DRAM Industry Analysis－4Q25

Last Modified

2025-12-05

Update Frequency

Quarterly

Format

PDF

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.

Key Highlights

Strong Momentum: Revenue and shipments grew significantly in Q3, driven by AI server deployment, HBM expansion, and aggressive restocking by Cloud Service Providers (CSPs) for future needs.
Supply Constraint: Supplier inventory hit a two-year low. Capacity is shifting to advanced nodes and high-end server applications, severely squeezing the supply of mature DDR4 and consumer products.
Bullish Q4 Outlook: With buyers struggling to restock and suppliers holding back inventory, contract prices are expected to accelerate sharply in Q4. Server DRAM will lead the hike, forcing PC and mobile sectors to accept higher prices, thereby boosting supplier margins.