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Amid persistent memory shortages and climbing contract prices, Micron has seen remarkable growth in its revenue and gross profit, and has signed long-term strategic contracts with clients. Micron has also sharply increased its capex to expand manufacturing plants, while steadily pushing forward its High Bandwidth Memory (HBM) development and process technology advancements. In addition, memory makers, including Micron, are proactively optimizing their current capacity to maximize output value.
AI demand and surging prices boosted server DRAM revenue. Buyer stockpiling depleted inventory, fueling an upcycle.
Cloud giants are drastically expanding Capex for AI infrastructure, driving explosive demand for GPU/ASIC racks. However, immense computing demand faces structural component shortages. Meanwhile, OEMs are transitioning into AI system integrators targeting sovereign clouds.
AI demands and chip upgrades drive smartphone storage growth despite high costs. Brands raise base specs, making large capacities the new standard.
Memory prices will rally soon. To avert shortages, clients are signing long-term volume contracts to fund supplier expansions.
TrendForce offers you a complete analysis on DRAM industry supply/demand sufficiency, cost analysis and price forecast.
Mobile DRAM revenue hit new highs driven by surging contract prices, confirming a seller-driven super cycle. Major manufacturers shifting capacity to AI applications has tightened supply, allowing CXMT to expand in mature nodes. Looking ahead, sharp price hikes will boost supplier profits, but high costs are forcing smartphone brands to cut production, leading to a market of rising prices and shrinking volumes.
In 4Q25, DRAM revenue surged due to AI-driven demand and soaring contract prices. Inventory depletion and prioritization of AI caused severe shortages, boosting profitability. For 1Q26, despite seasonality, aggressive cloud procurement is expected to accelerate price hikes significantly, with supply growth relying mainly on tech migration.
North American CSP CAPEX expansion drives dual demand for NVIDIA and custom chips. ODMs like Foxconn benefit from rack solutions and are expanding US/Mexico production. Power leaders Delta and LiteOn are shifting toward high-voltage, liquid cooling, and system-level integration to support high-density computing.
Propelled by surging contract prices, Mobile DRAM revenue broke the $10 billion mark in 4Q25, a quarterly jump of over 30%. Entering the off-peak 1Q26, while bit demand is expected to contract, the significant hike in contract prices should still drive revenue to new highs. In terms of market structure, a highly concentrated "Big Four" landscape has formed, comprising Samsung, SK hynix, Micron, and China’s CXMT. Meanwhile, Taiwan’s Nanya and Winbond have seen revenue surge as major players exit the low-density market, though their overall market share remains limited.
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