DDR trend stops rising while NAND surges - The truth behind the Wuchangbei selling spree revealed

The 11-month-long DRAM price increase trend officially came to a halt in March 2026. In sharp contrast, the price of NAND flash memory has soared crazily, with a monthly increase approaching 40%. The storage market has shown an extreme polarized situation of "one stable and one wild". For electronic component buyers, this two-sided differentiated market trend directly affects procurement costs and inventory planning. 

According to the monitoring data from relevant institutions, the average fixed transaction price of standard PC DRAM products (DDR4 8Gb 1Gx8) in March was $13, remaining the same as the previous month. This indicates the official end of the consecutive price increase cycle that began in April 2025. The institution's analysis suggests that this change is due to the major DRAM suppliers and PC manufacturers having already agreed on the first-quarter contract prices in January-February this year. In March, the market focused on the second-quarter supply-demand negotiations, and the scattered transactions led to a stabilization in prices. 

The NAND market continued its upward trend. In March, the average price of NAND standard products (128Gb 16x8 MLC) used for memory cards and USB drives reached $17.73, with a环比 increase of 39.95%. The cumulative price increase cycle has lasted for 15 months. The main reason is that manufacturers accelerated their transition to high-level 3D NAND, and the supply of outdated process products was insufficient, which pushed the prices to continuously reach new historical highs. This also made downstream manufacturers increasingly eager for high-performance and cost-effective NAND products. Modern Chip City， with its rich brand resources， can meet the procurement needs at different levels. 

Meanwhile, news has emerged from the electronic market in Huaqiangbei, Shenzhen that the spot price of DDR5 memory modules has "dropped sharply". The 32GB DDR5 memory module that was priced at approximately 3,000 yuan last week has now dropped by 500 to 1,050 yuan this week. Some merchants have even reduced the price to as low as 1,950 yuan. One merchant disclosed that due to the excessively high initial price, there was a situation where "there was a price but no supply", and the merchants were forced to lower the prices to cash out in order to alleviate the pressure on their capital turnover. 

However, supply chain experts clarified that the current price drop mainly affects the dismantled old products from server decommissioning. The original price of DDR5 chips has not fluctuated. Industry expectations are that the price of 1Gb DDR5 chips from mainstream manufacturers will remain within the range of $5 - $7.5. With the support of upstream prices, this round of price reduction is unlikely to last for a long time. The long-term upward trend of the memory industry remains unchanged. Institutions predict that in the second quarter of 2026, the contract price of general-purpose DRAM will still increase by 58% - 63% quarter-on-quarter, and the contract price of NAND will increase by 70% - 75% quarter-on-quarter. Purchasers can lock in supplies through Baoneng Yunxin to reduce the cost of potential price hikes in the future. 

The Grand Battle: Samsung and SK Hynix Compete for HBM Dominance, Korean Semiconductor Exports Reach New Highs

Samsung's HBM revenue has soared by three times, challenging historical profit records

In the first quarter of 2026, Samsung Electronics' HBM (High Bandwidth Memory) revenue experienced an explosive growth, with a year-on-year increase of over 300%. The core reason lies in the supply of HBM3E to NVIDIA and the significant increase in the shipment of HBM4 that was first mass-produced in February. As a core supplier of AI chips, NVIDIA's demand for HBM remains strong, directly driving the growth of Samsung's related business. SK Hynix also secured approximately 70% of NVIDIA's Vera Rubin platform HBM4 orders. The competition between the two enterprises has become increasingly fierce. 

According to external predictions, Samsung's revenue in the first quarter is expected to exceed 120 trillion won, with operating profit exceeding 40 trillion won (approximately 26.1 billion US dollars), setting a new record for profit of a Korean company in a single quarter. Among these, the revenue from the DRAM business is expected to exceed 45 trillion won, and the revenue from HBM alone is expected to exceed 3 trillion won, increasing by more than three times compared to the same period in 2025. With the large-scale shipment of HBM4 in the second quarter, Samsung's HBM revenue is expected to further increase. At the same time, it plans to expand the production capacity of 1c DRAM to consolidate its dominant position in the AI memory market. Hyundai Silicon City is also synchronously connecting with international major manufacturers such as c, providing original and genuine HBM and DRAM products to domestic customers to ensure the stability of the supply chain. 

SK Hynix Increases Capital Expenditure, Resolutely Aim to Reclaim HBM Leadership Position

Facing the strong challenge from Samsung, SK Hynix chose to counter with a huge amount of capital expenditure, fully striving to seize the leadership position in the HBM market. In 2025, SK Hynix's total capital expenditure reached 30.173 trillion won, an increase of 68.0% compared to 2024, accounting for 31.1% of the company's annual revenue. Previously, SK Hynix held a dominant position as the exclusive supplier of NVIDIA with HBM3E. However, starting from the second half of 2025, Samsung accelerated its shipments to NVIDIA and was the first to mass-produce HBM4, while Micron also announced the mass production of HBM4. SK Hynix's leading position is now in jeopardy. 

