Micron Exits Crucial Consumer Storage: In-depth Analysis of Replacement Opportunities for Domestic Vendors like Jiangbo Dragon

On December 4, 2025, global storage chip giant Micron Technology officially announced the termination of its Crucial consumer storage business, which has a nearly 30-year history [1][2][3]. This strategic decision marks a profound transformation in the global storage industry landscape. Micron stated that it will continue to supply Crucial products through consumer channels until the end of the second quarter of fiscal year 2026 (February 2026), and provide warranty services and support during this transition period [3].

The decision for Micron to exit the consumer storage market is essentially the result of storage resource reallocation in the AI era. Global demand for AI servers has exploded, leading to storage chip capacity being fully locked in by the high-end market. According to industry research, the capacity of several major international NAND flash original equipment manufacturers (OEMs) was already fully booked by November 2025, with order backlogs extending to the next three years [1][2]. This supply-demand imbalance directly caused a sharp contraction in consumer storage product capacity, forcing OEMs to concentrate limited resources on more profitable AI server and data center markets.

From a price trend perspective, the storage market is at the peak of a new upward cycle. The DRAM spot market maintains strong growth: DDR4 1Gx8 3200MT/s prices rose 10.73% in the week from November 26 to December 2, jumping from $14.914 to $16.514 per unit; the NAND spot market was more volatile, with 512Gb TLC wafer prices up 5.90% to $9.607 [2][3]. Against this backdrop, the consumer business was strategically marginalized due to its relatively low gross margin.

Micron’s exit will trigger multi-dimensional chain reactions in the global consumer storage market in the short term.

The Crucial brand holds an important share in the global consumer storage market, and its exit will directly create a supply gap. With nearly 30 years of presence in consumer storage, Crucial has extensive coverage in retailers, e-commerce platforms, and distributor channels, offering memory modules, SSDs, USB drives, and other products. After its exit, this market share will be redistributed, creating expansion opportunities for other brands.

Meanwhile, rumors suggest Samsung Electronics may exit the SATA SSD business [1]. If true, it will further exacerbate supply tensions in the consumer storage market. Industry forecasts indicate storage supply may face disruption risks in Q3-Q4 2026, prompting downstream customers to lock in resources early [2].

Supply contraction directly pushes up consumer storage prices. Due to AI server demand surges causing wafer shortages, controller chip vendor Phison Electronics stated the supply gap could reach 200% [2]. Upstream wafer price increases are passed to end products, leading to rising retail prices for memory modules and SSDs. The market expects electronic consumer goods prices may be “uncontrollable” in H1 2026, increasing end-user costs [3].

Jiangbo Dragon (301308.SZ), China’s largest independent memory enterprise, ranks as the world’s second-largest independent memory vendor [4][5]. It operates a multi-brand matrix: FORESEE (B2B market, 5th in global independent memory brand revenue in 2023 [4]), Lexar (consumer electronics/retail market, 2nd in global independent memory brand B2C revenue in 2023 [4]), and Zilia (Latin America/Brazil market, 1st in local independent memory enterprise revenue in 2023 [4]). This multi-brand, multi-market layout enables it to effectively capture demand across segments, providing a solid foundation for post-Micron market share redistribution.

Jiangbo Dragon delivered impressive H1-H3 2025 results: operating revenue of 16.734 billion yuan (+26.12% YoY), net profit of 713 million yuan (+27.95% YoY) [4][6]. Notably, its enterprise-level storage business grew rapidly, with H1 revenue of 693 million yuan (+138.66% YoY) [4][5]. According to IDC, Jiangbo Dragon ranked 3rd in China’s enterprise SATA SSD capacity in H1 2025 (1st among domestic brands [4]). Its RDIMM products are in mass shipment, and other enterprise storage products are being introduced to leading domestic customers—evidence of its ability to meet high-end market demands.

