AI servers drive strong demand for conventional DRAM and HBM. Supply tightens, pushing contract prices higher and boosting memory suppliers' revenues. As server applications prioritize capacity, PC and smartphone demand slows due to cost pressures. Buyers pivot to lower-capacity modules to mitigate expenses, while major global suppliers expand through node upgrades.

Key Highlights

• Driven by Price and Demand: AI model training and agentic AI trigger high demand for HBM, LPDDR5X, and RDIMMs, driving up contract prices and memory market revenue.
• Supply-Demand Imbalance: Suppliers prioritize server applications over PCs and smartphones. High costs compel buyers to switch to lower-capacity modules to manage budgets.
• Supplier Performance: Samsung leads in revenue through high-end HBM shipments. Micron shifts product mix toward high-margin server DRAM. SK hynix lags in price growth due to long-term contract structures. CXMT sees server revenue surpass mobile for the first time.
• Legacy Node Suppliers Benefit: Capacity realignment by top players creates market space for legacy suppliers, boosting revenues for Nanya Tech, Winbond, and PSMC due to surging contract prices.

Table of Contents

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

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