Tianfeng Securities: The AI storage revolution has come to "save and calculate" to open a new era of storage

The Tianfeng Securities Research Report pointed out that in order to break through the bottleneck of computing power and the restriction of "storage wall", "memory-based computing" emerged as a disruptive technology paradigm. This technology realizes the strategic expansion of the storage layer from memory to SSD by transferring the vector data (such as KVCache) in the process of AI inference from expensive DRAM and HBM memory to large-capacity and cost-effective SSD media, rather than simple replacement. Its core value lies in significantly reducing the delay of the first token, improving the inference throughput, and greatly optimizing the end-to-end inference cost, providing a feasible path for the large-scale implementation of AI. The AI storage revolution has arrived, and "memory-based computing" has spawned core opportunities, significantly saving computing power consumption and accelerating AI inference, driving the growth rate of SSD demand higher than the traditional curve.