KeyBanc sees continued sharp gains in DRAM, NAND, and HBM pricing
firstadopter · x · 2026-07-20
KeyBanc says memory pricing is still rising sharply:
- DRAM is expected to rise another 15–20% QoQ in 3Q26 after a 45–55% QoQ jump in 2Q26.
- NAND is expected to rise 30–40% QoQ in 3Q26 after 75% QoQ growth in 2Q26.
- HBM pricing is expected to reset in 2027, with HBM4 up 100% YoY and HBM3E up 150% YoY.
The note also says HBM is currently dilutive to commodity DRAM gross margins because it was negotiated in 2025, but the 2027 reset should make it neutral or accretive.
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