CITIC Securities: The upgrading of storage capacity is the current core requirement of intelligent body reasoning, and we are optimistic about the growth trend of storage.

Sina Finance reported on March 31st that CITIC Securities research report stated that AI is evolving from "simple dialogue" to "intelligent body", driving a significant increase in context length. According to Epoch AI data, the maximum context window increases by about 30 times annually, and the relationship between KV Cache memory capacity and context length shows linear growth, far exceeding the hardware configuration growth rate. Currently, major model manufacturers and hardware manufacturers mainly solve the storage bottleneck through quantification, hierarchical storage, and model architecture optimization, but the demand for memory explosion remains unchanged. CITIC Securities believes that memory optimization is expected to reduce the cost of generating a single token, thereby stimulating users to open higher concurrency and longer context, and the total storage demand will increase rather than decrease. Storage upgrading has become the core demand of current agent reasoning, and the growth trend of storage is highly promising.