If gold is traditionally seen as a safe-haven asset, then from the second half of 2025 to early 2026, the global market has witnessed unassuming memory modules significantly outperforming gold in price gains. Industry insiders reveal that "memory prices are changing almost daily." For example, the price of a single 256GB DDR5 server memory module has exceeded ¥40,000, and purchasing a box of 100 modules costs up to ¥4 million, "surpassing the value of many properties in Shanghai." Market monitoring data from Shenzhen's Huaqiangbei shows that DDR4 memory and solid-state drive prices have doubled, with some products even experiencing "daily price adjustments." Industry experts note that the global DRAM market is undergoing the "strongest" price hike cycle in history, with most categories seeing increases of over 100% since July 2025, while DDR4 and DDR5 prices have surged by 2–3 times within the year.
This round of price surge is primarily driven by the dual forces of the AI boom and supply contraction. AI servers require 8–10 times more storage capacity than ordinary servers, already accounting for 53% of global monthly production capacity. Meanwhile, the three major memory giants-Samsung, SK Hynix, and Micron-are accelerating the shift of production capacity toward high-end products such as HBM and DDR5. In the fourth quarter of 2025, Micron's resumption of quotations led to a general price increase of about 20%, Samsung raised contract prices for mobile DRAM products by 15%–30%, and SK Hynix increased contract prices for DRAM and NAND Flash by up to 30%. The three manufacturers have explicitly halted capital investment in DDR4 and plan to significantly reduce the proportion of DDR4 production capacity between 2025 and 2026.
The price increase has already spilled over into the consumer electronics sector, triggering structural adjustments in the industry. According to data from research firm Counterpoint, memory costs now account for over 10% of the material cost of the iPhone 17 Pro Max, a significant increase compared to 2020. Smartphone manufacturers are implementing disguised price hikes by reducing base configurations (e.g., downgrading from 16GB to 12GB) or cutting back on discounts. The personal computer market is adopting hybrid storage configurations such as "SSD + HDD," while prices for some new tablet models have noticeably risen. Industry insiders predict that rising storage costs may impact global smartphone shipments in 2026, signaling the end of the era where consumers enjoyed "more for the same price."