Bernstein Projects 57% DRAM Surge Q2

Bernstein sees DRAM contract prices jump 57% YoQ in April, with mobile up ~80% and server up 48%.
NAND contract prices expected to rise 65‑70% quarter‑on‑quarter, driven by SSD and mobile NAND demand.
Outperform ratings maintained for Samsung, SK Hynix, Micron, SanDisk with price targets KRW 225k, KRW 1.15 m, $510, $1.7 k; KIOXIA underperform.
Spot prices soften—server DDR5 modules down 6.7% MoM, NAND wafer prices down ~7%—with price growth set to decelerate into Q3.