Eben@CANSLIM ResearchBernstein’s August memory tracker indicates conventional DRAM contract prices will rise 19% quarter-on-quarter in 3QCY26, with NAND contract prices approaching a similar ~20% QoQ increase once SSDs are included. The brokerage keeps Outperform ratings on Samsung Electronics, SK hynix, Micron and SanDisk, and an Underperform on KIOXIA, arguing the recent share-price pullback opens room for a near-term technical rebound even as the pace of price increases decelerates.
Key Takeaways
- Bernstein’s August 2026 memory tracker shows conventional DRAM contract prices tracking a 19% QoQ rise in 3QCY26, ahead of the brokerage’s model but likely slightly below Street expectations.
- NAND contract prices in Bernstein’s wafer and eMMC/UFS sample rose just 9.4% QoQ, but the firm estimates blended NAND pricing — including client and enterprise SSDs up ~20% — will approach 20% QoQ.
- Bernstein rates Micron (MU) Outperform with a US$1,300 price target, alongside Outperform ratings on Samsung Electronics (KRW 440,000), SK hynix (KRW 3,300,000) and SanDisk (US$3,000).
- Bernstein rates KIOXIA Underperform with a JPY 40,000 price target, the only Underperform in the coverage table.
- Bernstein expects the memory shortage to persist into CY27, keeping prices elevated, though the pace of further increases will be “much smaller” as memory becomes a burden for AI and non-AI applications.
Lead Analysis: What Bernstein’s August Memory Tracker Shows
In a report titled “Global Memory — MEMORY TRACKER (Aug): Conventional DRAM & NAND price to rise nearly 20% in 3QCY26,” Bernstein analysts Mark Li, Mark C. Newman, Edward Hou, Yipin Cai and Phoebe Sun summarise August contract and spot price data published by TrendForce/DRAMeXchange and compare it against their own model and investor expectations. The report was first published on 03 Sep 2026.
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