Jibang Consulting: AI infrastructure helped the NAND Flash industry increase Kioxia's revenue quarter by 33.1% in the third quarter of 2025

The Zhitong Finance App learned that according to the latest survey by TrendForce Jibang Consulting, strong demand for enterprise SSDs (enterprise-grade SSDs) in the third quarter of 2025 was due to cloud service providers (CSPs) continuing to expand AI infrastructure, driving the total quarterly revenue of the top five NAND Flash brands to increase by 16.5%, approaching US$17.1 billion. Among them, Kioxia (Kioxia) in the third quarter benefited from AI server demand, seasonal smartphone factors, and its BiCS8 technology transformation. Bit shipments increased sharply from month to month, and revenue grew by 33.1% during the quarter, exceeding US$2.84 billion.

Production reduction measures in the first half of the year worked, and the imbalance between supply and demand improved in the second half of the year. Coupled with the increase in the share of Enterprise SSD sales, the average unit sales price (ASP) of all original manufacturers rose.

Looking ahead to the fourth quarter, AI applications will continue to drive CSP demand for high-efficiency TLC Enterprise SSDs and QLC Enterprise SSDs. However, the return of original inventory to normal, natural losses during process conversion will limit the increase in shipment volume, and HDD supply is still in short supply. It is expected to support the continued rise in overall NAND Flash prices in the fourth quarter. The increase in various products will fall between 20-25%, driving revenue growth again.

Analyzing the third-quarter revenue performance of various vendors, Samsung (Samsung) Enterprise SSD sales were strong, driving the third-quarter revenue increase of 15.4% to US$6 billion, maintaining the first place with a market share of 32.3%.

SK Group [SK Group, including SK hynix (SK Hynix) and Solidigm (Solidigm)] ranked second, with revenue of nearly US$3.53 billion and a quarterly increase of 5.7%. The subsidiary Solidigm focuses on QLC Enterprise SSDs required for generative AI, contributing significantly to the Group's revenue. In the third quarter, Kioxia (Kioxia) benefited from AI server demand, seasonal smartphone factors, and its BiCS8 technology transformation. The sales volume increased sharply from month to month. The revenue quarter grew by 33.1% to more than US$2.84 billion, ranking third, and its market share also increased by 2 percentage points.

Micron (Micron) mainly benefited from record high data center SSD shipments in the third quarter. Revenue increased 15.4% in the quarter to US$2.42 billion, ranking fourth. SanDisk (SanDisk) ranked fifth, and applications in the cloud and edge markets boosted its revenue to nearly $2.31 billion, up 21.4% quarterly.