TrendForce Raises Memory Market Forecast to Over $1.28 Trillion by 2027 on AI Agent Demand

TrendForce sharply lifted its global memory market outlook on May 31, 2026, projecting it will exceed $1.28 trillion by 2027 as artificial intelligence shifts from model training to inference-based AI agents, creating structural demand growth. The research firm raised its 2026 estimate to $889.3 billion from $551.6 billion and its 2027 view from $842.7 billion, implying a 44% compound annual growth rate. DRAM demand is forecast at $618.7 billion in 2026, a 303% year-over-year surge, and $903.3 billion in 2027. NAND flash is seen reaching $270.6 billion in 2026 and $379.4 billion in 2027, up 281% and 40% respectively. High-bandwidth memory production continues to squeeze traditional DRAM wafer supply, extending contract price momentum through 2027 as AI agent workloads raise server CPU-to-GPU ratios and associated DRAM needs. Cloud capital expenditure is accelerating, with 2026 growth estimated at 79% and capital intensity reaching 34%, reflecting a strategic shift to large-scale AI infrastructure builds that further propels NAND demand.