Driven by AI expanding into inference, cloud providers are accelerating data center buildouts, triggering a surge in server memory orders. This has caused contract prices to skyrocket and fueled robust industry revenue growth. Looking ahead, with supplier inventories hitting rock bottom and output prioritizing server products, the severe market undersupply is unlikely to ease anytime soon.

Key Highlights

• Demand Wave & Price Drivers: AI applications expanding into inference have prompted cloud service providers to upgrade data centers. Memory demand has broadened from HBM to various server modules. Amid severe undersupply, contract prices have surged, serving as the core driver for revenue expansion.
• Supplier Strategies & Profit Trends: Global suppliers are shifting product mixes and advanced processes toward high-margin server and AI applications, crowding out consumer segments. This has significantly boosted the profit margins of major international tech giants, while Taiwanese makers focus on mature or niche markets, yielding limited profit gains.
• Low Inventory & Market Outlook: Strong pull-in momentum from buyers has driven supplier inventories to rock bottom. Even with ongoing process upgrades and new fab production, the tight supply remains insufficient to meet terminal demand, keeping the overall market in a state of severe deficit.

Table of Contents

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

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