Bernstein: DRAM Prices May Rise Further in 2027, HBM Faces Revenue Catch-Up Pressure

Huoxing Finance reports that, on June 22, Bernstein analysts stated in a report that conventional DRAM prices, after rising approximately 4.5 times from Q3 2025 to Q2 2026, may continue to rise in 2027. As a result, the current average selling price per bit of conventional DRAM has reached parity with, or may even exceed, that of high-bandwidth memory (HBM). Bernstein noted that, considering higher bit density and yield, conventional DRAM’s revenue per wafer this year could be double that of HBM, with significantly higher profit margins. The firm estimates that HBM prices would need to increase by approximately threefold to match conventional DRAM’s revenue per wafer. However, memory chip manufacturers are unlikely to raise HBM prices so aggressively, as they recognize that excessively high HBM costs could hinder the development of the broader AI ecosystem and ultimately suppress storage demand.