Bernstein: The storage bull market can last until 2027, the period of rapid price increases has ended.

Golden Finance reported that Wall Street investment bank Bernstein released its monthly storage industry report, indicating that the current storage bull market is expected to last until 2027, but the phase of rapid price surges has passed. Data shows that the average price of DRAM in the second quarter surged 74% quarter-on-quarter, with strong support from server and mobile demand. Server DRAM and Mobile DRAM rose over 60% and nearly 80%, respectively. On the spot market, server DDR5 supply and demand are tight. Institutions predict that DRAM price increases in the third quarter will slow to 13%-18%, and weak demand for consumer electronics may gradually suppress the market.

The NAND market shows divergence, with wafer spot prices weakening, but price increases for mobile phones and SSDs drove overall contract prices up by 60%. AI cloud vendors locking in long-term orders is the core variable of the cycle. The investment bank maintains positive ratings on Samsung, SK Hynix, Micron, and SanDisk, while cautiously viewing Kioxia. From the second half of 2027 to 2028, as production capacity is released and long-term orders are fulfilled, storage prices will gradually return to normal.