Bank of America analyst Simon Woo increased his 2027 to 2028 average selling price assumptions for DRAM by 8% to 12% and NAND by 2% to 3%. Third quarter prices for most DRAM products rose 20% to 30% quarter on quarter and NAND rose more than 15% following channel checks with manufacturers and distributors. Hyperscalers have already signed contracts to pay higher DRAM prices in the first quarter of 2027 than in the fourth quarter of 2026.

Woo forecasts high single digit price gains for the fourth quarter of 2026 amid a persistent supply shortage. His model predicts a 10% overall price correction in 2028, with DRAM falling 5% and NAND dropping 13%, before renewed growth in 2029 to 2030. These conditions sustain pricing power for memory makers including Micron, SK Hynix, and Samsung.