Memory manufacturer Micron could benefit from high DRAM and HBM prices in 2026 and 2027, believes financial firm Aletheia Capital. Micron, like SK hynix and Samsung, has benefited from the strong demand for AI chips in the current buildout as memory production constraints have pushed prices up. The financial firm believes that the value of memory chips in the AI ecosystem will become the most important in the near future and push the prices of NVIDIA's Vera CPU rack to astronomical levels as well.
Server DRAM and HBM Prices to Rise Significantly in Coming Months, Says Financial Firm
In a freshly released note, the financial firm discussed HBM and DRAM memory prices. Its coverage comes just as fresh memory price data from Germany shows another major jump in June. As per the details, DRAM prices in the German retail market sustained a triple-digit percentage annual jump and a double-digit percentage sequential jump.
Specifically, products such as the 2x 32 GB DDR5-6000 CL28 kit saw their prices jump by 22% sequentially, while overall, DDR5 memory chip prices jumped by 419% in June for a five percentage point gain over the May figures.
While the prices might have jumped significantly so far, Aletheia Capital believes that there's room for significant additional increases. These jumps will lead to hefty earnings per share gains for Micron, says the firm in its latest note.
HBM Prices to Continue Upward Momentum, Says Research Firm
Aletheia outlines that it expects DRAM average selling price (ASP) to jump by 30% in the third quarter of calendar year 2026. The new figure is a bump over the firm's previous estimate of a 10% to 15% jump in DRAM prices in the quarter. The firm adds that in the fourth quarter, the DRAM prices are expected to jump by another 10% to 15%, which is in line with its previous estimate.
Similarly, the firm also expects high bandwidth memory (HBM) prices to significantly rise in the coming months. Aletheia notes that HBM ASP could double annually in 2027. Consequently, the firm claims that its analysis "shows that memory devices are becoming the most critical components in the AI hardware system as their combined content value are expected to cross over 70% in 2027 vs mid-40%s in 2025."
The impact of this on NVIDIA's Vera CPU will come in the form of higher prices for system on chip advanced assembly & module (SOCAAM) prices. As per Aletheia, the Vera CPU rack could cost as much as $26 million due to the high prices.
About the author: Ramish is a seasoned technology writer and editor with more than a decade of experience. He specializes in semiconductor fabrication and market analysis. With a background in finance and supply chain management - via his bachelors in Finance and a micromasters in supply chain management from MIT - Ramish combines financial rigor with deep industry insight to deliver accurate and authoritative coverage.
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