Goldman Sachs: GS DRAM Sentiment Indicator: Conventional Memory and HBM ASP Expectations Largely Reset and Starting to Recover

Key Takeaways

• 1.The GS DRAM sentiment indicator for September 2026 points in a moderately positive direction, identical to August.
• 2.DDR5 and DDR4 spot pricing continued their upward momentum in September, trading at +20% and +44% premiums over contract prices, respectively.
• 3.Server ODM monthly revenue accelerated to a record +130% yoy in August fueled by AI server shipments, while Korea DRAM exports surged +412% yoy to an all-time high.

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.

Report data

Exhibit 1: GS DRAM Sentiment Indicator

Reports in this series

GS DRAM Sentiment Indicator is shown in chronological order through this edition, published on September 30, 2026.

Part of the GS DRAM Sentiment Indicator series — view all 3 editions

1. Aug 31GS DRAM Sentiment Indicator Aug
2. Aug 31GS DRAM Sentiment Indicator Aug(1)