Recent findings from TrendForce reveal that the expansion of AI applications from large language model training to inference has shifted the focus of cloud service providers' data center development from AI servers to general-purpose servers. This shift has further redirected memory procurement priorities from HBM3e, LPDDR5X, and high-capacity RDIMM to RDIMM modules of various capacities. Aggressive placement of additional orders has driven a significant increase in conventional DRAM contract prices, resulting in global DRAM industry revenue reaching $53.58 billion in the fourth quarter of 2025—a 29.4% rise compared to the previous quarter.
In terms of average selling price, substantial supply-demand gaps have left buyer demand largely unmet, strengthening suppliers' bargaining power and supporting a 45–50% increase in conventional DRAM contract prices. Combined contract prices for conventional DRAM and HBM also rose by 50–55%, with all product categories experiencing accelerated price growth.
Looking ahead to the first quarter of 2026, consumer applications are expected to enter a seasonal low demand period. Suppliers' bit shipment growth is projected to slow further, possibly reaching only quarter-on-quarter stability. Regarding pricing, as cloud service providers strive to secure supply and remain open to higher procurement costs, other applications will need to match price increases to ensure allocation from suppliers. This dynamic is expected to drive another significant acceleration in contract price increases for most products. Conventional DRAM contract prices are forecast to rise by 90–95%, while combined conventional DRAM and HBM prices are anticipated to increase by 80–85%.
From a supplier revenue perspective, Samsung's revenue grew to $19.30 billion, a quarterly increase of 43.0%. Its market share rebounded by 3.4 percentage points to 36.0%, returning the company to the top position. Samsung's selling price rose approximately 40% quarter-on-quarter—the highest among the top three suppliers—while bit shipments saw low single-digit percentage growth, in line with guidance, driven by HBM business.
SK hynix reported revenue of $17.22 billion, a 25.2% quarterly increase. Its market share declined by 1.1 percentage points to 32.1%, dropping it to second place. The company's selling price increased by a mid-20s percentage quarter-on-quarter—the second highest among the top three—reflecting its highest proportion of HBM revenue, which is less susceptible to contract price fluctuations. Bit shipments grew by a low single-digit percentage, meeting guidance.
Micron Technology's revenue rose to $11.98 billion, a 12.4% quarterly increase. Its market share fell by 3.3 percentage points to 22.4%, ranking third. The company's selling price increased by approximately 17% quarter-on-quarter—the lowest among the top three—while bit shipments declined by about 4%, attributed to earlier contract price negotiations that resulted in lower transaction prices compared to Korean suppliers.
Observing the performance of companies such as Nanya Technology, Winbond Electronics, and Powerchip Semiconductor Manufacturing Corp., most suppliers continued the momentum seen since the second quarter of 2025, posting quarterly revenue growth exceeding 30% in the fourth quarter. These companies primarily focus on mature process products, filling market gaps left by the top three suppliers as they transition to newer processes.
Nanya Technology's revenue increased by 54.7% quarter-on-quarter to $970 million, with shipments growing by a low-teens percentage and ASP rising by a 30s percentage. Its operating profit margin surged from 6.0% to 39.1%, reflecting substantial further increases in DDR4 and DDR3 contract prices, ongoing active inventory replenishment by major clients, and strategic shifts of 20nm and 1B process capacity from DDR3 and DDR5 to the higher-margin DDR4 product line.
Winbond Electronics reported a 33.7% quarterly revenue increase to $297 million, with shipments up by a low single-digit percentage and ASP rising by a mid-30s percentage. This performance was driven by expanded shipments of 20nm DDR4 4Gb products.
For Powerchip Semiconductor Manufacturing Corp., revenue calculations include only consumer DRAM products produced by the company and exclude DRAM foundry business. Its DRAM revenue grew by 0.6% quarter-on-quarter to $33 million. When including foundry revenue, total growth reached 5%. The company is expected to actively pursue another phase of supply expansion following its acquisition of Micron’s process technology license.
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