NOR Flash In-Depth Analysis: From Principle Application To Shortage And Price Increase

1. NOR Flash principle and core features

• NAND: Large capacity, high throughput, suitable for warehouse storage (SSD, USB disk)
• NOR: Directly addressable, CPU can read code directly, suitable for startup and firmware running

• Independent address line/data line, supportrandom read
• High reliability, fast reading speed, suitable for critical startup and control procedures

• Slow write/erase
• Complex structure, difficult to increase capacity
• Unit cost is much higher than NAND

2. Capacity classification and mainstream applications

1. Small capacity (512Kb–32Mb)

2. Medium capacity (64Mb–256Mb)

3. Large capacity (512Mb–2Gb)

4. Ultra-large capacity (4Gb)

3. Global market structure (high oligopoly)

1. Winbond: No. 1 in the world, with a share of nearly 35%, dominated by car specifications + AI servers
2. Macronix: Second in the world, with a share of about 27%, solid automotive and industrial control
3. GigaDevice (GD): Mainland China's leader, with a share of about 19%, strong in medium and low capacity, and breaking through to the high end
4. Infineon (formerly Cypress), Micron: shrinking share, shifting focus to high-profit businesses

4. The core logic of this round of NOR Flash surge

1. Demand side: AI server reaches maximum increment

• The NOR usage of a single AI server is several times that of an ordinary server.
• Large-capacity (512Mb/1Gb) high-reliability models are just in demand
• Automotive intelligence and industrial automation continue to expand
• Wi-Fi 6/7, PC BIOS upgrade, and TWS form a stable basic disk

2. Supply side: Retreat of giants + capacity squeeze

• Samsung, Micron, SK HynixFull exit from niche storage, fully betting on HBM/DDR5/3D NAND
• 8-inch wafers are seized by MCU and PMIC, and NOR production capacity continues to shrink
• Global 8-inch production capacity is expected to shrink by 2.4% in 2026

3. Market behavior: panic stocking + long-term order lock-up of production capacity

• Downstream panic hoarding and locking orders until 2026-2028
• Winbond and GigaDevice's innovative orders are full, and delivery times have been significantly extended.
• The whole industry entersseller's market

5. Market review of popular models (combined with Chuangxin Index)

1. W25Q128JVSIQ (Winbond 128Mb NOR Flash)

• Long-term No. 1 hot search
• The main rise was completed in January and the high level stabilized in February
• At present, the most tense stage of supply and demand has passed, but it is still in tight balance.

2. GigaDevice GD25Q128ESIGR

• Domestic alternative core targets
• Simultaneous price increases, longer delivery times, and search volume remain high

6. Panorama of price increases across the entire industry chain during the same period (superposition effect)

1. TI’s second price increase on April 1 (15%–85%)

• TPS5430DDAR
• TMS320F28335PGFA
• INA139、INA226、ADS1115、ISO1050
• TPS82130、SN65HVD230

2. ST MCU surges due to 8-inch shortage

• STM32F405RGT6 (UAV flight control) tops the list of hot searches
• STM32F103C8T6 classic return
• F030, F407, H743 all series are in short supply

3. NXP will adjust prices simultaneously on April 1

• LPC1768、LPC1788
• MMA8452、PCF8563T

4. Storage prices increase across the board

• MT41K256M16TW-107:P (DDR3L) unilateral surge
• DRAM/NAND quarterly growth 50%–100%

5. Power semiconductor price increases

6. Hotspot applications drive device explosion

• ICM-42688-P (IMU): Structural rigid requirements for drones/robots
• ISL99390 (Renesas 90A power level): AI server core, quotes jump
• MP9943, EFM8BB21: UAV ESC/power supply continues to explode

7. Summary