In the second quarter of 2025, the global NAND Flash industry achieved significant revenue growth despite a slight decline in average selling prices (ASP). The original manufacturers' production cut strategies effectively alleviated supply-demand imbalances. Meanwhile, policies in the Chinese and US markets spurred a substantial increase in overall bit shipments. The combined revenue of the top five brand vendors grew by 22% quarter-over-quarter, reaching $14.67 billion.

Vendor Revenue Analysis

(1) Samsung

Samsung's revenue increased by 23.8% quarter-over-quarter in Q2 2025, reaching $5.2 billion. This growth was primarily driven by the strong demand for Enterprise SSDs fueled by AI servers, which significantly exceeded expected shipments. Additionally, Samsung's market share slightly increased to 32.9%, maintaining its position as the top revenue earner, by optimizing its product mix to reduce inventory.

(2) SK Group

The SK Group's (including SK hynix and Solidigm) revenue soared to a new high of nearly $3.34 billion in Q2, a 52.5% quarter-over-quarter increase. This remarkable growth was largely due to the explosive shipments of Solidigm's Enterprise SSDs and the mass production introduction of SK hynix's 321-layer NAND Flash. The group's market share rose from 16.6% in the previous quarter to 21.1%, setting a new historical record for the group.

(3) Kioxia

Kioxia's revenue reached $2.14 billion in Q2, up 11.4% quarter-over-quarter, ranking third. The increase was mainly attributed to the robust demand from AI servers and the normalization of inventory levels among PC and smartphone customers, which led to a stable increase in demand for memory.

(4) Micron

Micron's revenue grew by only 3.7% quarter-over-quarter in Q2, amounting to $2.1 billion. Despite a significant increase in shipments for the quarter, which led to better-than-expected revenue performance, Micron's overall market share slightly decreased to 13.3%, placing it fourth. However, Micron set historical records for its market share in Client SSD and Data Center SSD.

(5) SanDisk

SanDisk's revenue increased by 12.2% quarter-over-quarter in Q2, reaching $1.9 billion. The growth was primarily due to the recovery of channel prices and the restocking of Client SSD and retail product inventories. However, the utilization rate of the joint factory with Kioxia has not fully recovered, and SanDisk's penetration in the Enterprise SSD field is limited, lagging behind major competitors in AI server and data center applications.

Future Outlook

Looking ahead to the third quarter of 2025, as the effects of China's subsidy policies and the stockpiling caused by US tariffs gradually wane, the demand for the NAND Flash industry is expected to stabilize. Although average selling prices are likely to recover slightly, the continued sluggishness of consumer demand and the overextension of earlier stockpiling may limit the growth in revenue. It is anticipated that while the revenue of the NAND Flash industry will continue to grow in Q3, the pace of increase will slow down.

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