Citi: The price of DDR4 in the first quarter may increase by 50%; NOR Flash will increase by 20%-30%

According to a research report by Morgan Stanley, the supply-demand gap for traditional storage chips is continuing to widen. The industry is expected to enter a new super cycle from the second quarter of 2025 to 2026, with tight supply situations for products such as DDR4, DDR3, NOR Flash, SLC/MLC NAND, intensifying. The report points out that the demand for advanced process storage products is strong, squeezing the allocation of mature process capacity. In January 2026, leading companies are taking a positive stance on DDR4 procurement, and due to supply constraints, the price increase in the first quarter may reach 50%, with the upward trend continuing into the second quarter. The shift in capacity to DDR4 has also led to a severe shortage of high-density DDR3, driving growth in related suppliers' performance. In the flash memory chip sector, it is estimated that NOR Flash prices in the first quarter will increase by 20%-30%, and the price increase trend may continue into the second half of 2026.