Memory prices have risen by 80-90 per cent quarter on quarter in Q1 2026 so far, according to number crunchers working for Counterpoint.
In the February issue of its Memory Price Tracker, Counterpoint highlights an unprecedented, record-breaking surge. The main culprit is a sharp price jump in general-purpose server DRAM, with NAND also leaping by 80-90 per cent after a quieter Q4.
With some HBM3e products getting pricier, the market is now on a full-throttle upward run across pretty much every segment.
In server-grade kit, the price of a 64GB RDIMM has surged from a fixed contract price of $450 in Q4 to more than $900 in Q1, and it looks likely to smash past $1,000 in Q2.
Counterpoint Research, senior analyst Jeongku Choi said: “For device manufacturers, this is a double whammy with 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 makers are responding by trimming DRAM content or swapping TLC SSDs for cheaper QLC alternatives, because nobody wants to eat these cost increases. There is also a clear slide in LPDDR4 orders, which is currently in short supply, and a shift towards LPDDR5 as new entry-level chipsets support the newer standard.
Choi added: “The memory profitability is expected to reach unprecedented levels. DRAM operating margins have already reached the 60 per cent 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, Choi said.
