The bigger story is valuation. AI data centers are generating enormous volumes of training data, checkpoints, databases and inference workloads, pushing storage from a “commodity memory” narrative toward a potential AI-infrastructure narrative.

Kioxia’s U.S. ADS plan could also give global investors a cleaner benchmark against MU and SNDK, potentially attracting more AI-focused capital into the NAND/SSD space.

That makes SNDK particularly interesting to me, especially if enterprise SSD demand accelerates while NAND suppliers remain disciplined. But I’d watch pricing carefully: storage remains cyclical, and aggressive capacity expansion could quickly destroy margins.

So my bet isn’t simply “storage goes higher.” It’s whether AI can structurally raise storage companies’ earnings power.

@Tiger_comments [龇牙]