Morgan Stanley says DRAM prices are up over 600% YoY and likely near 700% in Q3; to widen the YoY gain in Q4, prices would need to rise roughly 70% QoQ. While DRAM supply-demand has not materially changed, price momentum appears to be approaching a peak, and Morgan Stanley expects the DRAM cycle to move into a late phase in Q4 2026. That transition could weigh on sentiment for semiconductor-equipment stocks with high memory exposure, though AI-driven structural demand may offer some support (Mor

Morgan Stanley says DRAM prices are up over 600% YoY and likely near 700% in Q3; to widen the YoY gain in Q4, prices would need to rise roughly 70% QoQ. While DRAM supply-demand has not materially changed, price momentum appears to be approaching a peak, and Morgan Stanley expects the DRAM cycle to move into a late phase in Q4 2026. That transition could weigh on sentiment for semiconductor-equipment stocks with high memory exposure, though AI-driven structural demand may offer some support (Morgan Stanley, Sept. 8).