Demand from hyperscalers and CSPs have caused the crisis.
It’s not all bad news – Phison’s inventory rose from 
NT$35.6 billion to NT$50 billion between the end of 2025 and the last day of February 2026, supported by a loan of US $400-500 million.
Nonetheless, Phison CEO Khein-seng Pua says: “Our current concern is that both money and inventory are insufficient.”
To which he might add the risk of the NAND price collapsing leaving the company over-exposed.
