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Looking to 2026, sustained AI infrastructure build-outs will drive server demand. High CAPEX from North American CSPs supports NVIDIA's new platforms and ASICs. While Tier-2 risks exist, robust major CSP demand boosts ODM AI revenues and cements the critical role of liquid cooling solutions.
Expanding DRAM supply shortages are driving robust price hikes in both contract and spot markets, with significant upside potential for the first quarter. Micron’s earnings substantially beat expectations, and with supply tightness projected to persist for years, the company is securing long-term agreements and aggressively increasing Capex for HBM and advanced nodes. Analysts foresee continued strong pricing momentum favoring sellers.
CSP AI investment fuels robust server growth.
North American CSPs' expanded investment in AI and general servers has confirmed a DRAM industry upcycle. With supplier inventory bottoming out and buyers actively restocking, prices and revenue are surging. As AMD and Arm gain share and CSPs increase CAPEX, strong growth in server and memory demand is expected to continue.
The global server market is expanding, driven by robust AI infrastructure investments from CSPs and a general server replacement cycle. Major tech giants like Alibaba, Oracle, and Google are increasing capex and deploying next-gen GPU platforms to meet soaring AI computing demands.
North American CSPs' expanded investment in AI and general servers has confirmed a DRAM industry upcycle. With supplier inventory bottoming out and buyers actively restocking, prices and revenue are surging. As AMD and Arm gain share and CSPs increase CAPEX, strong growth in server and memory demand is expected to continue.
Mobile DRAM contract prices show a clear regional gap, with Chinese clients paying notably higher increases than US peers. Suppliers plan aggressive catch‑up hikes for US customers to narrow this spread, while Chinese pricing may rise further amid slower negotiations. Spot DDR4, especially higher density parts, remains firm despite brief pullbacks, reflecting tight supply. Rapid memory cost inflation is sharply lifting smartphone BOM ratios, forcing brands to raise prices and accelerate model retirement to protect margins.
Memory price surge continues into 1Q26, pushing BOM cost to a critical point. Brands freeze price cuts and downsize specifications, facing severe sales challenges.
Driven by strong AI and CSP demand alongside HBM expansion, the DRAM industry saw surged prices and volume. With supplier inventory at lows and capacity shifting to high-end nodes, general supply is tight. 4Q prices are projected to accelerate significantly as suppliers restrict sales, boosting profitability.
Mobile DRAM revenue surged due to peak season demand and soaring contract prices, intensified by supplier bidding wars. While smartphone production saw a slight short-term upward revision, rising memory costs are eroding low-end brand profitability, threatening future output. The accelerated shift to high-end specifications continues to drive prices upward amid supply tightness.
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