The AI capex cycle is now pushing memory into a much more aggressive pricing upcycle than expected.
Rohan Paul Twitter · Rohan Paul (@rohanpaul_ai) · 2026-07-03
UBS now forecasts DRAM prices rising 32% quarter-over-quarter in Q3 2026 and NAND prices rising 30%, driven by AI infrastructure demand consuming memory supply faster than the industry can expand capacity, with undersupply expected to persist through at least 2028.
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Extraction
Topics: memory-marketai-infrastructuredram-pricingsemiconductor-supply-chain
Claims
- UBS raised its DRAM price forecast to +32% QoQ in Q3 2026 and +18% QoQ in Q4 2026.
- UBS raised its NAND price forecast to +30% QoQ in Q3 2026 and +12% QoQ in Q4 2026.
- AI infrastructure demand is consuming High Bandwidth Memory, DRAM, and NAND faster than industry capacity can keep pace.
- The DRAM market is expected to remain undersupplied until at least 2028 because 2027 demand growth will far outpace supply growth.
Key quotes
AI infrastructure is eating memory supply faster than the industry can add it.
DRAM prices are now expected to rise 32% QoQ in Q3 and 18% QoQ in Q4.