Morgan Stanley revised PC DRAM and Graphics DRAM (GDDR7) blended ASPs sharply upward to 15-20% for Q3 2026, up from previous estimates of 3-8%. Server DRAM blended ASPs are now projected to rise 13-18%, with HBM blended prices expected to increase 8-13% in Q3 2026. Enterprise SSD pricing shows the strongest momentum in the NAND segment, revised up to 18-23% for Q3 2026, while total cash capex by the top 11 cloud suppliers is projected to reach an unprecedented $632 billion in 2026.
Memory suppliers are set for significant pricing power through Q3 2026 across all segments, driven by sustained demand and record cloud capex.