📊 𝐈𝐍𝐕𝐄𝐒𝐓𝐎𝐑 𝐍𝐎𝐓𝐄: UBS, Bernstein See Memory Prices Rising as AI Demand Accelerates - $Micron Tech(MU.US) $Sandisk(SNDK.US) $Western Digital(WDC.US) $Seagate Tech(STX.US) $SK Hynix(SKHY.US)

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ Global memory sales reached a record 𝐔𝐒$𝟕𝟒.𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧, up 𝟑𝟏.𝟕% MoM.

➤ 𝐃𝐑𝐀𝐌 sales hit a record 𝐔𝐒$𝟒𝟖.𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧, rising 𝟐𝟕.𝟕% MoM.

➤ 𝐍𝐀𝐍𝐃 sales surged to a record 𝐔𝐒$𝟐𝟓.𝟖 𝐛𝐢𝐥𝐥𝐢𝐨𝐧, up 𝟒𝟎.𝟕% MoM.

➤ UBS forecasts 𝐃𝐃𝐑 contract prices to rise 𝟑𝟐% in Q3 and 𝟏𝟖% in Q4 2026.

➤ UBS expects 𝐍𝐀𝐍𝐃 contract prices to increase 𝟑𝟎% in Q3 and 𝟏𝟐% in Q4.

➤ UBS projects 𝐇𝐁𝐌 demand to grow 𝟗𝟎% in 2026 and 𝟕𝟕% in 2027.

➤ UBS sees the 𝐃𝐑𝐀𝐌 market remaining structurally undersupplied through at least Q2 2028.

➤ Bernstein expects memory price gains to 𝐬𝐥𝐨𝐰 in Q3 2026 despite near-term strength.

➤ Major beneficiaries include 𝐌𝐢𝐜𝐫𝐨𝐧, 𝐒𝐚𝐦𝐬𝐮𝐧𝐠, 𝐒𝐊 𝐇𝐲𝐧𝐢𝐱, and 𝐒𝐚𝐧𝐃𝐢𝐬𝐤.

👉 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬:

➤ Higher memory prices could boost 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 and margins for leading chipmakers.

➤ Sustained 𝐀𝐈 infrastructure spending is driving the current memory upcycle.

➤ Upcoming 𝐋𝐓𝐀 negotiations may determine the strength and duration of price gains.

👉 𝐄𝐱𝐩𝐞𝐫𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭:

➤ "Our July Memory Monthly suggests that the memory upcycle is strengthening further amid accelerating AI-driven demand and ongoing LTA negotiations." — 𝐔𝐁𝐒.

➤ "We still believe demand destruction in consumer segment will eventually happen and the pace of the price increase should narrow notably into 3QCY26." — 𝐁𝐞𝐫𝐧𝐬𝐭𝐞𝐢𝐧.

➤ "LTAs can reduce the impact of a correction, and we expect more clarity on these LTAs as more are signed." — 𝐁𝐞𝐫𝐧𝐬𝐭𝐞𝐢𝐧.

➤ "Customer affordability and sustainability of AI-related capital expenditure are still the key risks to this unprecedented upcycle." — 𝐔𝐁𝐒.