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Jukan
Samsung and SK to Hit Record NAND Margins: "Unprecedented in a Decade"
Samsung Electronics and SK Hynix are set to aggressively hike NAND flash prices through the first half of this year. Consequently, NAND margin rates for both companies are highly likely to reach the 40–50% range. The industry anticipates that NAND products will achieve their highest profitability in nearly ten years, a level not seen since the memory super-cycle of 2017.
According to industry sources on the 4th, the NAND margin rates for Samsung and SK Hynix in the first half of this year are projected to approach the 40–50% mark.
As of the fourth quarter of last year, NAND margins for both companies were estimated to have climbed into the 20% range. Specifically, SK Hynix, which maintains a higher proportion of Quad-Level Cell (QLC) technology, demonstrated stronger profitability compared to Samsung Electronics. QLC, which stores 4 bits of data per cell (the minimum storage unit of memory), is being actively adopted in enterprise SSDs due to its advantages in high-capacity implementation.
With global Big Tech firms aggressively expanding investments in AI infrastructure, the demand for enterprise SSDs is surging. Notably, Nvidia is increasingly placing orders not only for QLC but also for Triple-Level Cell (TLC; 3 bits per cell) products.
Samsung Electronics and SK Hynix plan to significantly raise NAND prices in the first half of this year, centering on high-value-added products. Market research firm TrendForce analyzed that the Average Selling Price (ASP) of NAND increased by 33–38% in the fourth quarter of last year and is expected to see an even sharper rise of 55–60% in the first quarter of this year.
Accordingly, it is highly probable that NAND margins for both companies will reach 40–50% in the first half of the year. The industry regards this as an unprecedented level of profitability, even when compared to past memory super-cycles.
"NAND margin rates hitting the 40–50% range is a phenomenon unseen since 2017, when the memory super-cycle and 3D NAND growth were in full swing," said a semiconductor industry official. "Achieving even a 30% margin is considered very difficult; seeing profitability soar this much in such a short period is truly remarkable."
Another official added, "The outlook for NAND prices to rise in a stepwise fashion through the first and second quarters is already a certainty. The conservative approach to NAND facility investment previously taken by memory suppliers is now resulting in a severe supply shortage."
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Samsung and SK to Hit Record NAND Margins: "Unprecedented in a Decade"
Samsung Electronics and SK Hynix are set to aggressively hike NAND flash prices through the first half of this year. Consequently, NAND margin rates for both companies are highly likely to reach the 40–50% range. The industry anticipates that NAND products will achieve their highest profitability in nearly ten years, a level not seen since the memory super-cycle of 2017.
According to industry sources on the 4th, the NAND margin rates for Samsung and SK Hynix in the first half of this year are projected to approach the 40–50% mark.
As of the fourth quarter of last year, NAND margins for both companies were estimated to have climbed into the 20% range. Specifically, SK Hynix, which maintains a higher proportion of Quad-Level Cell (QLC) technology, demonstrated stronger profitability compared to Samsung Electronics. QLC, which stores 4 bits of data per cell (the minimum storage unit of memory), is being actively adopted in enterprise SSDs due to its advantages in high-capacity implementation.
With global Big Tech firms aggressively expanding investments in AI infrastructure, the demand for enterprise SSDs is surging. Notably, Nvidia is increasingly placing orders not only for QLC but also for Triple-Level Cell (TLC; 3 bits per cell) products.
Samsung Electronics and SK Hynix plan to significantly raise NAND prices in the first half of this year, centering on high-value-added products. Market research firm TrendForce analyzed that the Average Selling Price (ASP) of NAND increased by 33–38% in the fourth quarter of last year and is expected to see an even sharper rise of 55–60% in the first quarter of this year.
Accordingly, it is highly probable that NAND margins for both companies will reach 40–50% in the first half of the year. The industry regards this as an unprecedented level of profitability, even when compared to past memory super-cycles.
"NAND margin rates hitting the 40–50% range is a phenomenon unseen since 2017, when the memory super-cycle and 3D NAND growth were in full swing," said a semiconductor industry official. "Achieving even a 30% margin is considered very difficult; seeing profitability soar this much in such a short period is truly remarkable."
Another official added, "The outlook for NAND prices to rise in a stepwise fashion through the first and second quarters is already a certainty. The conservative approach to NAND facility investment previously taken by memory suppliers is now resulting in a severe supply shortage."
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Fiscal.ai
On Fiscal AI, you can now invert values for charts.
This feature is especially helpful for visualizing cash outflows such as buybacks or capital expenditures.
Available to everyone! https://t.co/uyBAHfQym4
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On Fiscal AI, you can now invert values for charts.
This feature is especially helpful for visualizing cash outflows such as buybacks or capital expenditures.
