DRAM Industry Analysis－3Q25

Last Modified

2025-09-04

Update Frequency

Quarterly

Format

PDF

2Q25 DRAM revenue grew notably from price and shipment increases. 3Q25 momentum is expected to continue, with accelerating price hikes. US CSPs show robust demand but slightly elevated inventory. Smartphone demand remains weak, with conservative procurement and LPDDR4x supply tightening.

Key Highlights

2Q25 DRAM revenue grew significantly, fueled by conventional DRAM contract price increases, higher shipments, and HBM scale expansion.
3Q25 anticipates stronger downstream procurement, leading to increased bit shipments and accelerating contract price hikes across all major applications.
US CSPs show robust demand and active procurement, willing to buy more for favorable pricing, though their DRAM inventory is slightly elevated.
Smartphone demand remains sluggish, prompting conservative buyer procurement. LPDDR4x supply is tight, hindering inventory building, with overall stock levels staying low.