Report published August 31, 2026
Goldman Sachs Research: DRAM Sentiment Indicator (August 2026)
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 31, 2026
- Analysis as of
- August 31, 2026
Authors / editors: Giuni Lee, Taeyong Lee, Daiki Takayama
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs' August 2026 DRAM Sentiment Indicator points in a moderately positive direction, driven by rising DDR4/DDR5 spot premiums and record Korea DRAM export growth. The analysts remain constructive on 2027 HBM pricing, raising their pricing growth estimate for SK Hynix to 100% yoy vs. consensus of 53%.
Key Takeaways
- 1.The GS DRAM sentiment indicator for August 2026 remained moderately positive, supported by upward DDR4/DDR5 spot pricing and strong Taiwanese tech supply chain revenue growth.
- 2.Goldman Sachs raised its 2027E HBM pricing growth forecast for SK Hynix to 100% yoy (vs. consensus of 53% yoy) due to tight HBM supply/demand and a widening price premium over conventional DRAM.
- 3.DRAM spot pricing trades at substantial premiums over contract pricing: DDR4 spot pricing is at a +43% premium (+7% mom), while DDR5 is at a +16% premium (+6% mom).
Table of Contents
- Details of data points
- Components of GS DRAM sentiment indicator
- Price Target Risks and Methodology - Samsung Electronics
- Price Target Risks and Methodology - SK Hynix Inc.
- Disclosure Appendix
Report data
Exhibit 1: GS DRAM Sentiment Indicator — as of August 31, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Korea Monthly DRAM Export Revenue Growth | 394% | Highest yoy growth rate since 2008, despite a 3% mom decline. |
| DDR4 Spot Price Premium over Contract Price | 43% | DDR4 pricing rose +7% mom in August. |
| DDR5 Spot Price Premium over Contract Price | 16% | DDR5 spot pricing grew +6% mom in August. |
| Taiwan Server ODM Monthly Revenue Growth | 80% | Driven by rack-level AI servers and ASIC AI servers ramp. |
| Nanya Tech Monthly Revenue Growth | 720% | Marked 12 consecutive months of triple-digit yoy growth (+49% mom). |
Document Preview
Access the Full Report
Get unlimited access to institutional research reports. Create an account to get started.
Authors / Editors
Reported Data Context
- Korea Monthly DRAM Export Revenue Growth: 394 % (July 2026) · Source: TRASS / MOTIE
- DDR4 Spot Price Premium over Contract Price: 43 % (August 2026) · Source: DRAMeXchange
- DDR5 Spot Price Premium over Contract Price: 16 % (August 2026) · Source: DRAMeXchange
- Taiwan Server ODM Monthly Revenue Growth: 80 % (July 2026) · Source: Company data
- Nanya Tech Monthly Revenue Growth: 720 % (July 2026) · Source: Company data
Securities
Themes
Regions
Browse More
Related Reports
Americas Consumer Cyclicals: 2027 Spending Outlook
September 9, 2026
China: Both CPI and PPI Inflation Picked Up in August
September 9, 2026
Academy Sports & Outdoors Inc.: First Take: 2Q Earnings Beat; FY26 EPS Guidance Raised
September 9, 2026
Asian Equity Market Daily Update
September 9, 2026
Korea: Attractive Shareholder Returns Backed by Strong Fundamentals and Policy Drivers
September 9, 2026