2D-NAND supply continue shrinking from 3D-NAND migration while 3D-NAND supply will significantly increase from 2H17. Demand visibility is the key for market dynamics.2017 CAPEX is up 30%yoy. Memory makers place more money on NAND investment.All new capacity added is 3D-NAND.3D-NAND bit volume likely crossover 2D-NAND from 4Q17.Strongest application:Growing more than 60%yoy, SSDs accounts 40% of NAND demand.Long term NAND demand annual growth can be sustained at 40%.China market NAND consumption is>30% in 2017 and aim for 40% by 2020.
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