The contract market focus shifts to the next quarter, with legacy products seeing clear price increases. Spot market transactions center on DDR4, with prices under pressure but no obvious oversupply. Inventory trends favor buyers, PC and module makers stock up, supply tightness persists for some items, while enterprise and smartphone inventories diverge.

Key Highlights

• Contract market focus shifts to the next quarter, with price increases mainly in legacy DRAM (GDDR6/DDR4/LPDDR4x); price gains in new products are moderating.
• Spot transactions are concentrated in DDR4; price adjustments reflect earlier highs without oversupply, and price growth in other items is limited, indicating a potential market slowdown.
• Inventory is moving from suppliers to buyers; PC OEMs and module houses aggressively stockpile in response to trade and supply uncertainties.
• Server and cloud customers maintain healthy but slightly declining inventories; U.S. and Chinese buyers show differing stock strategies, with geopolitics spurring Chinese inventory builds.
• Enterprise server OEMs focus on reducing existing stock, with future trends dependent on U.S. policy changes.
• In smartphones, LPDDR4X inventory falls due to tight supply and higher demand, while LPDDR5X enjoys relatively stable supply and healthy stock levels.

Table of Contents

1. Market Update
2. TrendForce's View
   • Inventory Levels of DRAM Suppliers and Clients in Major Application Segments

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