$SNDK Citi expects enterprise SSD demand to rise 52.9% in 2027 and 41% in 2028, with total SSD demand up 45%. NAND demand grows 29% in 2027 and 33% in 2028 against supply growth of 21% and 25%, pushing the supply-demand ratio from −0.8% this year to −6.1% in 2027 and −5.5% in 2028. Expects industry NAND wafer capacity to grow only 3.2% in 2027, with Samsung's NAND capacity actually falling 4.7% as it redirects resources to DRAM and HBM, and SK hynix and Micron roughly flat. That's the mechanism behind the deficit: demand up 29%, wafers up 3%, with the gap covered only by process migration. Citi expects the tightness to persist until 2031, with DRAM deficits of −8.7% and −9.7% in 2027 and 2028 alongside the NAND numbers. And projects NAND average selling prices up 45.3% in 2027. Bullish for $SNDK