The Memory Landscape Is Overturned: The Number One Original Manufacturer Changes Hands, DDR4 Market Is Booming, And Major Manufacturers Are Launching Transformation!

1. The throne changes hands: SK Hynix reaches the top, Samsung falls

1. Complete reversal of market order

• 2025 Q2 Storage Sales
  • SK Hynix: 21.8 trillion won
  • Samsung: 21.2 trillion won
• SK hynix surpassed Samsung for the first time and became theThe world's largest storage manufacturer。
• Revenue year-on-year **+35%, operating profit+69%, net profit+70%**, both record highs.

2. The key to victory or defeat: HBM hegemony

• SK hynix: HBM market share62%
  • First to mass produce HBM3E, deeply integrated with NVIDIA
  • HBM’s dedicated production line continues to expand, and HBM4 samples are delivered ahead of schedule
• Samsung: HBM’s market share is only17%
  • HBM3E has not been certified by Nvidia and missed out on major orders
  • DS segment profit year-on-yearPlunged 94%, hitting a new low in the sixth quarter

2. DDR4 terminal feast: production suspension triggers price tsunami

1. Price surge + price inversion

• July contract priceSkyrocketing 60%–85%
• Q3 is expected to rise again85%–90%
• DDR4 spot price > DDR5, 16GB memory modules surged 80% in two months

2. There is a huge gap in rigid demand support

• Automotive DRAMDDR4 accounts for 70%
• Industrial fieldDDR4 accounts for 80%+
• The supply gap is as high as50%–60%

3. Second-tier factories reap full dividends

• South Asiaceae: DDR4 production capacity is fully loaded, orders are scheduled to2026
• Winbond: DDR4 orders are full and visibility extends to2025 Q4
• Winbond is clearly optimistic: DDR3/DDR4 will continue to rise tonext year

4. The giant urgently regrets and extends supply

• Samsung: Consider extending DDR4 supply to2026 first half
• SK hynix: Postponing production suspension to2026 Q4

3. Micron’s strategic transformation: exiting the Red Ocean, All in AI + localization

1. Strategic retrenchment: Stop mobile NAND development (including UFS5)

• Exiting the Red Sea mobile phone NAND market
• The released G9 UFS 4.1/3.1 continues to be supplied, completing the last round of high-end bindings
• ReserveAutomotive SSD, edge computing, enterprise SSDHigh-margin NAND business

2. Technology migration: feeding consumer-grade technology to AI

• Low power consumption and high density of G9 process → used in automotive and edge computing
• AI acceleration features such as ILT and ZUFS of UFS 4.1 → Migrate to enterprise-class SSD

3. Major expansion of production in the United States

• 10 years investmentOver $115 billionBuild a wafer fab
• Target: Proportion of domestic DRAM production capacity in the United States40%
• New York State builds HBM full-process production capacity, Virginia upgrades HBM packaging
• Get closer to North American AI customers such as Nvidia and reduce geopolitical risks

4. Conclusion: AI-driven, a new storage landscape has taken shape

1. The industry logic has completely changed

   Storage is no longer a universal commodity;The core bottleneck of AI computing power, HBM determines the outcome.
2. The replacement of old and new brings huge fluctuations

   The surge in DDR4 proves that mature manufacturing processes will not disappear instantly.Structural opportunities remain。
3. Globalization→Regionalization

   Micron, Samsung, and SK Hynix are all adjusting their production capacity layout.

   Local supply and near-local supply chain have become long-term trends.
4. future winner

   Manufacturers with HBM, automotive grade, industrial grade, and enterprise grade storage technologies will continue to reap dividends.