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.

Key Highlights

• Driven by a strong upswing in contract prices, 4Q25 Mobile DRAM revenue saw significant quarterly growth, with the single-quarter scale surpassing the $10 billion mark.
• Entering the off-peak season in 1Q26, bit shipments are expected to decline. However, against a backdrop of even more aggressive contract price hikes, Mobile DRAM revenue is projected to hit new highs again. The overall market has entered a seller-driven super cycle.
• Fueled by AI and server-related applications, robust demand for high-capacity Server DRAM, Mobile DRAM, and HBM is keeping the supply of consumer Mobile DRAM tight.
• Leveraging its mature-process capacity and supply advantages in LPDDR4X, CXMT’s revenue share has steadily climbed, shaping a market landscape dominated by four major players.
• Taiwan-based Nanya and Winbond have filled the void left by major manufacturers exiting the low-density and legacy process markets, posting significant quarterly revenue growth. Future growth will be highly dependent on ASP trends.

Table of Contents

1. 4Q25 Mobile DRAM Revenue Surged Above $10 Billion Due to Soaring Prices; Tight Supply Will Persist in 1Q26
2. CXMT’s Market Share Climbs Steadily as “Big Four” Landscape Emerges
   • 4Q25 Revenue Ranking among Mobile DRAM Suppliers

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