To seize AI-era opportunities, Jiangbo Dragon is expanding capacity. On December 2, 2025, it announced a private placement plan to raise up to 3.7 billion yuan for: 1. AI-focused high-end memory R&D and industrialization (total investment 930 million yuan, 880 million yuan from募资, focusing on enterprise PCIe SSD/RDIMM); 2. Semiconductor storage controller chip R&D (enhancing self-reliance—self-developed controllers exceeded 100 million deployments by Q3 [4]); 3. High-end packaging/testing construction (improving chain synergy) [4][5]. Its self-developed controller-equipped UFS4.1 products are in verification with Tier1 manufacturers, with deployment scale expected to grow rapidly [4].

Facing upstream uncertainty, Jiangbo Dragon has a leading supply chain: long-term direct cooperation with global wafer OEMs via LTAs/MOUs ensures stable supply [6]. Its diversified supply chain outperforms peers, enabling normal operations during supply tensions.

The global semiconductor storage market is expected to grow 16.2% to $214.8 billion in 2026 [5]. Gartner data shows domestic DRAM/NAND Flash market shares were <5%/<10% in Q1 2025 [5], indicating huge growth potential. Jiangbo Dragon’s Lexar brand (2nd in global B2C revenue) positions it to directly capture Crucial’s market share.

1. Short-term (2025-2026): Replenishment demand from channel inventory consumption; excess profits from price surges; >20% spot gross margins [2].
2. Mid-term (2026-2028): Accelerated localization via Yangtze/Changxin breakthroughs; LTA-guaranteed supply; enterprise business growth validation.
3. Long-term (2028+): High-end memory demand from AI; Micron’s $100B HBM forecast by 2028 [1]; Jiangbo Dragon’s AI-focused R&D [4].

Post-exit trends: Concentrated market share for leading vendors; domestic brand expansion (Jiangbo Dragon, Biwin, Demingli); differentiated competition (branding/R&D over price). Capital market performance: Demingli (+132%), Jiangbo Dragon (+190%), GigaDevice (+34%), Biwin (+64%) in 3 months [2].

1. Upstream supply fluctuations; 2. Price correction pressure; 3. Technological iteration risks; 4. Macroeconomic impacts.

• Diversified supply chain; LTA guarantees; quantity-based shipment planning; self-developed controllers (>100M deployments by Q3 [4]) [2][6].

Micron’s exit is a landmark event in AI-era storage industry reshaping. Key conclusions: 1. Significant replacement space; 2. Jiangbo Dragon’s outstanding advantages make it the top domestic candidate for Micron’s share; 3. Sustainable growth in the AI-driven super cycle; 4. Long-term value from high-value-added expansion. Jiangbo Dragon is well-positioned to benefit from this transformation.

[1] Micron’s Q1 2026 Revenue Surges 57%! Full-Year HBM Capacity Fully Booked (https://www.esmchina.com/news/13768.html)

[2] 2026 Economic Work Tone: Storage Chips Welcome ‘Super Cycle’ (https://static.time-weekly.com/time-weekly/036b30ff21d087fa97f3726f2114b44d/20251215/9f2cbff661fe4c23afa8f64294bb2550.pdf)

[3] “Can’t Buy Even With Money!” Behind the Storage Surge: Prices of Electronic Consumer Goods May Be ‘Uncontrollable’ Next Year (https://finance.sina.com.cn/jjxw/2025-12-09/doc-inhafezw2563652.shtml)

[4] Jiangbo Dragon Plans Fixed Increase to Raise No More Than 3.7 Billion Yuan for AI-focused High-End Memory Projects (https://www.stcn.com/article/detail/3522213.html)

[5] How Long Will the Storage Chip ‘Super Cycle’ Last? Industry: It Will Be More Obvious in the Next Four Quarters (https://finance.sina.com.cn/roll/2025-12-11/doc-inhamnym6080879.shtml)

[6] Jiangbo Dragon (sz301308) Market Trend - Investor Q&A (https://www.stcn.com/quotes/index/sz301308.html)