Price rally lifts 4Q25 DRAM revenue 29.4% QoQ

TrendForce attributes the price rally to the continued expansion of AI applications from large language model (LLM) training to inference, prompting cloud service providers (CSPs) to broaden data centre deployments beyond AI-optimised servers to include general-purpose systems.

This shift has widened memory procurement beyond HBM3e, LPDDR5X and high-capacity RDIMMs to RDIMMs across multiple densities. Aggressive additional orders tightened supply conditions, resulting in a sharp rise in conventional DRAM contract prices.

TrendForce reports that conventional DRAM contract prices climbed 45–50% QoQ in 4Q25. Blended contract prices, combining conventional DRAM and HBM, rose 50–55% over the same period, marking an accelerated upturn across product categories.

Supply constraints strengthen pricing power

Across segments, buyers faced mounting difficulties in securing sufficient supply amid a widening supply-demand gap, significantly strengthening suppliers’ pricing leverage.

Looking ahead to the first quarter of 2026, TrendForce expects seasonal weakness in consumer demand to limit bit shipment growth, potentially flattening sequential revenue growth for suppliers. However, with CSPs prioritising supply security and accepting higher procurement prices, other application segments are likely to follow to maintain allocation.

The researchers forecast further acceleration in contract price increases in 1Q26. Conventional DRAM prices are projected to surge 90–95% QoQ, while blended conventional DRAM and HBM pricing is expected to rise 80–85% sequentially.

Samsung regains pole position

South Korea's Samsung Electronics posted 4Q25 DRAM revenue of USD 19.30 billion, up 43% QoQ. Its market share increased by 3.4 percentage points to 36%, allowing the company to reclaim the top position globally.

Average selling prices (ASPs) rose by approximately 40% sequentially – The strongest increase among the top three suppliers – while bit shipments grew in the low single-digit percentage range, supported by expansion in its HBM business and in line with company guidance.

SK hynix ranked second with revenue of USD 17.22 billion, up 25.2% QoQ. Its market share slipped 1.1 percentage points to 32.1%. ASPs increased in the mid-20% range, reflecting a higher HBM revenue contribution, where contract price volatility is comparatively lower. Bit shipments rose in the low single-digit range, consistent with guidance.

Micron Technology maintained third place, reporting revenue of USD 11.98 billion, up 12.4% QoQ. Market share declined 3.3 percentage points to 22.4%. ASPs increased approximately 17% QoQ – the lowest among the top three companies – while bit shipments fell about 4% sequentially. TrendForce noted that earlier contract price negotiations compared with Korean peers resulted in comparatively lower realised pricing levels.

Taiwan suppliers sustain momentum

Taiwan-based DRAM suppliers extended their growth momentum from 2Q25, with most reporting sequential revenue gains exceeding 30% in 4Q25. These companies primarily focus on mature-node products, addressing supply gaps created as leading vendors shift production capacity to advanced nodes.