Memory Makers Capture AI Supercycle Profits

TrendForce projects that memory makers will capture the largest profits from the AI supercycle, driven by surging DRAM and 3D NAND prices in 2024–2026. Spot DRAM prices rose from about $4.75 per 16 Gb DDR5 chip a year ago to an average $38 (daily high $53), and TrendForce forecasts memory revenue growth of 80% in 2024, 46% in 2025, and 134% in 2026. This shifts industry margins toward commodity memory vendors.