Summary of Global Memory Market Analysis Industry Overview - The analysis focuses on the **memory market**, specifically **DRAM** and **NAND** segments, highlighting significant price increases in January 2026 compared to previous quarters [1][2][3][4][5][6]. Key Insights on DRAM Prices - **DRAM Contract Prices**: - January 2026 contract prices surged by **86%** compared to 4QCY25, with a **50%+** month-over-month increase [2][3][6]. - Specific increases included **98%** for PC DRAM, **90%** for Server DRAM, **89%** for Mobile DRAM, and **60%** for Consumer DRAM [3]. - The demand from Cloud Service Providers (CSP) is a primary driver, while PC and smartphone demand is expected to weaken later in 2026 [3][6]. - **Spot Prices**: - PC DRAM spot prices increased by **27%** month-over-month in January for both DDR4 and DDR5, with Server DDR5 experiencing a **110%** spike [2][3][6]. - The overall trend indicates a robust demand despite potential future contractions in PC and smartphone markets [3][6]. Key Insights on NAND Prices - **NAND Contract Prices**: - January 2026 contracts indicated a **74%** quarter-over-quarter increase for 1QCY26 [4][20]. - The average NAND wafer contract price rose by approximately **30%** month-over-month and **75%** compared to 4QCY25 [5][20]. - Mobile NAND prices are expected to rise by **60%** quarter-over-quarter in 1QCY26 due to supply shortages [5][20]. - **Spot Prices**: - NAND wafer spot prices increased by **17-25%** month-over-month, indicating strong demand despite some hesitance from module customers [4][22]. Investment Ratings and Price Targets - **Samsung Electronics**: Rated **Outperform** with a price target of **KRW 140,000** [8]. - **SK hynix**: Rated **Outperform** with a price target of **KRW 750,000** [9]. - **Micron**: Rated **Outperform** with a price target of **US$ 330.00** [10]. - **KIOXIA**: Rated **Underperform** with a price target of **JPY 7,000.00** [11]. - **SanDisk**: Rated **Outperform** with a price target of **US$ 1,000.00** [12]. Additional Considerations - The analysis suggests that while prices are expected to remain elevated due to CSP demand, a moderation in price increases is anticipated as PC and smartphone demand contracts significantly [6][14]. - The overall memory price trajectory is projected to level off towards the end of 2026, with potential declines starting in 2027 [6][20]. Conclusion - The memory market is experiencing unprecedented price hikes driven by strong demand from CSPs and lean inventories in the PC and mobile sectors. However, caution is advised as demand may weaken later in the year, impacting future pricing trends [6][20].

Core Viewpoint - The NAND wafer spot market has shown a general upward trend, while the overall storage finished product market remains stable this week, indicating a cooling off after a quarter of rising prices [1] Group 1: Market Trends - After nearly a quarter of rising prices, the storage spot market is gradually returning to calm [1] - Most traditional consumer DRAM finished products are stabilizing at high levels, showing little price movement [1] - The overall tone for the storage finished product market this week is primarily stable [1] Group 2: Purchasing Activity - During the early third quarter, the market inquiry activity for SSDs and embedded eMMC products is generally low [1] - There is a lack of enthusiasm for procurement inquiries across the industry [1]