Global DRAM Q2 Market Size Hits Record High, Up 55.9% QoQ
nashnova research
The global DRAM market reached a record $147.024 billion in Q2 2026, up 55.9% quarter-on-quarter, driven by rising volumes and prices alike; but pricing momentum is narrowing each quarter, making the sustainability of the memory upcycle the key question for H2.
How big is a $147 billion quarter, really?
According to CFM Flash Market data, global DRAM revenue hit $147.024 billion in Q2, a 55.9% quarter-on-quarter increase and an all-time single-quarter record.
This means → one quarter of DRAM sales now rivals the entire annual semiconductor output of many mid-sized economies.
The core driver is volume and price rising together — shipments grew, unit prices climbed, and the two compounded into a record total.
Who is spending, and on what?
Major DRAM makers — Samsung, SK Hynix, Micron — ramped up shipments of server DRAM and HBM (High Bandwidth Memory, a high-speed memory built specifically to feed AI processors) in response to surging server demand.
In plain terms = AI training and inference devour high-speed memory; server buyers are competing for supply, and manufacturers are tilting capacity toward these high-value products.
This reflects a structural shift: the DRAM growth engine has moved from smartphones and PCs to AI-driven data-center demand.
Are prices accelerating or slowing down?
Q2 average selling prices (ASP) for server and PC DRAM rose 40%–50% quarter-on-quarter — still steep, but below Q1's near-doubling pace.
This means → prices are still climbing, but the rate of increase has clearly decelerated — from "doubled" to "up roughly half."
Despite the narrower gains, the favorable pricing environment still drove a sharp quarter-on-quarter jump in total manufacturer revenue.
Can the rally continue into Q3? Where is the ceiling?
Some manufacturers and server customers have already locked in price caps through long-term agreements (LTAs), and the upside for non-LTA pricing is also narrowing each quarter.
CFM expects Q3 DRAM ASP to keep rising quarter-on-quarter, but at a further-slowing pace.
In plain terms = the price rally has not ended, but the ceiling is getting closer. LTA caps act like a leash on price gains — whether pricing momentum can hold under that leash is the key test for the memory sector's H2 outlook.
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