YMTC Poses Bigger Threat than Expected to NAND Flash Market
Dow Jones
Sep 29
0516 GMT - Chinese chip maker YMTC likely poses a bigger-than-expected threat to the NAND flash market, Bernstein analysts say in a research note. The company overtook Micron, Kioxia and Sandisk in revenue as of 1Q, and was only slightly behind SK Hynix, the second-biggest NAND flash supplier globally, they note. Meanwhile, YMTC's gross margin surged to 77% in the quarter from 35% in 2025, one of the highest levels among peers. YMTC's swift margin improvement showed that "its technology, price and cost likely was on par, if not better," they say. The analysts think YMTC is more competitive than they expected and continues to cast an overhang on rivals like Kioxia.
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