Citrini Research semiconductor analyst Jukan has shifted to a positive stance on
DRAM after issuing a bearish report on July 3. He says DRAM fundamentals are
solid: US hyperscalers’ DRAM inventories are already low with further drawdown
potential. Citrini expects DRAM blended contract prices to rise about 10% QoQ in
2026 Q4 (after high-double-digit QoQ gains in Q3). NAND fundamentals are weaker;
despite high-double-digit QoQ price gains in 2026 Q3, soft smartphone demand and
Elevated inventories should cut Q4 gains to low-single-digit QoQ.
