11th, approaching the upper wave of 612 yuan.

The US Foreign Information Report points out that SSDs are divided into Client SSD (PC) and eSSD (Data Center). NL SSD is used for traditional HDD and eSSD, focusing on high capacity and relatively low cost. Entering the AI ​​era, the roles of eSSD and NL SSD have been greatly enhanced. eSSD has become the core storage device for AI training and inference servers, and NL SSD may become an alternative to HDD from 2026 to 2027.

HBF (high-frequency wide flash memory) will also be added to the market to supplement innovative solutions for DRAM/HBM. We have seen the launch of new NL SSDs in the second half of the year, and the cost is significantly lower than the current mainstream QLC SSD, but the unit capacity is gradually approaching HDD.

As for eSSD, because traditional HDD or TLC NAND has been difficult to meet demand, NAND manufacturers can transfer to QLC eSSD with a larger proportion of heavy production, reducing the supply of the general consumer market.

Above all, external income estimates that 2026 is the key point of NAND Flash industry, entering structural balance. Considering the continued growth of AI reasoning demand, NL SSD transmission rate has only been limited, and it is estimated that base case supply will have a 2% gap, and bull case has an 8% gap. We are optimistic about the manufacturer's operating capabilities.