• Memory prices have soared 80%-90% in Q1 2026 so far compared to Q4 2025, with DRAM, NAND and HBM all hitting record-breaking highs.

• To mitigate cost pressures, OEMs are reducing memory content per device or prioritizing premium lineups equipped with LPDDR5, where price pressure is relatively manageable.

• Conventional DRAM margins surpassed HBM in Q4 2025, while manufacturer operating margins are expected to hit historic peaks with record-breaking earnings in Q1 2026.

Seoul, Beijing, Berlin, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, Taipei, Tokyo – Feb 5, 2026

Memory prices have risen by 80%-90% QoQ in Q1 2026 so far, according to the February issue of Counterpoint’s Memory Price Tracker, marking an unprecedented and record-breaking surge. The primary driver of this rise is the sharp price increase in general-purpose server DRAM. Furthermore, NAND, which was relatively quiet in Q4, is also seeing a parallel jump of 80%-90% in the first quarter. Combined with the rising prices of some HBM3e products, the market is witnessing a full-throttle upward trend across all segments.

In server-grade memory, for instance, the price of 64GB RDIMM has surged from a fixed contract price of $450 in the fourth quarter to over $900 in the first quarter, and it appears likely to surpass the $1,000 mark in the second quarter.

Price Trends for PC and Server Memory, Q2 2025 - Q2 2026E

Source: Counterpoint Research Memory Price Tracker

Senior Analyst Jeongku Choi emphasized, “For device manufacturers, this is a double whammy – rising component costs and weakened consumer purchasing power will likely slow the demand as the quarter progresses. This calls for OEMs to change procurement patterns or focus on premium models to justify the higher price by delivering more value to consumers.”

Smartphone manufacturers are reducing the DRAM content or substituting TLC SSDs with more cost-effective QLC alternatives. Simultaneously, there is a clear trend of declining orders for LPDDR4, which is currently in short supply, and increasing orders for LPDDR5, supported by the rollout of new entry-level chipsets that are compatible with the latest DRAM standard.

Choi further noted, “The memory profitability is expected to reach unprecedented levels. DRAM operating margins have already reached the 60% range in Q4 2025, marking the first time margins for general-purpose DRAM have surpassed those of HBM. The first quarter of 2026 is set to be the period where DRAM margins exceed their historical peaks for the first time. Having said that, this will either set a new normal or a very high bar which looks solid now but could make the next down cycle (if there is one) look uglier.”

About Counterpoint Research

Counterpoint Research is a global market research firm specializing in products across the technology ecosystem. We advise a diverse range of clients – from smartphone OEMs to chipmakers and channel players to Big Tech – through our offices located in the world's major innovation hubs, manufacturing clusters and commercial centers. Our analyst team, led by seasoned experts, engages with stakeholders across the enterprise – from the C-suite to professionals in strategy, analyst relations (AR), market intelligence (MI), business intelligence (BI), product and marketing – to deliver services spanning market data, industry thought leadership and consulting. Our core areas of coverage include AI, Automotive, Consumer Electronics, Displays, eSIM, IoT, Location Platforms, Macroeconomics, Manufacturing, Networks and Infrastructure, Semiconductors, Smartphones and Wearables. Visit our Insights page to explore our publicly available market data, insights and thought leadership, and to understand our focus, meet our analysts and start a conversation.

Follow Counterpoint Research

Twitter
LinkedIn

Author