AI-related demand continues to rise as foundry capacity constraints gradually ease, paving the way for further expansion in AI server demand.
Smartphone shipment forecasts have also been revised upward, with strong 3Q25 momentum led by Apple and Samsung.
The iPhone 17 has exceeded expectations, while Samsung also delivered better-than-anticipated results.
The high-end segment remains resilient, supporting continued growth in memory content per device.
Meanwhile, PC shipment projections have improved as well.
However, elevated BOM costs in consumer devices could pose headwinds to overall PC and smartphone demand in the coming quarters.
The content growth rate might slow down for both PC and Smartphone.
DRAM
In the PC segment, DDR4 contract prices are expected to rise by more than 20% on average, although some early transactions were settled at lower levels.
DDR5 UDIMM prices are projected to climb by 20% or more this quarter, with certain suppliers aggressively targeting increases of up to 30% QoQ.
PC contract prices are likely to experience another notable uptick in 1Q26.
In the smartphone segment, LPDDR4x contract prices are set to rise more than LPDDR5x this quarter, with significant pricing divergence among suppliers in 3Q25.
LPDDR4x contract prices may continue to move higher if other suppliers adjust upward to narrow the gap.
LPDDR5x contract prices are also expected to increase by at least 20%, with some suppliers anticipating gains of around 30% in 4Q25.
Looking ahead to 2026, demand for LPDDR5x driven by the Grace CPU platform is expected to rise substantially, exerting further pressure on LPDDR5x supply and supporting higher ASPs.
The high BOM cost cased by memory price hike could limit the smartphone content growth in 2026.
In the server market, RDIMM contract prices are trending sharply upward.
RDIMM4 contract pricing is expected to rise by more than 40% this quarter, with certain fixed-price contracts extending through 1H26.
RDIMM5 contract prices are anticipated to increase around 20% based on early negotiations, while some non-dealt prices could reach 30% or higher.
Overall, fulfillment rates remain constrained, with major U.S. data center customers actively seeking additional DRAM allocations from suppliers through recent on-site visits. DRAM vendors are planning capacity adjustments and output increases in 2H26 to meet robust demand, which could help moderate the pace of price hikes in 2H26.
Consumer DRAM contract prices continue to trend upward, and the current upcycle is expected to persist in the coming quarters.
Channel demand remains solid, while DDR5 shortages have constrained module availability in the market.
DDR5 component prices offered by suppliers have risen by around 40%, and trading prices in the channel have nearly doubled this month.
Consumer DRAM contract prices continue to trend upward, and the current upcycle is expected to persist over the coming quarters.
Channel demand remains strong, while DDR5 shortages have constrained module supporting availability in the market.
The DDR5 component offered from suppliers increased around 40%, and trading price hike almost double this month.
DDR4 module ASP are rising alongside growing shipment volumes, with further upside potential supported by current x16 DDR4 component pricing.
Meanwhile, strong AI server demand continues to drive up HBM3E consumption, tightening the supply of conventional DRAM and further supporting upward momentum in overall memory pricing.
This month, in the spot market,
16G DDR5 x8 original brand component up 92%.
16G DDR4 x8 original brand component up 87%.
16G DDR4 x8 ETT/UTT grade component up 69%.
8G DDR4 x8 original brand component up 36%.
8G DDR4 x8 ETT/UTT grade component up 104%.
8G DDR4 x16 original brand component up 39%.
8G DDR4 x16 ETT/UTT grade component up 105%.
NAND
NAND contract prices have also risen significantly.
In the PC segment, cSSD contract prices have increased by 10~15% in early negotiation deals, with average ASPs expected to rise 15–20% as some suppliers push for increases of 20% or more.
UFS prices are projected to climb by over 20% this quarter, while certain suppliers are targeting hikes 25% to 30%.
eSSD demand remains strong, prompting customers to request higher production volumes for next year, particularly for QLC-based eSSDs.
The ongoing NLHDD shortage is placing further pressure on U.S. data centers, reinforcing strong eSSD demand and supporting an overall NAND price uptrend.
Channel SSD prices have moved higher, and distributors have shown strong willingness to accept the increases given their relatively low inventory levels.
They began seeking additional cSSD supply and restocking inventory in the latter part of this month
However, the end-customer demand remains soft for now.
Raw NAND prices have already increased by about 20% this month and are likely to climb further in the coming months.
Some suppliers expect price hikes another 40% by 1Q26.
As suppliers become less willing to allocate raw NAND to the module house, this tightening is expected to drive further price increases across NAND-related products.
Although suppliers plan to expand output in 2026, their approach remains cautious at this stage.