Goldman Sachs said memory markets are showing a structural split, with resistance building against steep DRAM price increases while NAND demand improves on new AI-related use cases. Citirni analyst Jukan, citing Goldman’s monthly call on the memory sector, said customers have pushed back after DRAM prices rose close to 30%, leading Goldman to trim its third-quarter DRAM price growth outlook slightly. At the same time, the bank turned more constructive on NAND.
According to the cited commentary, demand tied to AI KV Cache offloading has continued to come in above expectations. Goldman also pointed to an emerging trend of using cheaper NAND to replace part of more expensive DRAM in order to cut system costs, especially in AI inference settings. That shift is giving NAND a new role inside AI infrastructure.
Goldman was also positive on SK Hynix’s second-quarter results, with revenue expected at about KRW 85 trillion and gross margin seen reaching 63%. The related names mentioned were SK Hynix, Micron and SanDisk. The broader takeaway from the call was that memory market dynamics are changing: near-term earnings expectations for DRAM-linked names may warrant more caution, while improving NAND fundamentals may not yet be fully priced in.
BlockBeats reported on July 16 that Citirni analyst Jukan, citing Goldman Sachs’ monthly call on the memory sector, said customers have shown strong resistance to DRAM price increases nearing 30%, prompting Goldman to slightly lower its forecast for DRAM price growth in the third quarter.
NAND, by contrast, has a brighter outlook in Goldman’s view. The bank said AI-related demand for KV Cache offloading continues to run above expectations, while an emerging trend of replacing part of costly DRAM with NAND is adding support to NAND demand.
DRAM price momentum shows signs of slowing
The commentary said explosive demand for HBM from AI servers had previously driven a sharp rise in DRAM prices. But once the increase approached 30%, customers began resisting further hikes, leaving the pace of DRAM price increases facing a temporary slowdown.
NAND is gaining a new role in AI infrastructure
Goldman said NAND is taking on a new function inside AI infrastructure. In inference workloads, KV Cache is described as critical, and using lower-cost NAND to replace part of expensive DRAM as a way to reduce costs is becoming a real trend.
Goldman positive on SK Hynix’s second quarter
The analysts were positive on SK Hynix’s second-quarter results, expecting revenue of about KRW 85 trillion and gross margin as high as 63%. The related names mentioned were SK Hynix, Micron and SanDisk.
The takeaway from the commentary is that the memory market is undergoing a structural shift. Near-term profit expectations for DRAM-linked names may need a more cautious view, while improving fundamentals on the NAND side may not yet be fully priced in.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
