Bank of America believes memory chipmakers' Q2 operating profits will meet or exceed market consensus, despite investor concerns over weaker Q2 DRAM average selling prices (ASPs). Conventional memory ASPs jumped 50-60%+ quarter-on-quarter in Q2, with South Korean semiconductor exports spiking +193% year-on-year in early July. BofA forecasts global total DRAM ASP growth of +53% in Q2, +21% in Q3, and +7% in Q4, driven by uncontracted conventional DRAM sales and HBM4 shipments.
Memory pricing power is strengthening beyond HBM, with conventional DRAM ASPs rising sharply and significant uncontracted supply available for further increases.