Electronic Component Sector: Component Data Deposition: Storage production trends in May 2026; nearline HDD and enterprise/data center SSD capacity growth continues

研报英文原文证据摘录

Electronic Component Sector: Component Data Deposition: Storage production trends in May 2026; nearline HDD and enterprise/data center SSD capacity growth continues

J P M O R G A N Asia Pacific Equity Research

01 July 2026

Electronic Component Sector

Component Data Deposition: Storage production trends

in May 2026; nearline HDD and enterprise/data center

SSD capacity growth continues

In this note, we analyze May 2026 HDD and SSD shipment data from Techno Japan Equity Research

Systems Research (TSR). HDD production volume rose slightly MoM, and

Technology - Electronic

remained on a gradual uptrend. Data center-related nearline HDD capacity output Components

rose 5% MoM, and continued to increase strongly YoY, up 31%. In nearline HDDs, AC Akinori Kanemoto

demand remained solid for models with capacity of 24TB, 28TB, 30TB, and 32TB

(81-3) 6736 8628

or more in May 2026. Upward momentum in enterprise/data center-related SSD akinori.kanemoto@jpmorgan.com

capacity output continued both YoY and MoM, with the capacity-based growth Ikki Shibata

rate of enterprise/data center SSDs continuing to grow rapidly, at 139% YoY. TSR (81-3) 6736 8641

stated that in enterprise/data center-related SSDs, there is unprecedented demand ikki.shibata@jpmorgan.com

for 61.44TB, 122.88TB, and 245.76TB SSDs, and the trend toward higher capacity JPMorgan Securities Japan Co., Ltd.

continues.

TDK is our top pick among HDD electronic components makers. TDK’s market

share among captive manufacturers could continue to rise since captive

manufacturers are suppressing HDD head production capacity increases, and

shifting their existing production capacity to heat-assisted magnetic recording

(HAMR). In the short term, investors could short TDK, based on comparisons with