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TrendForce’s latest investigations reveal that the rapid expansion of AI server demand is propelling global cloud service providers (CSPs), such as Google, AWS, Meta, Microsoft, Oracle, Tencent, Alibaba, and Baidu, to boost investments in NVIDIA’s rack-scale GPU solutions, data center expansion, and in-house AI ASIC design. Total CapEx from the eight major CSPs is expected to surpass US$420 billion in 2025, roughly equivalent to their combined spending in 2023 and 2024, marking a 61% YoY increase.
TrendForce reports that following the completion of inventory digestion in the downstream consumer market concluded at the end of Q4 2023, DRAM suppliers shifted focus towards HBM and server DDR5 products, leading to tighter supply for other DRAM types. This increase in demand pushed overall DRAM prices higher, encouraging module manufacturers to replenish stocks and boost procurement. Consequently, the global DRAM module market achieved USD 13.3 billion in revenue in 2024, a 7% YoY increase that reversed the 28% decline experienced in 2023.
TrendForce’s latest investigations have revealed that with consumer demand was concentrated in the first half of the year, leading to the traditional second-half peak season underperforming. The market had expected NAND Flash prices to stabilize in 4Q25. However, HDD shortages and longer lead times have prompted CSPs to quickly redirect storage demand toward QLC enterprise SSDs. This urgent surge in orders has resulted in significant market volatility.
TrendForce’s latest investigations reveal that the three major DRAM suppliers continue to allocate advanced process capacity primarily to high-end server DRAM and HBM, crowding out capacity for PC, mobile, and consumer applications. Combined with diverging demand across end products, this dynamic is keeping legacy-process DRAM price hikes pronounced, while newer-generation products are seeing more modest gains. Overall, conventional DRAM prices are expected to rise 8–13% QoQ in 4Q25, and when HBM is included, the increase could widen to 13-18%.
TrendForce’s latest findings indicate that over the next two years, AI infrastructure will mainly focus on high-performance inference services. As traditional high-capacity HDDs face significant shortages, CSPs are increasingly sourcing from NAND Flash suppliers, boosting demand for nearline SSDs designed specifically for inference AI and catering to urgent market requirements.
