DRAM，创下历史新高

Core Insights - Memory prices have increased by 80% to 90% in 2026 compared to Q4 2025, with DRAM, NAND, and HBM prices reaching record highs [1] - OEMs are adjusting their memory configurations and prioritizing high-end products with LPDDR5 to manage cost pressures [1] - DRAM operating profit margins reached approximately 60% in Q4 2025, surpassing HBM for the first time, with expectations for further increases in Q1 2026 [2] Group 1: Market Trends - The memory shortage is more severe than initially anticipated, driven by demand from AI-driven data centers and cloud service providers, leading to expected price increases of 90% to 95% for DRAM and 55% to 60% for NAND in Q1 2026 [3][4] - OEMs typically bulk purchase memory a year in advance, which has led to discrepancies in pricing between pre-installed systems and independent memory kits [3] - The demand for LPDDR memory is expected to rise significantly, with prices projected to increase by approximately 90%, marking the largest increase ever [4] Group 2: AI Impact - The transition from training to inference in AI infrastructure requires more DRAM and storage space, particularly for storing key-value caches during model inference [5] - The need for high-performance storage has surged due to the growth of AI inference applications, leading to increased procurement by major communication service providers [4][5] - Despite expectations for DRAM prices to peak later this year, a return to normal levels is projected to take several years, with high prices expected to persist until 2028 [5]