AI资本开支推升存储价格，DRAM季度涨幅或达32%

The AI capex cycle is now pushing memory into a much more aggressive pricing upcycle than expected.

UBS now expects DRAM prices to rise 32% quarter-over-quarter in Q3 and 18% in Q4, while NAND prices are expected to rise 30% in Q3 and 12% in Q4.

AI infrastructure is eating memory supply faster than the industry can add it. High Bandwidth Memory, DRAM, and NAND are all getting pulled into the same demand wave. UBS also sees the DRAM market staying undersupplied until at least 2028, because demand growth in 2027 is expected to be far above supply growth.