Global Memory Tech: Weekly theme: stronger DRAM prices, higher Google capex, Samsung buyback

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Global Memory Tech: Weekly theme: stronger DRAM prices, higher Google capex, Samsung buyback

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Global Memory Tech

Weekly theme: stronger DRAM prices,

higher Google capex, Samsung buyback

Industry Overview

DRAM contract prices rising well above consensus 24 July 2026

We completed our weekly channel checks today, and found that more Tier 2 OEMs and Equity

module makers agreed to pay 15-20% higher PC DRAM contract prices for July vs June. Global

This implies a 30-40% QoQ increase that exceeds consensus (e.g., TrendForce: up 13- Technology

18% for 3Q DRAM ASP ex-HBM). The findings are also consistent with continued Simon Woo, CFA >>

strength in DRAM spot prices (up 2-3% WoW this week). Korea’s semis exports remained Research Analyst

strong (up 181% YoY during the first 20 days of July). Notably, China’s memory chip Merrill+82 2 3707Lynch0554(Seoul)

imports hit a new record high of US$32bn (up c.250% YoY) despite increasing domestic simon.woo@bofa.com

DRAM and NAND production. Chinese OEMs and hyperscalers continue to rely heavily on Dai Shen >>

Research Analyst

Korean chipmakers’ high-end or even low-end memory chips, in our view, suggesting Merrill Lynch (Hong Kong)

that CXMT’s expanding capacity has had only a limited impact. dai.shen@bofa.com

Vivek Arya

Significant impact of Google’s US$200-300bn capex plan ResearchBofAS Analyst

Our US analyst, Justin Post, expects Alphabet (Google) to spend US$200bn/300bn in vivek.arya@bofa.com

2026/27 vs US$91bn in 2025. This implies Google will need to procure 50%+ additional Mikio Hirakawa >>

memory chips in 2027 relative to 2026. Three reasons: (1) Memory’s share of Big Tech BofAS Japan

capex has been trending higher; (2) DRAM and NAND prices under LTAs are unlikely to mikio.hirakawa@bofa.com