DRAM要搞长期合约了

Core Viewpoint - The article discusses the increasing demand for DRAM due to the expansion of AI investments, leading to a shift from short-term contracts to long-term supply agreements, with expectations of price increases until 2026 [1][2]. Group 1: Market Dynamics - The shortage of DRAM is exacerbated by the growing need for AI infrastructure, with companies like OpenAI and Meta announcing multi-billion dollar investments [2]. - The demand for general-purpose DRAM has surged, driven by the establishment of data centers for AI development by major companies and governments [2]. - The DRAM market is transitioning to long-term contracts, with companies willing to pay above-market prices to secure supply for six months or longer [2][3]. Group 2: Supply Chain and Inventory - Major suppliers like Samsung Electronics and SK Hynix are negotiating semi-annual contracts for DRAM supply, with inventory levels rapidly decreasing [3]. - As of Q3 2025, Samsung's semiconductor inventory decreased by 14.6% to 3.404 trillion Korean Won, while SK Hynix's inventory fell by 368.9 billion Korean Won [3]. - The supply negotiations have extended to 2027, with SK Hynix completing all 2026 contracts and moving into 2027 discussions [3]. Group 3: Profitability and Market Outlook - The shift to long-term contracts is expected to enhance profitability for manufacturers like Samsung and SK Hynix, as it allows for better production planning and cost management [4]. - The current market environment is likened to a transition from frequent short-term transactions to long-term strategic partnerships, with buyers willing to pay premiums to ensure supply [5]. - The "super cycle" for DRAM manufacturers is anticipated to last at least until 2027, driven by sustained demand and higher contract prices [4].