Available to everyone! https://t.co/uyBAHfQym4
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Michael Fritzell (Asian Century Stocks)
Suddenly, investing in rubber glove stocks doesn't seem so reckless anymore https://t.co/IKpEA7jDBP
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Suddenly, investing in rubber glove stocks doesn't seem so reckless anymore https://t.co/IKpEA7jDBP
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Michael Fritzell (Asian Century Stocks)
RT @zeroxpectation: $6027 Bengo4 -8% on the back of Anthropic's release of AI tools for lawyers.
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RT @zeroxpectation: $6027 Bengo4 -8% on the back of Anthropic's release of AI tools for lawyers.
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Michael Fritzell (Asian Century Stocks)
David Hay of Evergreen GaveKal once said in an interview: "if you're going to panic, panic FAST". That said, it feels like we're more half-way through than day 1.
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David Hay of Evergreen GaveKal once said in an interview: "if you're going to panic, panic FAST". That said, it feels like we're more half-way through than day 1.
I remember like 2 decades ago when every PM suddenly had to review each CUSIP for asbestos risk, and dump any offenders.
Today is day 1 of big funds seriously asking about AI risk. The selling is gonna get much worse before we bottom. No sense even thinking about bottom fishing these names for anything but a bounce… tweet
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Michael Fritzell (Asian Century Stocks)
RT @SameerTaneja41: Sai Gon Cargo Services ended 2025 on a solid note, with revenues/profits up15%/9% YoY. Metrics of 10% dividend yield, >50% ROCE, and 30% of mkt cap in cash are impressive, but medium-term risks loom. https://t.co/EyoznKjvPP
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RT @SameerTaneja41: Sai Gon Cargo Services ended 2025 on a solid note, with revenues/profits up15%/9% YoY. Metrics of 10% dividend yield, >50% ROCE, and 30% of mkt cap in cash are impressive, but medium-term risks loom. https://t.co/EyoznKjvPP
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Jukan
Why did AMD miss earnings expectations?
1. Despite TSMC's capacity shortage, the buyside excessively overestimated AMD's CPU shipment numbers.
2. AMD's non-China GPU sales volume fell short of expectations.
I've been reading various sell-side reports, and the opinions are quite divided/all over the place.
$AMD
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Why did AMD miss earnings expectations?
1. Despite TSMC's capacity shortage, the buyside excessively overestimated AMD's CPU shipment numbers.
2. AMD's non-China GPU sales volume fell short of expectations.
I've been reading various sell-side reports, and the opinions are quite divided/all over the place.
$AMD
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Michael Fritzell (Asian Century Stocks)
RT @MikeFritzell: What would Bob Wilson say about the disruption to SaaS business models today https://t.co/WgpifCGFPW
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RT @MikeFritzell: What would Bob Wilson say about the disruption to SaaS business models today https://t.co/WgpifCGFPW
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Benjamin Hernandez😎
Funny story: My barber asked me for stock tips today.
I told him the same thing I tell everyone - join my WhatsApp group. Even my barber is making money!
Join the family:✅ https://t.co/71FIJIdBXe
From Wall Street to Main Street, we win together!
$RKLB $OPEN $SOFI $PLTR $HOOD
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Funny story: My barber asked me for stock tips today.
I told him the same thing I tell everyone - join my WhatsApp group. Even my barber is making money!
Join the family:✅ https://t.co/71FIJIdBXe
From Wall Street to Main Street, we win together!
$RKLB $OPEN $SOFI $PLTR $HOOD
Solo trading is fine… but shared momentum hits different and feels way better. We cover live trends, key news drops, and my curated daily stock shortlist inside.
Join here 👉 https://t.co/71FIJIdBXe
Message “Hi” to hop in and see today’s list.
$RR $SOC $BMNR $BYND $PULM https://t.co/XjRSUjWbnr tweet
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God of Prompt
RT @alex_prompter: Add this to your claude's preferences and thank me later https://t.co/3DHUrmnVRY
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RT @alex_prompter: Add this to your claude's preferences and thank me later https://t.co/3DHUrmnVRY
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Michael Fritzell (Asian Century Stocks)
RT @orrdavid: Common narrative:
US stocks are lagging global stocks because of politics. It shouldn't be a shocker, but that's pure noise.
The real reasons US stocks are lagging:
1. US starting valuations are/were way too high.
2. AI is terrible for existing entrenched US monopolies.
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RT @orrdavid: Common narrative:
US stocks are lagging global stocks because of politics. It shouldn't be a shocker, but that's pure noise.
The real reasons US stocks are lagging:
1. US starting valuations are/were way too high.
2. AI is terrible for existing entrenched US monopolies.
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