In the spirit of the times, Biwin, a well-known producer of solid-state drives and memory modules, announced that it had signed a two-year 3D NAND memory agreement worth $1.86 billion, the company told us at Computex 2026. We then dug up the announcement in a filing with the Shanghai Stock Exchange. The amount of money the company plans to spend on flash memory exceeds 50% of Biwin's annual revenue, demonstrating how committed SSD makers are to securing NAND supply amid shortages. Biwin's disclosure comes after several other companies assumed massive amounts of debt to secure supply, and crushing shortages have forced customers into ever-longer long-term supply agreements (LTAs).
Under the terms of the agreement, Biwin will purchase $1.86 billion worth of 3D NAND memory from an unknown supplier over a period of 24 months that starts on June 30, 2026. Both bit volume and pricing are fixed, so Biwin will get its memory at the fixed price no matter how high spot or contract prices are at the time. Of course, this represents risks if NAND prices drop in the next two years, though industry observers believe that NAND supply to SSD module makers will worsen in 2027, so Biwin's risks seem to be manageable.
