DRAM Prices May Continue Rising in 2027, HBM Faces Profit Gap of 3x Premium

According to Bernstein on June 22, regular DRAM prices have become comparable to or even higher than high-bandwidth memory (HBM) on a per-bit basis, following a 4.5x price increase from Q3 2025 to Q2 2026. The analyst noted that DRAM generates roughly double the revenue per wafer compared to HBM due to higher bit density and yield rates, alongside significantly higher profit margins.

Bernstein estimates HBM prices would need to increase approximately 3x on a per-wafer basis to match regular DRAM's revenue generation. However, chipmakers are unlikely to pursue such aggressive pricing, as excessively high HBM costs could hinder AI ecosystem development and ultimately dampen storage demand.