Bernstein: DRAM and NAND contract prices are on the rise, expected to increase by approximately 60% quarter-on-quarter in Q2

Bernstein's latest monthly tracking report shows that DRAM and NAND contract prices continued to rise month-on-month in May, with comprehensive indicators pointing to a roughly 60% quarter-on-quarter increase in the second quarter of 2026, slightly higher than the agency's previous forecast. The report indicates that DRAM contract prices in May further increased compared to April. Weighted average data suggests that traditional DRAM contract prices in the second quarter of 2026 are expected to rise by 64% compared to the first quarter of 2026. On the NAND front, supported by mobile NAND and SSD prices, the blended average price increase in the second quarter of 2026 is estimated to be around 60%. Bernstein also stated that as the consumption-side demand destruction effect gradually becomes apparent, the pace of price increases is expected to slow significantly in the third quarter of 2026. In terms of ratings, Bernstein currently maintains an outperform rating on Samsung Electronics, SK Hynix, Micron Technology, and SanDisk, and an underperform rating on Kioxia.