AI server build-outs drive NAND revenue up 23.8% in 4Q25

TrendForce attributes the growth primarily to strong demand for enterprise SSDs, driven by large-scale AI server rollouts by North American cloud service providers. At the same time, severe HDD shortages and extended lead times prompted customers to shift orders toward NAND-based solutions, further tightening supply. The imbalance between supply and demand contributed to rising contract prices and directly lifted supplier revenues during the quarter.

Looking ahead to the first quarter of 2026, TrendForce reports that ongoing supply constraints are reinforcing suppliers’ pricing strategies. The analyst firm revised its outlook upward and now expects overall NAND Flash prices to surge by 85–90% QoQ in 1Q26, with industry revenue set to expand further.

Samsung Electronics retained its leading position in 4Q25, posting revenue of USD 6.6 billion, up 10% sequentially. Despite the increase, its market share slipped to to 28%. The SK Group, comprising SK hynix and Solidigm, recorded the strongest growth among the top five suppliers. Revenue jumped 47.8% QoQ to approximately USD 5.21 billion, lifting its market share to 22.1% and securing second place. 

Kioxia ranked third with revenue of USD 3.31 billion, up 16.5% from the previous quarter. Both revenue and bit shipments reached record quarterly highs in 4Q25, according to TrendForce. In fourth place, Micron Technology generated nearly USD 3.03 billion in revenue, an increase of 24.8% QoQ. SanDisk ranked fifth, also reporting revenue of approximately USD 3.03 billion, up 31.1% sequentially. Benefiting from the broader NAND supply shortage, the company has expanded its presence in the server segment, contributing to substantial growth in its data centre business.

TrendForce notes that with limited near-term capacity expansion and sustained AI-driven demand, pricing momentum is expected to remain firm throughout 2026. Major suppliers are accelerating technology migrations and shifting their product mix toward high-capacity QLC enterprise SSDs, including 122TB and 245TB models, to meet the storage density and bandwidth requirements of generative AI workloads. Capacity allocation is increasingly prioritising server applications, a development that may further constrain supply for consumer markets.