The recovery of China’s smartphone market has slowed down.
However, new flagship smartphone launches have still generated strong sales.
Server demand from the US remained robust, with certain data centers increasing their orders this quarter.
Additionally, server demand is expected to recover further next year.
In terms of PC shipment projections, growth appears weaker than previously anticipated, likely limited by sluggish consumer demand.
The economic situation in North America is better than expected, suggesting a possible improvement in the consumer market in the second half of 2025.
DRAM
DRAM contract pricing trend is as expected, with prices moving downward.
The RDIMM market remains stronger than other segments, and RDIMM5 could continue to grow this quarter.
Initial RDIMM4’s price offering is stable, but the rebate might be required to final the deal.
In the PC market, UDIMM5 is expected to remain stable this quarter, but UDIMM4 could face significant pressure.
Module houses are offering attractive prices, and some volume deals are likely to drive UDIMM4 prices down.
LPDRAM pricing trend for smartphones shows no major changes, though LPDDR4x is expected to decline more than LPDDR5x.
Consumer contract prices are notably higher than channel prices, with the consumer market experiencing weak performance and limited transaction volume.
The demand for UDIMM channels has seen a slight recovery as module prices continue to drop.
However, the Double 11 shopping event has yet to stimulate demand.
Given the already low UDIMM prices, offering substantial discounts is challenging.
The spot market remains sluggish, with downgraded components further pressuring component prices, especially the white brand parts.
This month, in the spot market,
16G DDR5 x8 original brand component down 6%.
16G DDR4 x8 original brand component down 2%.
16G DDR4 x8 ETT/UTT grade component down 13%.
8G DDR4 x8 original brand component down 5%.
8G DDR4 x8 ETT/UTT grade component down 14%.
4G DDR4 x16 original brand component down 5%.
4G DDR4 x16 ETT/UTT grade component down 9%.
NAND
The contract price for eSSDs remains more stable than other segments and could increase by a low to mid-single-digit percentage this quarter.
OEM cSSD prices declined by over 5% this quarter, with some order cuts from PC OEMs.
Contract prices for UFS and eMMC are likely to decline more than others due to weak consumer demand.
Raw NAND pricing from suppliers dropped sharply compared to last month.
The extremely low prices in the spot market are pressuring transaction prices between NAND suppliers and module makers even further down.
Channel SSD prices continue to decline, but demand has shown a slight recovery compared to last month.
The demand in the EU market appears to be better, although the pull in demand for Double 11 is not significant.