Goldman Sachs: Korea Tech: Memory Price Tracker – August 2026: 3Q26 DRAM and NAND ASP Forecasts Broadly in Line with Industry Expectations
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Goldman Sachs' September 1 memory price tracker shows TrendForce raising its 3Q26 PC DRAM contract price forecast to +18–23% quarter-on-quarter from +15–20%, slightly above Goldman's estimate of +17% for the Samsung Electronics/SK Hynix average. Server DRAM guidance is unchanged at +13–18%, broadly matching Goldman's +18%. In August, DDR4 8GB and DDR5 8GB prices both rose 2% QoQ to $142 and $133, with the DDR5 discount steady at 6%; server DDR4 64GB held at $1,295 while DDR5 64GB gained 1% to $1,500, lifting the DDR5 premium from 15% to 16%. For mobile DRAM, TrendForce sees +8–13% in 3Q26—slightly below Goldman's +14% and a sharp slowdown from 2Q26's +70–83%—as elevated client inventories temporarily weakened purchasing. It expects 4Q26 gains to slow further to 0–5%, but 2027 pricing should stay firm as suppliers prioritize server DRAM and HBM capacity. Mobile NAND eMMC/UFS 256GB contract prices rose about 20% QoQ in 3Q26, in line with Goldman's view. Goldman reiterated Buy ratings on Samsung Electronics (005930.KS) and SK Hynix, noting its DRAM and NAND forecasts broadly align with TrendForce. Samsung's most recent disclosed target price (July 30, 2026 report) was KRW490,000 versus a KRW207,000 close.