TrendForce research shows that the ongoing expansion of Artificial Intelligence infrastructure by CSPs fueled strong demand for enterprise SSDs in 3Q25. The report states the combined revenue of the top five NAND Flash vendors grew by 16.5% QoQ, approaching US$17.1 billion. Earlier production cuts are starting to affect the market, helping to balance supply and demand in the latter half of the year, while a rising proportion of enterprise SSD shipments contributed to increased ASPs among suppliers.
Looking ahead to 4Q25, TrendForce forecasts that demand driven by Artificial Intelligence for high-performance TLC and QLC enterprise SSDs will continue to grow. The research cautions that as suppliers’ inventories normalize and node migrations generate typical yield-related losses, shipment growth will be more restrained. At the same time, ongoing shortages in HDD supply are expected to maintain upward pressure on NAND Flash prices, with TrendForce predicting total NAND Flash prices will rise by 20–25%, which would further boost quarterly revenue for vendors.
The analysis frames the current market as one of tightening supply and sustained demand for enterprise-class storage. Production cuts and inventory normalization are rebalancing supply and demand, while technology transitions and yield impacts may limit shipment growth despite strong orders for high-performance SSDs. Price increases driven in part by HDD shortages and a higher share of enterprise SSDs in shipments point to improved ASPs and revenue upside for NAND Flash suppliers in the near term.
