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#BernsteinSaysMemoryBullMarketToLastUntil2027
The Memory Bull Market Isn't Over—Bernstein Expects It to Continue Until 2027
Many investors believe the explosive rally in memory chips is nearing its end. Bernstein sees it differently.
According to Bernstein's latest storage industry report, the memory bull market is expected to remain intact until 2027. While the period of explosive price increases is fading, the broader upcycle is still supported by one powerful force: AI infrastructure demand.
The numbers from Q2 were exceptional. DRAM prices surged 74% quarter-over-quarter, with Server DRAM and Mobile DRAM both posting gains of more than 60%, reflecting strong demand from AI servers and high-performance computing. However, Bernstein expects the pace to normalize in Q3, with DRAM prices rising a more sustainable 13%–18% as consumer electronics demand continues to soften.
The NAND market tells a different story. Wafer prices are beginning to soften, but mobile and SSD contract prices have climbed around 60%, showing that enterprise and AI-related demand remains resilient even as parts of the consumer market slow.
The biggest reason Bernstein remains bullish is the growing wave of long-term orders from major AI cloud providers. As companies continue expanding AI data centers, demand for high-performance memory is expected to stay strong, supporting the industry's earnings cycle well beyond the current year.
Bernstein continues to rate Samsung, SK Hynix, Micron, and SanDisk positively, while remaining more cautious on Kioxia, highlighting how AI demand is likely to create winners and losers within the memory sector.
The next phase of this cycle may not deliver the explosive gains seen earlier this year, but if Bernstein is right, investors could still be looking at one of the longest and strongest AI-driven memory cycles in recent history.
Do you think AI demand will keep the memory supercycle alive through 2027, or will slowing consumer demand eventually outweigh the AI boom?
The Memory Bull Market Isn't Over—Bernstein Expects It to Continue Until 2027
Many investors believe the explosive rally in memory chips is nearing its end. Bernstein sees it differently.
According to Bernstein's latest storage industry report, the memory bull market is expected to remain intact until 2027. While the period of explosive price increases is fading, the broader upcycle is still supported by one powerful force: AI infrastructure demand.
The numbers from Q2 were exceptional. DRAM prices surged 74% quarter-over-quarter, with Server DRAM and Mobile DRAM both posting gains of more than 60%, reflecting strong demand from AI servers and high-performance computing. However, Bernstein expects the pace to normalize in Q3, with DRAM prices rising a more sustainable 13%–18% as consumer electronics demand continues to soften.
The NAND market tells a different story. Wafer prices are beginning to soften, but mobile and SSD contract prices have climbed around 60%, showing that enterprise and AI-related demand remains resilient even as parts of the consumer market slow.
The biggest reason Bernstein remains bullish is the growing wave of long-term orders from major AI cloud providers. As companies continue expanding AI data centers, demand for high-performance memory is expected to stay strong, supporting the industry's earnings cycle well beyond the current year.
Bernstein continues to rate Samsung, SK Hynix, Micron, and SanDisk positively, while remaining more cautious on Kioxia, highlighting how AI demand is likely to create winners and losers within the memory sector.
The next phase of this cycle may not deliver the explosive gains seen earlier this year, but if Bernstein is right, investors could still be looking at one of the longest and strongest AI-driven memory cycles in recent history.
Do you think AI demand will keep the memory supercycle alive through 2027, or will slowing consumer demand eventually outweigh the AI boom?