1. Bank of America has raised its long-term forecast, believing the DRAM+NAND market size could reach $2 trillion by 2030. The logic is that annualized sales have already exceeded $1 trillion, with ASPs expected to increase 3-4 times year-on-year and shipments increasing by 20%+ by 2026. Given global supply constraints and strong demand for AI chips, high prices are expected to persist until 2030. The increasing proportion of advanced AI storage such as HBM, SOCAMM, and eSSDs will drive a CAGR of approximately 21% for DRAM+NAND sales from 2027-30.
2. Regarding pricing, Bank of America states that DRAM ASPs will be better in the second half of this year and the first half of next year, while NAND is also showing upward trends. In Q3, DRAM ASPs for most products increased by 20-30% quarter-on-quarter, while NAND increased by 15%+, with at least single-digit increases expected in Q4. Hyperscale cloud vendors have agreed that DRAM ASPs in H1 2027 will be higher than in Q4 2026. (Bank of America report, September 19)
