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Global memory shortage tightening; Goldman predicts high earnings & margins for players. Expect 2026-27 DRAM undersupply at 4.9%, NAND at 4.2%. Server memory to dominate DRAM demand, surpassing 50% by 2027. Personal computers, smartphones growth slowing due to high component costs. Enterprise storage demand rising.
Goldman Sachs analyst Giuni Lee predicts a tightening memory chip market, particularly in DRAM, NAND, and high-bandwidth memory (HBM), leading to high earnings and margins for players in the sector. The undersupply in 2026-27 for DRAM is projected at 4.9% and 2.5%, and for NAND at about 4.2% and 2.1%, the most severe in over 15 years. Server memory, driven by AI servers and data centers, will account for over 50% of DRAM demand in 2026-27, while growth in personal computers and smartphones is slowing due to higher costs. Enterprise storage demand is rising, according to Goldman Sachs.