Recent Memory Market Review: Elevated Prices and a More Structural Shortage

The recent memory cycle is best described as elevated pricing with widening product-level divergence. On the DRAM side, DDR5 and server-related demand remain supportive, while DDR4 continues to benefit from production exits, customer restocking and constrained supply. On the NAND side, enterprise SSD demand remains the key support, although selected wafer prices are now moving into a high-level consolidation phase.