Toggle DRAM and NAND to read $/GB history, revenue, cycle position and the high-margin frontier symmetrically across both axes.
AStructure — 40 years of DRAM price
Long-run price per GB. Switch period and scale to explore.
Detail
DRAM price/GB (1980→2026, log) — first rebound after a 7,000× fall
USD per GB · nominal lowest retail
Period
Scale
DRAM $/GB (nominal, McCallum-derived)
From $6.6M per GB to $1.84 in 2023 — a fall of over 7,000×. The decline already bent from −36%/yr to −15%/yr after 2010, and for the first time since the 2023 bottom the direction turned up. Not the end of structural deflation, but a cycle reversal.
BWhy this cycle is different
Price shock vs past down-cycles, and inventory dried out.
Detail
Cycle shock comparison (DRAM price, %)
The past five down-cycles were price collapses of −48~−84%. This time it runs the other way — +170% off the bottom. The first cycle pointing up.
Detail
Maker inventory days (DIO) — from filings, lower is tighter
Maker inventory days have fallen from the 2023 glut peak (Micron 182, SK hynix ~200) to Micron 120 days, SK hynix ~125 and Samsung ~95 — broadly at the ~120-day norm. The glut has cleared and inventories have normalized. (Samsung is company-level, DS not split out.)
Play cycle2Q264/4
3Q254Q251Q262Q26
Hit ▶ or drag the handle — the revenue, OPM and contract-price charts unfold up to that quarter, the RAMpocalypse cycle playing out before your eyes.
1Quarterly revenue trend
Converted to KRW trillion (USD 1,480) · Micron fiscal quarter · Samsung is the DS (semiconductor) division
Detail
Samsung DSSKMicron (FQ)
Revenue scaled up vertically in one year — Samsung DS 33→82T, SK 25→53T, Micron 17→61T. The AI-memory price surge pulled all three at once.
2Quarterly operating margin
Quarterly OPM (%)
Detail
Samsung DSSKMicron (FQ)
SK 72%, Micron 81%, Samsung DS ~66% — memory repricing flows straight into margins. A structurally high-margin phase where cycle margins now exceed prior peaks.
3DRAM · NAND revenue
TrendForce quarterly revenue (USD bn)
Detail
DRAM revenue · 4Q25 → 1Q26
SamsungSKMicron
Detail
NAND revenue · 1Q26 (vendor)
DRAM scale stays Samsung > SK > Micron; 1Q26 price spikes lifted all of them. NAND ranks Samsung · SK group (+Solidigm) · Kioxia — Samsung is #1 by scale.
4Memory contract prices — the cycle driver
TrendForce contract-price QoQ change (%)
Detail
DRAMNAND
DRAM contract prices jumped +90~95% in 1Q26 (a record), then +58~63% in 2Q, while NAND accelerated +55~60% → +70~75%, overtaking DRAM for the first time this cycle. The 3Q26 outlook is DRAM +13~18% · NAND +10~15% — the rise runs a third quarter, but the slope bends. The server-DRAM increase lands mostly on non-LTA volume; multi-year LTAs cap prices for contracted U.S. CSPs.
4bSpot & Contract Prices
Spot = free TrendForce · memorymarket snapshots · Contract = %QoQ move log (not absolute levels) · $/kg = customs ASP proxy · HBM has no spot market
Chip price ($/chip·$/Gb) and module price ($/module) use different units and are not directly comparable — separated by label.
Spec-level spot history is not in free sources — we accumulate it from now on. For the long-run $/GB trend, see the [DRAM/NAND long-run price] section above.
* The customs $/kg is a Korean-3 export ASP proxy. The product taxonomy cannot decompose by spec (speed/capacity/generation), and HBM is mixed into the MCP (multi-chip IC) line — MCP≈HBM is an approximation.
Detail
HBM has no spot marketN/A
HBM is supplied entirely via contract and custom allocation, so no spot market exists. We proxy it with the customs MCP $/kg and TrendForce HBM3E contract trends.
HBM3E/HBM4 contract prices hold a premium over commodity DRAM; most 2026 volume is pre-booked.
Source. TrendForce dram_spot / flash_spot (무료 현물 스냅샷) · memorymarket.com (무료 현물 교차검증) · TrendForce 무료 보도자료 (계약가 %QoQ 이동 로그) · 관세청 품목별 무역통계 7/1~20 (한국-3사 ASP proxy)
Spot prices are free TrendForce / memorymarket snapshots entered manually (no automatic scraping). Contract data is a %-move log, not absolute levels (absolute levels are paid). The $/kg figures are a customs ASP proxy and cannot be decomposed by spec. HBM has no spot market. For data tracking only — not investment advice.
