On May 5, news emerged that starting from the second half of 2025, the global NAND flash memory market has remained tight, with supply-demand imbalances driving prices to surge. This not only propelled the industry into a high-growth cycle but also made the operational strategies of global leading memory suppliers a focal point of market attention. It is reported that the significant rise in this round of NAND flash memory prices has already driven leading manufacturers to achieve several-fold growth in revenue and profits, ushering in a comprehensive "boom" for the industry.
In terms of profitability, the growth momentum of global top-tier memory manufacturers has been particularly remarkable. Among them, South Korea's semiconductor giant Samsung Electronics reported an operating profit of 57.2 trillion KRW in Q1, a staggering 756% year-on-year increase. SK Hynix recorded a net profit of 40.35 trillion KRW during the same period, up 398% year-on-year. U.S. memory giant SanDisk also delivered impressive performance. In Q3 of its fiscal year 2026 (i.e., Q1 of 2026 calendar year), it achieved revenue of $5.95 billion under Non-GAAP conditions, marking a 97% sequential increase. Its gross margin reached 78.4%, rising by 27.3 percentage points sequentially, while net profit surged by 280% to $3.675 billion. The company also projected that Q4 revenue would reach $7.75 to $8.25 billion, maintaining strong growth momentum. This explosive profit growth directly translated to capital markets, with global semiconductor sector stocks performing exceptionally well. In South Korea,
SK Hynix and Samsung Electronics saw cumulative one-year stock price gains of 683% and 308%, respectively, while their market values surged significantly. In the U.S., the semiconductor sector also attracted attention, with SanDisk's stock price soaring by 3,542% in the past year, Western Digital rising over 880%, and Seagate Technology climbing more than 700%, making it a "star sector" in capital markets. It is noted that to secure long-term growth, SanDisk has secured long-term agreements with five clients, three of which were signed in Q3 of fiscal year 2026, while the other two are set to be finalized in Q4. Additionally, more clients are actively in negotiations. Notably, the minimum contract revenue from just the three signed clients reached $42 billion, with the five existing agreements totaling $11 billion in financial guarantees. SanDisk's CFO stated that if these clients fail to fulfill procurement obligations, the company would receive corresponding compensation, further ensuring its earnings stability. Regarding the industry's future outlook, the sector remains cautiously optimistic.
Current market consensus suggests that the supply shortage in the NAND flash memory market will persist until at least 2027.
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