Contract prices for DRAM and NAND have risen steeply through 2026 as AI server demand outran supply, pushing memory makers toward 40% to 50% operating margins on NAND in the first half of the year.
The function of a market is not the movement of goods, but the movement of prices.
This particular market is not functioning, or at the very least, it’s not functioning like a market for a commodity that has no particular resource limitations.
So, does that sound like a functioning market?
Depends on who its functioning for.
Yes.
Healthy? No. Functioning? Yes.
The function of a market is not the movement of goods, but the movement of prices.
This particular market is not functioning, or at the very least, it’s not functioning like a market for a commodity that has no particular resource limitations.