Has the unprecedented semiconductor memory bubble arrived?

The price of semiconductor memory DRAM has further increased. The bulk transaction price for benchmark products in November to December 2025 has risen by 40% compared to the price agreed upon in the previous round of negotiations in September. Global large enterprises prioritize supplying AI servers for data centers, leading to a shortage of benchmark products for personal computers (PC) and other consumer sectors. Demand-side parties find it difficult to secure the required quantities.

DRAM is installed in devices such as PCs, smartphones, and servers in data centers for temporary data storage. Bulk transaction prices are negotiated monthly or quarterly between memory manufacturers as sellers and device manufacturers and module makers as buyers.

Due to supply shortages, a rare situation arose in October 2025 where bulk transaction prices could not be established. Although prices were determined for November to December, there were reports of “unable to procure the desired quantities” (executive of an electronics trading company). It has also been pointed out that DDR5 and the previous generation DDR3 products increased by 40% to 200% and 200% to 400%, respectively, in October to December 2025 compared to the previous quarter. A representative from another trading company stated, “An unprecedented semiconductor memory bubble has emerged, affecting products beyond benchmark items.”

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