Server DRAM contract prices are seeing upward momentum driven by robust server demand, whereas the spot market remains sluggish due to a lack of consensus between buyers and sellers. Regarding inventory dynamics, suppliers are maintaining extremely low levels thanks to aggressive client procurement. PC OEMs are experiencing accelerated inventory depletion, but module houses are facing inventory build-up amid weak channel demand. To preempt future supply constraints, hyperscalers and server OEMs are actively adjusting capacity configurations and securing additional orders. Meanwhile, smartphone brands have adopted conservative procurement strategies due to mounting cost pressures.

Key Highlights

• Divergent Market Trends: Server DRAM contract prices see upward momentum driven by robust server demand. Conversely, the spot market remains sluggish as buyers resist chasing higher prices and suppliers hold back inventory.
• Suppliers' Critically Low Inventory: Active procurement from PC and server clients keeps supplier inventory at rock-bottom levels. Future outlook suggests high-value product lines will continuously drive a market-wide supply deficit.
• Accelerated Supply Chain Depletion: PC OEMs are experiencing rapid memory inventory depletion, supported by smooth processor deliveries that drive complete-system shipments. Meanwhile, hyperscalers and server OEMs are actively placing additional orders for lower-capacity modules to preempt future supply constraints.
• Module and Smartphone Sectors Under Pressure: Module houses face inventory build-up due to weak channel market conditions and difficulties in passing on costs. Smartphone brands, constrained by soaring costs, have shifted to conservative procurement strategies, which may expose them to the risk of reduced supply allocations from memory makers in the future.

Table of Contents

1. Market Update
2. TrendForce’s View
   • Inventory Levels of DRAM Suppliers and Clients in Major Application Segments

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