SemiAnalysis estimates that memory will account for roughly 30% of total hyperscaler capex in calendar year 2026, up from approximately 8% in CY23 and CY24. The firm projects that share will climb further in CY27, representing a near four-fold shift in just four years as DRAM prices surge beyond imagination and HBM remains massively undersupplied.
SemiAnalysis expects DRAM prices to more than double in CY26, with another double-digit ASP increase in CY27. LPDDR5 contract pricing has already risen more…

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