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Memory contract prices reach record highs while NAND flash supply remains constrained
Thursday, February 26, 2026 at 11:07 AM
Memory and NAND flash contract prices have seen sustained increases, with DDR4 prices reaching historic highs following supply adjustments by major manufacturers. While DRAM price hikes are expected to moderate as contract negotiations for the first quarter conclude, NAND flash prices used in SSDs continue to rise due to a persistent supply-demand imbalance expected to last through the second half of the year.
Context
The memory market has entered a "Hyper-Bull" phase as Samsung Electronics and other major producers hit record contract prices in early 2026. This escalation is driven by a structural shift in production capacity toward high-margin High Bandwidth Memory (HBM) for AI data centers, which has effectively starved the supply of traditional components. DDR4 8Gb chip contract prices reached an all-time high average of $13 in February, representing a massive jump from just $1.45 in early 2025. Current estimates show PC DRAM contract prices surged between 110% and 115% quarter-over-quarter in Q1 2026.
While DRAM prices are nearing a peak, NAND flash supply remains severely constrained, with 128Gb MLC chips rising 33.91% this quarter. This marks 14 consecutive months of price hikes, with overall NAND contract prices projected to climb up to 60% in early 2026. Analysts expect this supply-demand imbalance to persist through the second half of the year, as approximately 70% of global memory output is currently diverted to AI infrastructure. Investors should anticipate sustained high costs for SSDs and consumer memory into 2027 as manufacturers prioritize AI-centric orders over traditional DIY and PC markets.
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