Micron Technology(US:MU) Sou Hu Cai Jing·2026-01-12 15:14Core Insights - The price of common 32GB memory modules has surged from under 800 yuan to over 2200 yuan, nearly tripling in a year, while 256GB DDR5 modules have exceeded 40,000 yuan, with some high-frequency models surpassing 60,000 yuan, making memory modules comparable to gold in value [2][4] Group 1: Price Trends - The global memory price is projected to increase by 171.8% year-on-year by Q3 2025, while gold prices have only risen by 110% during the same period [6] - The price of a box of 100 memory modules has exceeded 4 million yuan, comparable to the cost of a decent apartment in Shanghai [4] Group 2: Supply and Demand Dynamics - The surge in memory prices is primarily due to a severe imbalance between supply and demand, driven by explosive growth in the AI industry, where AI servers require up to 8 times more memory than standard servers [11] - Major manufacturers like Samsung, Micron, and SK Hynix have shifted production resources towards high-end, high-margin products, reducing the supply of consumer-grade memory [11] Group 3: Impact on Manufacturers - Memory manufacturers are benefiting significantly from the price surge, with Samsung achieving record highs in storage business revenue by Q3 2025, and Micron reporting a 57% year-on-year revenue increase in Q1 2026 [11] - SK Hynix also reported substantial revenue and profit growth of 39% and 62%, respectively [11] Group 4: Impact on Downstream Manufacturers - The rising memory costs, which account for 10% to 20% of the hardware costs in mainstream smartphones and computers, are forcing manufacturers to increase the prices of their end products [12] - For instance, Xiaomi's latest model, the Xiaomi 17 Ultra, has a starting price of 6999 yuan, reflecting a 500 yuan increase from the previous model [12] Group 5: Market Control and Future Outlook - The global storage market is dominated by South Korean, American, and Japanese companies, with Samsung, SK Hynix, and Micron holding over 93% of the consumer-grade DRAM market and nearly 99% of the HBM memory market [13] - Chinese manufacturers like Changxin Storage and Yangtze Memory Technologies are facing challenges in securing stable supply despite making progress in domestic equipment production, which has reached a 45% localization rate [15]