【Deep Analysis of Sndk's Strong Surge Today】

SNDK surged 9.5% today against the trend, with the market generally believing that this is due to investors gradually realizing that the strategic position of NAND in data center infrastructure during the ACCel era (i.e., the 'After Claude Code' era) is significantly improving.

This trend is primarily driven by the transformation of NVDA's BlueField and DeepSeek's Engram architecture—the role of NAND is undergoing a qualitative change, becoming more like a 'slow RAM', thereby effectively improving its traditional disadvantages in latency. In terms of market sentiment, Citi has shifted to a more positive stance and raised its relevant forecasts and target prices; meanwhile, there is also good news from the supply side, as Asian media reported that Samsung and SK Hynix plan to cut rather than increase NAND production this year.

From an institutional perspective, while SemiAnalysis also holds a positive view on NAND, their stance is relatively conservative, believing that NVDA's ICMSP will only bring limited incremental growth (LSD) to NAND until 2027. We believe this assumption is overly conservative as it does not take into account the demand for backward compatibility and direct access to the Blackwell platform; according to our calculations, the new demand generated from this could approach a double-digit percentage of total NAND demand.

-TMTB News

**【Personal Commentary】**

To be frank, this news from TMTB is actually two months late; I had already anticipated this trend back in November.

What’s more noteworthy is that at the UBS Technology Conference in December, SNDK's management clearly stated: NAND is the only product in the CSP field that can be expanded without being constrained by GPUs, while also enhancing AI inference performance. This statement from management further bolstered my confidence in continuing to hold.