최초입력 2025.10.02 13:27:59
Prices of memory semiconductors are surging on the back of an artificial intelligence (AI) data center boom, sparking expectations of a new super cycle for South Korea’s chipmakers.
Contract prices for DRAM and NAND flash jumped more than 16 percent in September 2025, according to DRAMeXchange. DDR5 16Gb DRAM rose to $6.10 from $5.25 that month, a sixth consecutive monthly increase while NAND flash prices also reversed earlier weakness, with 32Gb MLC rising to $2.39 from $2.05.
The rally comes as Samsung Electronics Co., SK hynix Inc., and Micron Technology, Inc. shift their output toward high-bandwidth memory (HBM) to meet soaring demand from Nvidia Corp., thereby tightening the supply of general-purpose DRAM. Shortages of enterprise-grade solid-state drives used in AI servers have pushed up NAND flash prices.
Orders from OpenAI, Amazon Inc., Microsoft Corp., and Google are flooding the market, reshaping memory demand across DRAM, NAND, and HBM, according to sources familiar with the chip industry.
SK hynix led global HBM shipments in the second quarter of 2025 with 62 percent, followed by Micron Technology at 21 percent and Samsung Electronics at 17 percent, data from Counterpoint Research showed.
Korea now accounts for about 80 percent of the HBM market, and analysts say Samsung Electronics’ potential entry into Nvidia’s HBM4 supply chain could expand its share.
Samsung Electronics shares rose 2.6 percent to 86,100 a share on Wednesday, while SK hynix jumped 3.6 percent toward record highs. Investors are betting on robust earnings when the companies report results later in October 2025, following Micron’s blowout quarter in September.
Analysts have compared the latest rally to the memory “supercycle” between 2017 and 2018 when hyperscale cloud investment drove record profits. The semiconductor unit at Samsung Electronics booked 86.2 trillion won ($61.2 billion) in sales and 44.5 trillion won in operating profit in 2018, while SK hynix earned 20.8 trillion won on 40.4 trillion won in sales.
Citigroup Inc. on Wednesday lifted its forecast for big tech AI infrastructure spending to $490 billion in 2025 from $420 billion. TechInsights Inc. sees memory price gains lasting through 2026, while Morgan Stanley forecasts momentum into 2027.
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