Currently, SK Hynix has established a HBM4 production system, and its supply share far exceeds market expectations, demonstrating a profound foundation of long-term cooperation with NVIDIA. To cope with competition, SK Hynix continues to increase investment, approving the introduction of the Dutch ASML EUV scanning equipment, and plans to continue until December 2027; it also plans to build the first phase of the Yongin semiconductor cluster wafer factory with an investment of 31 trillion won; at the same time, it is promoting the ADR listing, planning to go public in the second half of this year to supplement funds, and its capital expenditure is expected to double compared to last year in 2026. 

South Korea's semiconductor exports exceed $80 billion, Middle East conflict raises supply chain concerns

In March 2026, South Korea's export volume surpassed $80 billion for the first time, reaching $86.13 billion, with a year-on-year growth of 48.3%, and a trade surplus of $25.74 billion, all setting new historical highs. Among them, semiconductor exports became the core driving force, growing by 151.4% year-on-year to $32.83 billion, mainly benefiting from the expansion of AI server investment, the recovery of server demand, and the soaring memory prices. 

Apart from semiconductors, products such as automobiles, secondary batteries, and computers also achieved balanced growth. However, the war in the Middle East had a significant impact on South Korea's exports. Exports from the Middle East region plunged by 49% due to disrupted logistics. The energy and petrochemical industries were significantly affected. More seriously, the war in the Middle East has also affected the global helium supply - Qatar, the world's second-largest helium supplier, has halted its production facilities due to attacks, and helium is a key material for semiconductor manufacturing. Samsung and SK Hynix currently have 4-6 months' worth of helium reserves and are willing to pay high premiums to purchase from the United States to avoid potential supply chain disruption risks. In this context, Hyundai Silicon City has taken the initiative to lay out a diversified supply chain to ensure the stable supply of various semiconductor components and to help customers avoid supply chain disruption risks. 

Industry Transformation: Kioxia Ceases Production and Withdraws, Old Generation NAND Gap Reaches 40%

Kioxia Completely Withdraws from 2D NAND, Taiwan Firms Seize Transfer Order Opportunities

On March 31, 2026, the storage chip giant Kioxia issued a production suspension notice, announcing the gradual withdrawal from some traditional floating gate 2D NAND and third-generation BiCS FLASH products, covering 32nm, 24nm, and 15nm processes, including various product forms. The final purchase prediction deadline for these discontinued products is September 30, 2026, and the final shipment deadline is December 31, 2028. This means that Kioxia will officially withdraw from the 2D NAND market in 2029. 

Industry analysts believe that Kioxia's production halt was mainly due to the rapid evolution of NAND technology. The unit output value of MLC is lower than that of TLC and QLC, and manufacturers are concentrating their resources on high-end products. This production halt has a limited impact on the general consumer market, but industrial-level customers need to prepare in advance. The relevant supply chain in Taiwan will have the opportunity to receive orders from other sources. Winward and Hynix, among others, are expected to take on the related demands. Modern Silicon City can promptly connect with the transfer order resources and provide stable 2D NAND supply channels for industrial-level customers. 

Old-generation NAND shortage of 40%, price increase may exceed 200%

Morgan Stanley (MS) pointed out in its latest report that in the second half of 2026, old-generation MLC and TLC NAND will face a supply shortage of approximately 40%. The main reason is that major global suppliers continue to reduce the production capacity of mature processes. In terms of prices, MS predicts that the price increase of MLC and mature-process TLC in 2026 may exceed 200%. The main support lies in the higher durability of MLC and the resilience of demand in industrial and enterprise-level applications. In contrast, the price growth of DDR4 rebounded after March, and there is limited room for further increase. Moreover, DDR4 cannot be adapted to AI applications and thus cannot enjoy the benefits of AI computing power expansion. For customers with demand for old-generation NAND, they can lock in spot prices through Modern Chip City to secure costs. 

Domestic Breakthrough: CJCC Approaches Global Top Three, Locks Up Upstream Production Capacity

CJCC's Wuhan 3rd Line Produces at Scale, Expected to Overtake SK Hynix and Micron

The representative Chinese NAND manufacturer CJCC is accelerating its rise. Its Wuhan 3rd Line factory is in the final stage of key equipment construction. It is expected to fully launch high-end and high-density NAND products in the second half of 2026. Wuhan 1st and 2nd Lines are approaching their maximum production capacity. Over the past two years, CJCC's production capacity has expanded rapidly. The annual output has increased from 1.29 million pieces in 2024 to 1.77 million pieces in 2025, and is expected to approach 2 million pieces in 2026. 

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