KIOXIA Holdings: Key Takeaways from Our Group Call

研报英文原文证据摘录

KIOXIA Holdings: Key Takeaways from Our Group Call

UpdateMKIOXIA CM Series is a high-bandwidth SSD equipped with TLC flash memory. As agentic

AI advances, inference systems increasingly require high-throughput and low-latency

storage, not merely as auxiliary storage but effectively as part of the memory hierarchy.

The CM Series is designed for such KV cache applications. Products supporting KV cache

for NVIDIA are expected to begin shipping in 2026.

KIOXIA GP Series is a Super High IOPS SSD designed for direct integration with GPUs and

compatible with NVIDIA Storage-Next. By combining a dedicated SoC with XL-FLASH, it

enables next-generation AI processing of over 100M IOPS and low latency, allowing SSDs

to be used as an extension or complement to HBM. KIOXIA plans to ship the first-

generation product using SLC chips in 2026, followed by a second-generation product

capable of 100M IOPS in 2027.

KIOXIA LC Series is a high-capacity SSD equipped with QLC flash memory. It uses BiCS-8

2Tb QLC and achieves a capacity of 245TB, meeting demand for large-scale data storage in

storage servers. Customer qualifications are progressing smoothly, including adoption in

Dell Technologies’ (covered by our US IT hardware analyst Erik Woodring) PowerEdge

R7725xd server and mass-production shipments have started.

BiCS FLASH technology roadmap: BiCS-8 is ramping mass production across a number of

projects and is expected to account for around 80% of KIOXIA’s GB output by the end of

March 2027.

For BiCS-10, KIOXIA is increasing the memory cell stack count to 332 layers, while also

improving power efficiency and securing high reliability for memory cells. The company

believes this will be a highly competitive product. Sample shipments are expected to begin