- DRAM and NAND prices expected to jump sharply in Q2 2026, driven by strong server and storage demand.
- Higher spot prices are starting to weaken consumer demand, with some buyers cutting orders.
- Price gains expected to slow in Q3 as long-term contracts take hold, with gradual normalization from late 2027 into 2028.
Memory prices are set for another leg up in the second quarter of 2026, according to Bernstein analyst Mark Li. In a research note, Li projected that both DRAM and NAND flash prices will surge during the period, fueled by robust demand from server and storage markets. Supply remains tight across the industry, with manufacturers prioritizing high-value segments like high-bandwidth memory and enterprise SSDs.
However, the rally is already showing signs of strain on consumer demand. As spot prices climb, some buyers have begun to reduce orders, a development that could temper short-term momentum. “The higher spot prices are starting to weaken consumer demand, forcing some buyers to cut orders,” Li wrote. The trend may lead to a more measured pace of gains in the third quarter, as the market shifts focus to long-term contract pricing.
Bernstein still sees memory prices staying strong into 2027, supported by sustained AI and data-center investment. But a gradual normalization is expected from late 2027 into 2028, as new supply—including potential capacity additions from Chinese players—comes online and demand growth stabilizes. “We expect the cycle to peak in mid-2027, with a gentle descent thereafter,” Li said.
Attempts to reach Samsung Electronics and SK Hynix for comment were not immediately successful. The outlook aligns with broader industry forecasts from TrendForce, which has also flagged tight supply conditions through the first half of 2026.