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The NAND Cycle — Storage for the AI Data Explosion · The Memory Wall — HBM, DRAM, NAND & the AI Memory Cartel

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Silicon Motion
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Largest merchant SSD controller — Q1 2026 revenue $342M (+105% YoY). The "Phison of the US-listed world."

What they do

Makes NAND controllers for client and enterprise SSDs . The largest merchant SSD controller maker — the way to play the NAND cycle without taking direct memory-maker exposure. Q1 2026 revenue $342M (+105% YoY); Q2 guide $393-411M. Risk: Kioxia and other customers in-housing controllers over time.