According to ChainCatcher citing Meritz Securities, memory chipmakers’ orders for 2027–2028 far exceed their production capacity. Meritz said the supply-to-order ratio has stayed at 80%–85% this year, driving sharp price increases, and may fall to about 80% in 2027 as the supply-demand gap widens. Even if Democratic gains in the U.S. midterm elections delay or alter some data center projects, Meritz said, that is unlikely to ease the overall shortage. During his recent visit to South Korea, OpenAI CEO Sam Altman asked SK hynix and Samsung Electronics for customized memory products, including HBM, for 2027–2030, with demand exceeding the companies’ available capacity. Community user Teng Yan added that Samsung said during an October 29 call with Meritz that 10 major customers had signed multiyear supply agreements, with a similar number in negotiations. Memory demand is also expanding beyond cloud giants and AI server makers, limiting the impact of slower U.S. data center approvals.
