“电子茅台”价格暴涨快过黄金，行业大佬：30多年来第一次

Core Viewpoint - The storage sector in the U.S. stock market has experienced significant gains, with companies like Seagate Technology, Western Digital, SanDisk, and Micron Technology seeing substantial increases in their stock prices over the past two months, driven by a dramatic rise in memory prices [1][2]. Price Trends - Recent reports indicate that memory prices have surged dramatically, with some memory modules doubling in price within a month in Hangzhou, China [2][3]. - TrendForce data shows that DRAM prices increased by 171.8% year-over-year in Q3 2025, while the price of gold rose only 115% during the same period [3]. Market Dynamics - The AI-driven shift in production capacity has led to a structural imbalance in product supply, contributing to the current price increases [5]. - Major manufacturers are reallocating production towards high-bandwidth memory (HBM) chips, which are expected to see revenue nearly double by 2025, while the HBM market is projected to grow at a compound annual growth rate of 33% until 2030 [5]. Supply Chain and Production Adjustments - Companies like Samsung and SK Hynix are transitioning from low-end DRAM production to higher-margin products like DDR5 and HBM, which has reduced the supply of DDR4 memory and created a supply-demand imbalance [5][6]. - The market has seen a significant increase in demand for older generation products, leading to a scarcity in the supply of DRAM [6]. Profitability and Financial Outlook - Storage chip manufacturers are experiencing substantial profitability, with estimates suggesting that non-HBM memory chip profitability may surpass that of HBM if current trends continue [7]. - Micron Technology has forecasted healthy profit margins for both HBM and non-HBM businesses through 2026 [7]. Consumer Impact - The rising prices of storage chips are exerting additional cost pressures on consumer electronics and server manufacturers, leading some companies to pass these costs onto consumers [8]. - Companies like Raspberry Pi and Xiaomi have already announced price increases due to the rising costs of memory components [8]. Industry Sentiment - The chairman of ADATA, a major storage module manufacturer, has noted that the current situation of widespread shortages and price increases in DRAM, NAND flash, SSDs, and hard drives is unprecedented in his thirty years in the industry [10]. - There is an optimistic outlook for the storage industry, with predictions of a significant market upturn beginning in Q4 [10].