BlockBeats News, July 3rd. UBS stated that, based on industry research, it has raised its DDR contract price benchmark expectations to a 32% QoQ increase in Q3 2026 and an 18% QoQ increase in Q4 2026, compared to the previous forecasts of 17% and 12%, respectively. UBS continues to anticipate that the DRAM industry will remain supply-constrained at least until 2028. By 2027, the demand-supply gap for DRAM is expected to widen to 17%.

If it is assumed that there is no inventory digestion downstream in 2027, meaning that customers' inventories remain sufficient after restocking in the second half of 2026, the shortage ratio will deteriorate from 8.1% in 2026 to 13.6% in 2027. UBS stated that both of these levels are unprecedented in the past 30 years.

Regarding NAND, UBS currently predicts a 30% QoQ price increase in Q3 2026 and a 12% QoQ increase in Q4 2026, and expects the NAND upcycle to last at least until Q4 2027. UBS has also raised its memory industry revenue forecast to $992 billion in 2026 and $1.763 trillion in 2027. The main risk lies in the burden capacity of hyperscale cloud service providers, especially as they still need to access the capital markets to finance their capital expenditures.