【Analysis on Today's SNDK Surge】

SNDK recorded a 9.5% increase today, indicating that investors are gradually realizing the strategic position of NAND is significantly improving in the data center infrastructure of the ACCel era (i.e., the "After Claude Code" era). This trend is primarily attributed to NVDA's BlueField and DeepSeek's Engram architectural transformation—under these new architectures, NAND's functionality is gradually approaching that of "slow RAM," effectively improving its previous disadvantages in latency.

On the market side, Citibank has shifted to a more positive attitude and has raised its related forecasts and target prices; meanwhile, according to Asian media reports, Samsung and SK Hynix will adopt a strategy of reducing rather than increasing NAND production this year. Although research institution SemiAnalysis shares a positive view on NAND, they believe that NVDA's ICMSP will only have a limited incremental impact on NAND demand until 2027 (LSD). In this regard, TMTB believes this assumption is overly conservative because it does not take into account the demand that is backward compatible and can be directly connected to the Blackwell platform; according to TMTB's estimates, the new demand may approach a double-digit percentage of total NAND demand.

——Source: TMTB

**【Personal Commentary】**

It must be pointed out that TMTB's news is actually delayed by 2 months, as I made a similar prediction back in November last year. In addition, at the UBS Technology Conference in December, SNDK's management also clearly stated: NAND is currently the only product that CSPs (Cloud Service Providers) can expand without being constrained by GPUs and can simultaneously enhance AI inference performance.