UBS Raises DRAM Price Forecast 32% for Q3 2026, Supply Deficit to Extend Through 2028

According to UBS, the bank significantly raised DRAM and NAND price forecasts for 2026 in a recent research report. UBS now projects DDR contract prices will surge 32% in Q3 2026 from Q2 (previously estimated 17%), with a further 18% increase in Q4 (versus prior estimate of 12%). NAND flash memory is forecast to rise 30% in Q3 (originally 17%) and 12% in Q4.

UBS noted DRAM supply-demand imbalances are expected to persist at least through H1 2028. Chip demand is projected to grow 36.2% annually in 2027, far outpacing supply growth of 19.3%, creating a supply shortfall of 13.6% when excluding downstream inventory effects. The supply deficit is described as unprecedented in nearly 30 years. Meanwhile, Samsung plans to raise DRAM average selling prices by up to 20% in Q3, according to South Korean media on July 3.