On that day, Samsung Electronics skyrocketed in a single day14.41%The total market value has broken through stronglyone thousand and five hundredTrillion Korean won (approximatelyone point zero threeTrillion dollars);SKHynix followed closely behind and rose sharply10.64%The market value has broken through for the first timeone thousandTrillion Korean won. On the other side of the ocean in the US stock market,micron technology soar11.06%Breaking through the market valueseven thousandUSD100mnceiling，SanDiskYear to date increase exceeds400%Western Digital and Seagate have also simultaneously refreshed historical extremes. This trend quickly spread toAStocks, first after the holidayOne trading dayThe storage sector is trending red across the board, with an overall surge4.41%Multiple stocks have achieved success20CMLimit up, drivingSci-Tech InnovationfiftyindexRising significantly over9%Breakthrough high before.

In the face of this capital feast sweeping the world, a sharp question is before us: is this epic market an emotional foam caused by the overflow of liquidity, orAIThe demand for computing power comes from“optical module”The inevitable result of deep transmission to the 'storage layer'?

In fact,The stock price fluctuations of a single company may stem from surprise financial reports, but the systematic reassessment of the entire industry chain is inevitably rooted in deep industrial logic reconstruction. The capital market is revealing a harsh reality:The pricing power of global storage chips has irreversibly shifted from traditional methodsPCTransferred to smartphone manufacturersAIIn the hands of data center operators. Samsung, with a market value of trillions of dollarsseven thousandThe billion dollar Micron valuation ceiling, which was once unattainable, has been easily pierced, marking the deepening of the power restructuring of the global technology supply chain. The market is using real gold and silver for“AIDevouring storage capacity”This long-term narrative is being priced with unprecedented certainty, and a battle for computing power's underlying resources has begun.

The root cause of this round of market trend is not simpleInsufficient production capacityBut insteadAIThe 'economic crowding out' of core resources in the era.face, confrontAIThe bandwidth demand with exponentially exploding computing powerThe three major original manufacturers (SamsungSKHynix and Micron have made rational decisionsThe BusinessDecision:We have unreservedly tilted the most advanced process technology and wafer production capacity towards profitable high bandwidth memory（HBM）.This systemic approachThe transfer of production capacity,Directly leading to universal typeDRAMandNANDflash memorySupply is brutally compressed.

From a microeconomic perspective, it is also cut from a single slicetwelveInch wafer, productionHBMThe output value it brings is conventionalDRAMofthreetofiveTwice. Driven by naked profit, the original factory has no commercial incentive to go back and fill the production capacity gap of conventional consumer products. This proactive supply side reform,alreadyCompletely rewrote the profit and loss logic of the storage industry.

Micron Technology HBM3E

Even more deadly is that the expansion cycle of storage chips is longeighteentotwenty-fourA month, facing the ever-changing situationAIWave, the supply side appears exceptionally cumbersome. According to industry sources, as oftwo thousand and twenty-sixIn the first quarter of the year, the three major original factories worldwideDRAMandNANDinventoryOnly enough to sustainfourweek, much lower thaneighttotenThe normal cycle of the week.MicronCEOFrankly speaking, storage is no longer just an ordinary component, but a 'release'AIStrategic assets with potential ",Constrained by physical limitations and the pace of capital expenditure, storage capacity is difficult to rapidly expand, leading to a global shortage situationOr continue untiltwo thousand and twenty-eightYear.

If the tightening on the supply side is the igniter, thendemand sideAIThe massive deployment of computing power in data centersIt is the absolute main force that triggers this super cycle.TrendForceThe data shows that,two thousand and twenty-sixUp to70%Will be consumed by data centers, and most of the high-end production capacity has already been scheduledTech giantsPre lock totwo thousand and twenty-eightYear.latestofFinancial reports show that Google, Microsoft, Amazon, andMetaThe Four Giantstwo thousand and twenty-sixyearAIThe total upper limit of capital expenditure is as high asseven thousand and one hundredUSD100mnBank of America predicts that the total expenditure of global ultra large scale cloud computing providers will exceedeight thousandThe billion dollar mark. evenAccording to informed sources,Anthropicalreadycommitmentin the futureWithin five years, pay to Google Cloudtwo thousandBillions of dollarslong-termHigh priced long-term agreement. Massive fundsconvert toA server equipped with top-notch computing powercluster，Directly pushing up storage prices.Behind this massive set of numbers is a capital gamble made by global cloud computing companies at any cost.

