The world’s top five NAND vendors achieved a 77% quarter-on-quarter combined revenue increase from Q2 to Q3, capitalizing on booming AI-related demand to lift product average selling prices (ASPs).
TrendForce statistics show the leading five suppliers generated $68.87 billion in total revenue during the second quarter, with Q3 revenue poised for further growth. The uptick stems from sustained AI server demand — especially for enterprise SSDs — alongside persistent industry-wide supply constraints, according to the analyst firm.
This strong revenue surge is fueled by dominant pricing power among leading manufacturers. Samsung, SK Hynix, Micron, Kioxia and SanDisk successfully secured substantial ASP hikes via contractual business negotiations.
Notably, these five major players have no imminent plans for large-scale overall NAND production capacity expansion.
“Suppliers are largely directing capital spending toward DRAM and HBM production, restricting new NAND Flash capacity additions,” TrendForce analysts explained. “As a result, elevated ASPs are set to sustain overall industry revenue growth throughout the third quarter.”
Samsung maintained its market leadership with $23 billion in quarterly revenue, though its market share edged down from 31.6% to 29.3%. Rounding out the top three, SK Hynix and Micron both gained share: SK Hynix rose from 17.6% to 18.2%, while Micron climbed from 13.9% to 15.1%, securing the third-place ranking.
Kioxia saw a mild share decline from 13.9% to 13.6%, and SanDisk’s market presence dropped more noticeably from 13.9% to 11.4%.
Collectively, the top five vendors captured 87.6% of the global NAND market, down moderately from a 90.9% combined share in Q1.
Nevertheless, analysts view these marginal ranking and share shifts as insignificant to the overall market trajectory.
In a recent research note referencing insights from the Flash Memory Summit, BNP Paribas stated that evolving AI inference workloads require diversified memory solutions, as no single memory technology can economically support all AI scenarios. High-bandwidth Flash (HBF) shows promising potential, yet presentations from Google, SK Hynix and SanDisk confirm HBF is best deployed as tiered memory for KV cache supplementation, rather than a direct HBM replacement for xPU environments.
A separate BNP Paribas report highlighted SanDisk’s strategic focus on data center products, which now account for 25% of its total sales. The firm forecasts data center NAND demand will reach 1.2 ZB by 2030, equivalent to the current size of the entire global NAND market.
SK Hynix’s financial figures incorporate Solidigm, the Intel flash business it fully acquired in 2020.
Recent market speculation suggests SK Hynix may pursue a U.S. IPO for the former Intel Solidigm division to raise additional capital while retaining majority control. Some industry observers caution the move could trigger concerns over potential shareholder value dilution.
A Solidigm spokesperson stated: “Solidigm is collaborating with SK Hynix to explore growth opportunities, though we have no specific updates to announce at this time.”
Meanwhile, Micron expanded its tech investment footprint this week via Micron Ventures, announcing a $250 million fund dedicated to partnering with innovative firms across the full AI stack — covering model architecture, computing infrastructure, enterprise applications and physical AI technology development.
Beijing Qianxing Jietong Technology Co., Ltd.
Sandy Yang/Global Strategy Director
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Email: yangyd@qianxingdata.com
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