The NAND flash memory market is currently experiencing a fresh wave of supply-demand imbalance. The soaring demand for AI infrastructure development, coupled with constrained supply, is collectively fueling substantial price hikes and expediting transformations in the market landscape. In the fourth quarter of 2025, the aggregated revenue of the top five global NAND flash memory brand manufacturers witnessed a month-on-month (or quarter-on-quarter) surge of 23.8%, reaching a total of USD 21.17 billion. It is projected that in the first quarter of 2026, NAND flash memory prices will escalate by 85% to 90% on a quarter-on-quarter basis. The root cause of this supply-demand imbalance lies in the accelerated deployment of AI server infrastructure by North American cloud service providers, which is spurring growth in the demand for enterprise-grade SSDs. Concurrently, the order-switching effect stemming from HDD shortages has further intensified the supply scarcity. During the fourth quarter of 2025, major suppliers generally reported revenue growth, albeit with varying performances. Looking forward to 2026, amidst limited production expansion and persistent AI demand, NAND flash memory prices are expected to stay elevated, with production capacity increasingly tilting towards the server segment. The supply-demand gap between the enterprise and consumer markets is set to widen further. Downstream manufacturers reliant on consumer products may encounter supply limitations and price pressures, whereas suppliers specializing in enterprise-grade SSDs and AI storage solutions are well-positioned to reap the benefits. However, market risks persist; hence, investments should be made with caution.