A research report from CITIC Securities reveals that, in contrast to the previous memory market upcycle—which was characterized by "high expectations but lackluster reality"—the current upswing is being propelled by a shift from "cautious expectations to heightened capital expenditures among North American cloud service providers (CSPs), coupled with spillover demand stemming from the hard disk drive (HDD) sector."

In the meantime, NAND flash memory has been operating at low capacity utilization rates for the past three quarters. Overseas original equipment manufacturers (OEMs) continue to adopt a cautious stance in their capital expenditure projections. Looking ahead, it is projected that the memory market will maintain its robust growth trajectory at least until the second half of 2026. For investors and industry observers, it is recommended to closely monitor the demand trends for enterprise-grade solid-state drives (SSDs) and to focus on memory module companies that are swiftly advancing in the enterprise-grade product segment and are poised to reap substantial benefits from the anticipated price hikes.