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Regarding U.S. stocks and storage outlooks.
The three storage giants have sold all their 2027 capacity to cloud providers, and are even starting to secure 2028 supplies.
I checked Citi's estimates: Nvidia's next-generation Vera Rubin will require 1,152TB of SSD per server.
This year, 30k units are shipped, accounting for 2.8% of global NAND.
Next year, 100k units, or 9.3%. And this is just Nvidia alone.