GS DRAM Sentiment Indicator

Latest edition · September 30, 2026

GS DRAM Sentiment Indicator Sep. 2026 Conventional memory and HBM ASP expectations largely reset and starting to recover

Goldman Sachs' DRAM sentiment indicator for September 2026 maintained a moderately positive stance, driven by robust server ODM revenue (+130% yoy) and all-time high Korean DRAM exports (+412% yoy). Conventional memory spot prices continue to expand their premium over contract prices while HBM pricing expectations show signs of recovery.

Goldman Sachs reported that its DRAM sentiment indicator for September 2026 remained moderately positive, unchanged from August. DDR4 and DDR5 spot pricing climbed +5% and +7% month-over-month, trading at 44% and 20% premiums to contract pricing. Taiwan server ODM revenue rose 130% year-over-year, and Korean DRAM exports reached a historic high (+412% yoy), underscoring resilient AI infrastructure demand. Although China smartphone shipments fell 17% year-over-year in June, investor expectations for both conventional memory and HBM pricing have largely reset and begun to rebound, leaving Goldman Sachs constructive on suppliers Samsung Electronics and SK Hynix.

Key takeaways from the latest edition

• 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.

What this series covers

• 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.

Edition archive

• GS DRAM Sentiment Indicator Sep. 2026 Conventional memory and HBM ASP expectations largely reset and starting to recover

  September 30, 2026

• GS DRAM Sentiment Indicator Aug

  August 31, 2026

• GS DRAM Sentiment Indicator Aug(1)

  August 31, 2026