BofA: Memory
DRAM Pricing Trends > Record Highs: DRAM spot and contract prices climbed to record highs of approximately US$35–40 following a strong rally in 4Q25 and 1Q26.> Growth Trajectory: After the sharp surge, prices are exhibiting moderate growth moving into 2Q26.> Spot vs. Contract: Both 16Gb DDR5 spot and contract prices remained relatively flat between 1Q23 and 3Q25 before experiencing a steep vertical breakout starting in late 2025.NAND Wafer Pricing Trends > Record-High Levels: Both 512Gb wafer spot and contract prices are currently at record-high levels.> Contract vs. Spot Dynamics: NAND wafer contract prices have surged significantly ahead of spot prices during the recent upswing.> Historical Baseline: Prices hovered stably between US$2 and US$5 from early 2023 through late 2025 before skyrocketing sharply into mid-2026.DDR4 vs. DDR5 Contract Price Comparison> Disappearance of Price Premium: DDR4 and 16Gb DDR5 contract prices have converged at similar levels (US$35–50 by mid-2026); the traditional DDR5 price premium no longer exists.> Driver of Convergence: The collapse of the price gap is driven primarily by an acute DDR4 shortage.Timeline: Both technologies tracked closely below US$10 until mid-2025, after which they escalated rapidly through July 2026.$Micron Tech(MU.US) $EWY $DRAM
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