Has the unprecedented semiconductor memory bubble arrived?

The price of semiconductor memory DRAM has further risen. The bulk trading price of benchmark products for November to December 2025 has increased by 40% compared to the prices reached in the previous round of negotiations in September. Global large enterprises prioritize supplying AI servers in data centers, leading to a shortage of benchmark products for personal computers (PC) and other consumer sectors. Demand-side parties are struggling to secure the required quantities.

DRAM is installed in PCs, smartphones, and server devices in data centers for temporary data storage. The bulk trading prices are negotiated monthly or quarterly between memory manufacturers as sellers and equipment manufacturers and module makers as buyers.

Due to the supply-demand imbalance, a rare situation occurred in October 2025 where bulk trading prices could not be established. Although prices were determined for November to December, there was “an inability to procure the desired quantity” (executive of an electronics trading company). It was also pointed out that DDR5 and the previous generation product DDR3 saw increases of 40% to 2 times, and 2 to 4 times, respectively, from the previous quarter during October to December 2025. A leader from another trading company remarked, “An unprecedented semiconductor memory bubble affecting products beyond benchmark items has arrived.”

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