DRAM Spot Prices Dip for First Time in Six Months Amid Cost Concerns

DRAM spot prices declined last week for the first time since September 2025, ending a 4–5 month rally and signaling emerging cost pressures in end markets, according to a Bank of America report dated February 2, 2026. The bank cautions this is not yet evidence of a sector reversal but reflects OEMs’ struggle to absorb elevated memory costs. OEMs report DRAM now exceeds the typical 10% cost threshold in low-end PCs, smartphones, and tablets. While spot prices have surged, contract prices remain at $10–20 per GB—well below spot levels—suggesting potential normalization ahead. Module makers indicate renewed buying interest if DDR4/DDR5 prices fall to $20–30. Despite near-term noise, BofA raised its 2026 DRAM and NAND average selling price (ASP) forecasts by over 20%, citing strong AI server demand and HBM4 ramp-up by Samsung. Global DRAM revenue is projected to jump 95% year-over-year to $262 billion in 2026, with NAND up 82% to $147 billion. NAND spot prices rose another 5–6% this week due to lingering supply tightness from 2025’s production cuts.