UBS is revising its memory pricing outlook sharply higher for 2H26


DDR contract pricing is now expected to rise
- +32% QoQ in 3Q26
- +18% QoQ in 4Q26
Up from prior forecasts of +17% and +12%
NAND is also expected to remain strong, with pricing forecast at
- +30% QoQ in 3Q26
- +12% QoQ in 4Q26
UBS expects DRAM to stay undersupplied until at least 2028, with 2027 demand growth of +36.2% YoY still above supply growth of +19.3% YoY
The main risk is affordability, as UBS now forecasts memory industry revenue of $392B in 2026 and $513B in 2027, meaning hyperscalers will need continued access to capital markets to fund this capex cycle
DRAM-0.06%
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