Memory Market Outlook
Bernstein reports that DRAM and NAND contract prices posted modest month‑over‑month gains, which it interprets as a signal of a major price increase slated for the second quarter of 2026. Server demand has continued to absorb the incremental supply allocated by memory suppliers, mitigating concerns of oversupply. In contrast, demand destruction in the consumer segment has been less severe than anticipated, owing to pulled‑forward purchases that have temporarily sustained consumption.
Spot memory prices have shown signs of stabilisation, yet Bernstein maintains that consumer‑segment demand destruction will eventually materialise, leading to a notable narrowing of the price‑increase pace into the third quarter of 2026. The firm highlights that long‑term agreements can cushion the impact of any correction, and expects greater clarity as additional agreements are signed.
Looking ahead, Bernstein’s pricing model projects that memory prices will gradually peak in the second half of 2027 and begin to normalise through 2028.
Stock Reactions
Following the release of the report, equity markets reacted with SanDisk (ticker SNDK) gaining 6.77%, Micron Technology (MU) rising 1.11%, Samsung Electronics (ticker 005930) up 5.30%, and Samsung (ticker 000660) edging higher by 0.18%.