KIS research believes that the key to this round of storage LTAs is not suppliers unilaterally exploiting supply tightness to raise prices indefinitely,

but rather that even when DRAM supplier profit margins are already extremely high, customers proactively propose signing long-term agreements covering periods beyond 2028, with terms of three to five years.
This indicates that customers are aware that new capacity from Samsung, SK Hynix, and others will begin to come online in 2028, yet they still judge that the storage shortage will not end anytime soon.
More importantly, the five major suppliers—Samsung, SK Hynix, Micron, Kioxia, and SanDisk—are all signing similar LTAs, locking in procurement volumes and profit margins through price floors, partial price ceilings, and prepayment mechanisms.
This marks a shift in the storage industry's business model from a highly cyclical structure toward a more long-term, contract-based, and profit-stable framework.