In 4Q25, DRAM revenue surged due to AI-driven demand and soaring contract prices. Inventory depletion and prioritization of AI caused severe shortages, boosting profitability. For 1Q26, despite seasonality, aggressive cloud procurement is expected to accelerate price hikes significantly, with supply growth relying mainly on tech migration.

Key Highlights

• Revenue & Price Surge: AI inference demand spilled over to general servers, driving a comprehensive surge in DRAM contract prices and boosting Q4 industry revenue.
• Severe Imbalance: With supplier inventory depleted and capacity prioritized for AI, conventional DRAM faced shortages, significantly lifting prices and margins across all products.
• Supplier Performance: Major suppliers saw improved profitability, with Samsung regaining the top market share. Taiwanese firms rebounded strongly due to mature process shortages.
• Outlook: Despite the slow consumer season in 1Q26, aggressive procurement by cloud providers to secure supply is expected to accelerate price hikes further.
• Supply Strategy: Future supply growth will rely primarily on advanced tech migration rather than wafer starts, sustaining the market shortage.

Table of Contents

1. 4Q25 DRAM Industry Review and Outlook
   • 4Q25 Revenue Ranking among DRAM Suppliers
2. DRAM Manufacturer Status and Outlook - 1Q26
3. Market Supply Analysis

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