In 2027, supply–demand dynamics for DRAM and NAND Flash are expected to diverge. On the one hand, strong pull ins from AI servers will further widen the supply gap for DRAM. On the other hand, for NAND, weak consumer side demand combined with higher bit output driven by process migrations is likely to push the sufficiency ratio from negative to positive, placing downward pressure on prices in 2H27. However, if only NAND prices correct, the overall relief on total component costs for consumer products will remain quite limited. Overall, the pricing trajectory in 2027 still carries a high degree of uncertainty.

Key Highlights

• In 2027, driven by strong demand from AI servers, DRAM bit demand growth will continue to outpace supply, extending the seller’s market and high-price environment.
• For NAND Flash, weak consumer demand combined with process migrations that boost bit output will push the sufficiency ratio from negative to positive in 2027, with pricing expected to come under correction pressure starting in 2H27.
• The smartphone supply chain will continue to face tight Mobile DRAM supply and elevated cost pressure in 2027. Even if NAND Flash prices soften, the relief for overall BOM cost will remain limited.
• DRAM and NAND pricing trajectories in 2027 are highly uncertain, with factors such as AI adoption and suppliers’ capacity expansion plans likely to play a critical role in shaping future developments.

Table of Contents

1. Key Point
2. Market Update
   • DRAM and NAND Flash Sufficiency Ratios

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