Memory Prices to Surge Through 2026, with Relief Expected Only by 2028

Jefferies Equity Research warns memory prices for DRAM/NAND are set to rise through 2026 due to persistent shortages and limited new capacity, forecasting a 40–50% price jump in Q3 2026 and a further 30–40% in Q4, with 2027 YoY increases of 40–45% and only modest relief by 2028 as 15–20% more supply comes online. Long-term contracts with hyperscalers are tightening near-term supply, and Chinese memory firms are not expected to disrupt markets in 2026–27, though expansions could shift the landscape by 2028.