The Story Behind RAM Modules Turning Into "Black Gold Bars"

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(Source: Shangyou News)

Recently, news of memory module price hikes has sparked widespread discussion. Industry insiders say that from Q4 last year to now, the price of a memory product has increased three to four times or more. Last year, the market price for such products might have been around three to four thousand yuan, but now some are priced over ten thousand yuan.

Faced with these prices and increases, some industry players have described memory modules as “black gold bars.”

How much have storage chip prices increased?

Storage chips are the core components of memory modules. As chip prices rise, memory module costs increase, leading to higher end-user prices. Let’s first look at how much the upstream storage chips have increased in price.

On February 28, the National Development and Reform Commission’s Price Monitoring Center stated that since September 2025, the global memory market gap has widened, and storage chip prices have continued to rise. Over the past month, the increase has accelerated, and it is recommended to monitor the impact of storage chip prices on downstream prices.

As of January this year, the prices of the two main storage chip products, DRAM and NAND flash, reached their highest levels since 2016. For example, the mainstream model, DDR4 8Gb (1G8), had an average contract price of $11.50, up about 24% from the previous month and approximately 83% since September 2025; NAND flash (128Gb 16G8 MLC) averaged $9.50, up about 65% from the previous month and nearly 1.5 times higher than September 2025.

How long will this price increase last? Industry analysts in January suggested that, based on current industry trends, this round of memory price fluctuations is unlikely to be short-term, but also unlikely to spiral out of control long-term. It may gradually ease over the next 12 months or so.

Overall, the more likely scenario in the future is: after a phase of high-level oscillation, prices will gradually diverge. High-end storage products aimed at AI will remain relatively strong, while general-purpose and consumer-grade products will return to a more moderate cyclical pattern.

Multiple factors driving storage chip prices up

Why is there a “crazy” memory market again this year?

The main reasons for the price increase are explosive demand growth, capacity shortages, and downstream panic buying. First, the growth in AI computing power has driven increased demand for high-end storage. In 2026, global AI server shipments are expected to grow over 28% year-on-year, with each AI server requiring about eight times the memory of traditional servers. The demand for high-bandwidth, large-capacity storage chips in AI servers and data centers will see explosive growth. Additionally, since Q4 2025, new models of smartphones and other electronic products have been launched, supporting consumer storage demand.

Second, the production strategies of storage giants combined with rigid capacity cycles have worsened supply tightness. Samsung, SK Hynix, and Micron control over 90% of global DRAM capacity. Leading manufacturers adopt strategies like “reducing production to maintain prices” and “discarding low-margin products for high-margin ones,” shifting over 80% of advanced capacity to high-bandwidth, high-margin memory, and reducing mature process capacity, resulting in shortages of consumer storage chips.

Third, rising raw material prices such as silicon wafers, tungsten hexafluoride, and metals provide cost support. In 2025, the prices of 12-inch silicon wafers, tungsten hexafluoride, silver, copper, and other raw materials used in chip manufacturing increased to varying degrees.

The article notes that panic buying by downstream sectors like consumer electronics, AI server manufacturers, and smart automotive companies has also contributed to recent price hikes.

Computer and smartphone brands are adjusting prices

Memory price increases are gradually affecting downstream industries like smartphones. Recently, smartphone manufacturers’ price adjustments have attracted attention. OPPO announced that due to rising costs of core components like high-speed storage, some product prices will be adjusted starting March 16 at 0:00. Vivo also announced that, due to significant increases in global semiconductor and storage costs, some models including Vivo and its sub-brand iQOO will have price adjustments starting March 18 at 10:00. Xiaomi President Lu Weibing publicly stated online, “It’s very painful to bear.”

Subsequently, reporters found in Wuhan and other locations that some smartphone brands’ price hikes have already been implemented. The factory prices of certain models increased by 300 to 500 yuan, and after the cancellation of “store subsidies,” the price changes for some models approached nearly 1,000 yuan. Previously, several smartphone company executives publicly stated that memory price increases have put pressure on their businesses.

Reports indicate that Xiaomi, Vivo, and other domestic brands’ new models with the same storage configurations have seen price increases of 300–500 yuan compared to previous generations.

In late January, during earnings calls, Apple management explicitly stated that rising storage prices would impact the company’s gross margin in the future. They are evaluating multiple countermeasures, including long-term procurement contracts and product configuration optimization.

For consumers, whether to buy now or wait has become a key question.

Automakers are also facing rising costs. In January, there was discussion about a potential storage chip supply crisis in the automotive industry by 2026, with an expected fulfillment rate possibly below 50%. At the end of January, Changan Automobile CEO Zhao Fei mentioned that storage and intelligent computing chips could face “black swan” events. On January 6, Li Bin said that memory price increases have become the biggest cost pressure this year and are a major industry concern.

Lei Jun previously mentioned during a live broadcast that the price of the new Xiaomi SU7 has been rising quarterly, with a 40–50% increase last quarter. It is rumored that prices may continue to rise in Q1 2026, and if this trend continues, the cost of car memory alone could increase by several thousand yuan.

Similarly, PC manufacturers are also adjusting prices. Reports indicate that companies like Lenovo have issued price adjustment notices to their channel partners, deciding to raise prices on some of their computer products. Online prices have been adjusting since before March. Industry insiders say that compared to last year, some models’ retail prices have increased by over 1,000 yuan.

Sources: Xinhuanet, CCTV News, Cailian Press, China Securities Journal, Red Star News, among others.