Overview
Citi, after conducting memory‑expert sessions and management meetings across the Korean semiconductor supply chain during its recent Tech Tour, reaffirmed a stronger‑than‑expected outlook for the global memory market.
Pricing
The spot price for 64 GB DDR5 modules rose to $3,600, up from $3,000, exceeding market expectations.
Supply Shift
Memory suppliers are redirecting NAND production toward eSSD manufacturing, which is helping to keep pricing stable despite weakness observed in the consumer NAND and eMMC NAND segments.
Process Migration
TES indicated that the migration of memory processes toward multi‑patterning, higher NAND stacking and increased EUV adoption is driving the need for deeper etching, higher selectivity, more complex deposition technology and advanced ACL/ARC equipment for future memory node transitions.
HBM Testing
TechWing’s CEO reported that HBM testing is moving toward post‑singulation testing as base‑die complexity rises. An end‑customer has asked HBM suppliers to implement base‑die testing for HBM3E/4, which is expected to support broader adoption of TechWing’s Cube Prober. The CEO expects that custom HBM and 3D‑packaging migration will accelerate the uptake of die‑level test handlers.
SoCAMM2 Adoption
Simmtech’s CEO highlighted increasing adoption of the SoCAMM2 technology, noting that more customers are evaluating it. The SoCAMM module PCB commands a strong price premium over conventional RDIMM module PCB because of higher layer counts and finer patterning requirements. Simmtech projects a compound annual growth rate of over 25 % for SoCAMM2 modules over the next five years, with upside potential if additional U.S. CPU customers and a Chinese customer adopt the technology.
Conclusion
Citi maintains a positive view on pricing trends and expects continued strength in the memory market driven by these technology shifts and demand dynamics.