Rising DRAM prices, driven largely by demand for AI hardware, appear to be levelling off slightly as PC and smartphone buyers reach the limits of what they can absorb. Analyst firm TrendForce says quarter-on-quarter contract price growth is expected to moderate to 13-18% in Q3, down from the pace that drove a 59.5% jump in industry revenue to $154.73 billion in Q2, as demand shifts away from high-capacity server memory towards lower-capacity products.

Even at 13-18%, the increase remains steep, and supplier inventories are at historic lows with only modest growth expected in shipment volumes, meaning tight supply is likely to persist. Separately, analyst Context forecasts European laptop shipments falling 6.4% year-on-year in Q3 and 20% in Q4, with desktops down around 20% and nearly 30% respectively, as component costs push up system prices and corporate buyers delay refreshes to only essential upgrades. PC makers such as Lenovo have so far offset falling volumes with higher prices and a focus on premium devices, while the anticipated AI PC upgrade wave has yet to materialise, with the end of Windows 10 support cited as the main recent driver of purchases. Samsung, SK hynix and Micron continue prioritising high-margin AI and server memory, leaving smaller makers like Nanya, Winbond and PSMC to cover demand for older DDR4 and DDR3 products.