Consumer DRAM remains undersupplied, with contract prices still rising but decelerating as buyer cost tolerance tightens, while spot trading stays subdued. On technology, focus centers on open software frameworks and zHBM architectures aimed at improving system efficiency and power. Cloud demand supports near-term contract prices, but accelerating capacity expansion points to longer-term pressure on pricing and industry revenue.

Key Highlights

• Market & Pricing: Consumer DRAM remains tight, with contract prices still rising but at a decelerating pace, while spot trading stays quiet and price consensus remains elusive.
• Technology Innovation: The industry is exploring open data paths and promote zHBM to sit on top of AI chips, aiming to cut power consumption and improve efficiency for AI workloads.
• Demand & Contract Dynamics: Cloud providers remain confident that revenue growth will support continued capital spending. Pricing momentum is shifting toward products and customers with greater negotiating flexibility, while specification changes reshape the demand mix.
• Long-term Outlook: Medium-term prices still draw support from selected customer demand, but major vendors have launched large-scale expansions, and capacity coming online in the years ahead is expected to pressure contract prices and turn industry revenue lower.

Table of Contents

1. Market Update
2. TrendForce’s View
   • AI System Memory Architecture

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