According to TrendForce's latest survey, despite facing a slight decline in average selling prices (ASP) in Q2 2025, the NAND Flash industry benefited from manufacturers' production reduction strategies that alleviated supply-demand imbalances, combined with policy support from both Chinese and US markets, resulting in significant growth in overall shipment bits. The top five brand manufacturers achieved a combined quarterly revenue increase of 22%, reaching $14.67 billion. For Q3, as the effects of China's subsidy policies and manufacturers' inventory buildup weaken, demand is expected to stabilize. Although ASP is anticipated to recover slightly, continued weakness in consumer demand and previous inventory overdraft suggest that while Q3 NAND Flash industry revenue can maintain growth, the growth rate will converge.

Analyzing Q2 revenue performance of the top five NAND Flash suppliers, Samsung achieved quarterly revenue growth of 23.8% to $5.2 billion. The growth primarily stemmed from strong Enterprise SSD demand driven by AI servers, which helped shipments significantly exceed expectations. Through product mix adjustments to reduce inventory, Samsung's market share grew slightly to 32.9%, maintaining its position as the revenue leader.

SK Group [including SK hynix and Solidigm] benefited from explosive growth in Solidigm Enterprise SSD shipments and SK hynix's 321-layer NAND Flash mass production rollout in Q2, achieving record-high revenue of nearly $3.34 billion, a quarterly increase of 52.5%, ranking second. Market share surged from 16.6% in the previous quarter to 21.1%, also a historical high for the group.

Kioxia achieved Q2 revenue of nearly $2.14 billion, growing 11.4% from the previous quarter, ranking third. This was mainly driven by robust AI server demand and stable growth in memory demand as PC and smartphone customers' inventories returned to normal levels.

Micron Technology was constrained by ASP declines, with Q2 revenue growing only 3.7% to $2.1 billion. However, its quarterly shipment volume grew significantly, and revenue performance exceeded expectations. Although overall market share declined slightly to 13.3%, dropping to fourth place, Micron achieved record market shares in both Client SSD and Data Center SSD segments in Q2.

SanDisk benefited from rising channel prices and inventory replenishment in Client SSD and retail products in Q2, achieving quarterly revenue growth of 12.2% to $1.9 billion. However, the capacity utilization rate of SanDisk and Kioxia's joint venture facilities has not fully recovered, and limited penetration in the Enterprise SSD sector has left it lagging behind major competitors in AI server and data center applications.