Global DRAM market Q2 2026 revenue up 55.9% QoQ to record $147B

The dramatic revenue surge underscores how AI-driven server demand is reshaping memory markets, with HBM and server DRAM as the primary growth engines. The moderation in ASP growth from triple-digit to 40-50% signals a transition from acute shortage pricing to more sustainable, albeit still robust, pricing power. For chipmakers and data center operators, the key dynamic is whether long-term price caps can balance profitability against customer cost pressures, as this will determine if the record pace is a peak or a plateau. The Q3 outlook of slower ASP increases suggests the market is normalizing, making the durability of server demand the central question for the coming quarters.