Zhong Guo Neng Yuan Wang·2026-01-07 00:29Core Viewpoint - The storage sector in the U.S. stock market experienced significant gains, driven by expectations of rising DRAM prices due to supply shortages and increased demand from AI infrastructure [4][6]. Group 1: Market Performance - SanDisk surged by 27.56%, marking its largest daily increase in ten months, while Micron Technology rose over 10%, reaching a historical high [4]. - Seagate Technology and Western Digital also saw substantial gains, with increases of 14% and over 16%, respectively [4]. Group 2: Price Increases and Demand - Samsung and SK Hynix have proposed price increases of 60%-70% for DRAM used in servers, PCs, and smartphones for Q1 2023 compared to Q4 2022 [5]. - The semiconductor industry anticipates that clients will accept these price hikes due to the inability of Samsung and SK to quickly ramp up production [5]. - Major clients are willing to absorb the costs associated with AI infrastructure, prioritizing profitability from AI over resisting DRAM price increases [5]. Group 3: Supply Constraints - The focus of memory manufacturers on producing HBM3E has led to a backlog in server DRAM production, widening the supply-demand gap [6][7]. - Companies like Google and Microsoft are expanding their AI service offerings, driving a surge in demand for general-purpose server DRAM [7]. - The trend of rising storage prices is expected to continue through 2026, with predictions of a 144% year-on-year increase in average selling prices for server DRAM [7]. Group 4: Financial Projections - Citigroup forecasts Samsung's operating profit to reach 155 trillion KRW, a 253% increase from the previous year, while Morgan Stanley predicts SK Hynix's operating profit to rise by 224% to 148 trillion KRW [7]. - Analysts expect that the supply shortage of memory chips will persist into 2026, benefiting companies like Micron Technology [7]. Group 5: Market Sentiment - The global DRAM market is undergoing a significant price surge, with many categories experiencing price increases exceeding 100% since July 2025 [8]. - The price of DDR4 and DDR5 memory has increased by 2-3 times within the year, with a single 256G DDR5 server memory module exceeding 40,000 yuan [8].