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SSDs (Solid State Drives) offer faster read/write speeds and lower latency compared to HDDs (Hard Disk Drives), making them better suited for high-demand applications that require quick data access. NVMe (Non-Volatile Memory Express) storage, utilizing PCIe interfaces, provides even higher performance and lower latency than traditional SSDs, significantly improving application performance, especially for I/O-intensive tasks. However, SSDs and NVMe storage are typically more expensive per gigabyte than HDDs, requiring careful consideration of cost versus performance needs.