DRAM Pricing Momentum and Supply Tightness

KeyBanc forecasts DRAM price hikes 15-20% Q3 and 15% Q4, with NAND surging 30-40%. Server DRAM prices up 13-18% QoQ. Supply tightness expected into mid-2027. Take-or-pay contracts through 2030 and SK Hynix $38B fab timeline reinforce extended tightness. However, spot DDR5 pullback and Samsung/SK Hynix pullback signal near-term caution. DDR5 RAM prices in Germany exploded to nearly 5x July 2025 levels. 2026 FMS recap reinforced supply-demand tightness and analyst projections.