Bernstein: Storage prices will see a major surge

Gelonghui June 4｜Bernstein's latest monthly tracking report shows that DRAM and NAND contract prices continued month-on-month increases in May, with comprehensive indicators pointing to an approximately 60% sequential rise in the second quarter of 2026 (2QCY26), slightly exceeding the institution’s previous forecast. However, as the disruptive effects of consumer-end demand begin to emerge, price increases are expected to slow significantly in the third quarter of 2026 (3QCY26).

According to Bernstein analysts Mark Li and others in a report published on June 2, DRAM contract prices in May further rose compared to April. Weighted average data shows traditional DRAM contract prices are set to increase by 64% in 2QCY26 versus 1QCY26, surpassing the institution’s prior model forecast. Meanwhile, for NAND, strong support from mobile NAND and SSD prices is expected to drive a mixed average price increase of about 60% in 2QCY26, again slightly above expectations.

The above price trends directly boost related stocks in the memory sector. Bernstein currently maintains an "outperform" rating for Samsung Electronics, SK Hynix, Micron, and SanDisk, and an "underperform" rating for Kioxia. The report also warns that in the second half of the year, weak consumer-end demand will become the main constraint on price growth, and investors need to pay attention to the risk of expectation differences caused by shifts in price increase momentum.