Robust AI demand has driven profitability in HBM and server products, squeezing consumer memory supply and sparking explosive growth in memory prices and industry revenue. DRAM vendors are substantially boosting capital expenditures for new fabs, with tight supply expected to persist into the year after next. Conversely, NAND Flash investment remains conservative due to space constraints and resource prioritization toward DRAM, relying primarily on node migrations for bit growth.

Key Highlights

• DRAM Revenue & Capacity: Strong AI momentum continues to fuel demand for high-bandwidth memory and server applications, crowding out consumer memory capacity and surging contract prices. Market leaders dominate as industry revenues rise sharply amid tight supply into the year after next.
• DRAM Capital Expenditure: Manufacturers are escalating capex substantially to build new facilities and advance process nodes, though meaningful bit output will only materialize in the second half of the year after next.
• NAND Flash Revenue & Market Dynamics: High-capacity enterprise SSD deployment drives sharp increases in average selling prices and revenue, whereas elevated end-device prices continue to dampen consumer demand.
• NAND Flash Capex Constraints: Constrained by cleanroom availability and capital prioritization toward DRAM, NAND investment growth lags far behind revenue expansion, shifting strategic focus toward technological layer-stacking upgrades.

Table of Contents

1. Immense Growth in Memory Revenue for 2026; DRAM Sees Sizable Increase in Capex while NAND Flash Ranks Lower in Capital Allocation Priority
   • DRAM Suppliers’ Revenue Market Shares
   • DRAM Capex
   • NAND Flash Suppliers’ Revenue Market Shares
   • NAND Flash Capex

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