CDRAM’s AI frontier — HBM
HBM share, market size, and device price pass-through.
Detail
HBM share of Micron DRAM revenue (%) — 3× in two years
Higher memory prices flow into finished-device prices — Apple, Dell and Xbox all raised prices on 6/25 citing memory costs. As makers reclaim pricing power, downstream passes it to consumers.
5HBM · Capex · supply
AI-memory competition · capex investment by cycle · shortage persists
All three concentrate capacity on HBM and servers → commodity/legacy supply stays constrained. An excess-demand structure where 2027 demand is already pre-booked.
Memory Plus
PREVIEW
Ported from local jarvis-bridge research — segment/channel breakdown, price overlay, CXMT listing tracker.
Detail
Memory Big-3 Operating Profit — Rebuilt From the Bottom UpPREVIEW
forward P/E 분모 — 사업부별·지불채널별 분해
Samsung DS005930 · 1Q26
Revenue (Q)
82T KRW
OPM
66%
Op. profit (Q)
54.1T KRW
Annualized
216T KRW
Revenue mix (by unit)
DRAM 54%HBM 7%NAND 22%Other 16%
SK hynix000660 · 1Q26
Revenue (Q)
52.6T KRW
OPM
72%
Op. profit (Q)
37.9T KRW
Annualized
152T KRW
Revenue mix (by unit)
DRAM 51%HBM 21%NAND 19%Other 9%
MicronMU · FQ3'26
⚠ quarter offset
Revenue (Q)
61.4T KRW
OPM
81%
Op. profit (Q)
49.7T KRW
Annualized
199T KRW
Revenue mix (by unit)
DRAM 43%HBM 5%NAND 13%Other 39%
Calendar-vs-fiscal-quarter timing gap (total revenue = FQ3, DRAM = calendar Q1)
Quarter-offset warning — Samsung and SK use calendar 1Q26 (Jan-Mar); Micron uses fiscal FQ3'26 (Mar-May), one quarter later. With the market growing ~60% per quarter, matching the same calendar quarter puts SK hynix ahead of Micron in revenue ($39B vs ~$30B for Jan-Mar). Micron looking larger is a quarter-lag artifact, not a ranking. HBM share: SK 55%+ vs Micron 15%. Much of the 80% vs 72% margin gap is this same timing effect.
4 payment channels — who ultimately pays
Hyperscaler direct purchase증분은 회사채 의존 ($121B 발행, 5년평균 4.3배)
$220B
HBM routed through NVIDIASingle gatekeeper (NVIDIA). SK hynix has secured 2/3 of Rubin HBM4 volume
$60B
Stargate (new)지불원천 = 오라클 차입(부채율 500%)·오픈AI 연 -$14B
$70B
Devices & consumersAdjusts on volume — if pass-through hurts sell-through, memory content per device shrinks
2026-08-07 장중저점 기준 — 게이트는 3사 공통 최신 거래일 자동 산출. KR 명목가는 KRW=X 로 USD 환산해 3사를 같은 통화 축에서 오버레이.
Indexed (100 = 2026-01-02)
Range2026-01-02 — 2026-08-07 · 150 pts
Samsung Electronics
vs peak: -31.84% (2026-06-02)
latest: $162.413 (2026-08-07)
SK hynix
vs peak: -47.55% (2026-06-22)
latest: $999.789 (2026-08-07)
Micron
vs peak: -27.68% (2026-06-25)
latest: $877.57 (2026-08-07)
jarvis-bridge memory3_px.json — yfinance daily OHLC (005930.KS, 000660.KS, MU), USD-converted via KRW=X daily close
Detail
CXMT Post-Listing Tracker (长鑫科技 / 长鑫存储)PREVIEW
The listed entity is 长鑫科技集团股份有限公司 (CXMT Corporation), commonly referred to in media as '长鑫存储'. Written pre-listing — postListing fields are filled after 7/27 by cxmt_refresh.py or manually.
Code · exchange
688825.SH · SSE STAR Market (科创板)
Listing date
2026-07-27
Offer price
8.66 CNY
P/E at offer
308.92x
Day-1 float
6.73%
Post-listing (open, turnover)
422.17%
Next lock-up event6-month lock-up expiry. If shares are above the offer price, profit-taking pressure builds — small in size, but the first supply/demand event.