[Tianfeng Securities: The AI Storage Revolution Has Arrived, 'Compute by Storage' Opens a New Era of Storage] Jin10 News, September 27 – A research report by Tianfeng Securities points out that to overcome the bottleneck of computing power and the constraints of the 'storage wall,' 'compute by storage' has emerged as a disruptive technological paradigm. This technology migrates vector data (such as KVCache) used in AI inference processes from expensive DRAM and HBM memory to high-capacity, cost-effective SSD media, achieving a strategic expansion of the storage layer from memory to SSD rather than a simple replacement. Its core value lies in significantly reducing the latency of the first token, improving inference throughput, and greatly optimizing end-to-end inference costs, providing a feasible path for large-scale AI deployment. The AI storage revolution has arrived, and 'compute by storage' is creating core opportunities, significantly reducing computing power consumption, accelerating AI inference, and driving SSD demand growth to outpace traditional curves.