1994Micron Technology MT4C1024 Dynamic Random Access Memory（DRAM）Bare crystal photos of integrated circuits

Institutions expecttwo thousand and twenty-sixGeneral type in the second quarter of the yearDRAMThe contract price will surge month on month58%to63%，NANDThe price increase of flash memory will reach70%to75%.compared totwo thousand and seventeen—two thousand and eighteenThe cycle driven by smartphones, this roundAIThe requirements for storage capacity and bandwidth are two orders of magnitude higher.This demand for dimensionality reduction has completely laid the foundation for storage chips“Seller's market”The sturdy cornerstone.

recentlyIntensive release of financial report dataThis confirms the significance of the storage industryThe logic of price increaseWe are conducting strong self reinforcement within the companySamsung ElectronicslatestQuarterly operating profitSoaring Neareighttimes，SKHynix's net profit increased year-on-year398%，SanDisk focuses on flash memory businessHigh gross profit margin78.4%The month on month growth rate of data center business has reached233%.

USB flash drive disassembled in 2005 (left chip)For NAND flash memory)

On April 23rd, Samsung Electronics employees held a rally outside the semiconductor factory in Pyeongtaek, South Korea

However, beneath the surface of prosperity, the industry is facing three potential risks.Firstly, the labor capital conflict within the original factory is facing a critical point of intensification.With the significant increase in profits of storage vendorsThe conflict between them and employees in terms of salary distribution has become increasingly acute.Taking Samsung Electronics as an example,two thousand and twenty-sixyearfourmoontwenty-threeOn the day, Samsung Electronics Union SuperfourTen thousand members organized a strike, and the production capacity of the storage chip production line fell that night18%The night shift production capacity of wafer foundry has plummeted58.1%.Their union isRequest to allocate profits15%As a special bonus for employees, negotiations with the management have broken down,The vote has been taken tofivemoontwenty-oneThe daily launch periodeighteenA large-scale strike in the sky. Given that the protests involve core wafer fabs, this move will undoubtedly have a significant impact on the already tight global supply chain.

Micron Technology Headquarters/Semiconductor Manufacturing Plant

The second is the risk of standard iteration. face, confrontAIComputing power,The three major original factories have been fully launchedDDR6The competition for memory development is expected to take place intwo thousand and twenty-eighttotwo thousand and twenty-nineThe year welcomes a commercial explosion，The secret battle of technical standards has begun to heat up.The competition for standard discourse power will profoundly affect the market share competition and industrial benefit distribution of the next generation of memory. The current industry landscape may undergo restructuring due to differences in R&D investment and industrialization progress among various companies.

The third is the risk of supply-demand mismatch.just atfivemoonsixAfter the carnival,fivemoonsevenJapanese and American stocks are about to experience collective profit takingSanDisk falls close5%，Micron closed down3.02%Apple production reductionPCThe signal given by the manufacturer's wait-and-see attitude is:ifAICapital expenditures aretwo thousand and twenty-sevenThe annual growth rate has slowed down,The previously invested production capacity to meet demand was released during the same period, and the supply-demand relationship will face an instant reversal, which will trigger a severe cyclical adjustment in the industry.

two thousand and twenty-sixyearfivemoonsixdayThe stock price frenzyIt is not an emotional peak, but a watershed for the global technology industry. On this day, the storage chip officially completed its transition fromPeriodic products“AIThe identity transition of strategic assets. atAIUnder the dual effects of the endless thirst for computing power and the tilt of original factory production capacity, the industry has been locked onto a long-term seller's market track. However, the super cycle is by no means a smooth path. Samsung's labor disputeDDR6The technological game and potential variables in terminal demand both indicate the complexity of the future. Looking at the world, thisAIThe driven storage drama is just the beginning, and the more intense industrial game has just begun.