DRAM inventories reported below ten days as contract prices climb

DRAM supply is being reported as increasingly tight. A research note published on 17 September 2026 describes DRAM inventories at Samsung and SK hynix as having fallen below ten days of supply — the lowest level since 2021 — while contract prices continue to climb. Module prices are described as trending toward $2,100 per module.

What is driving it

The tightening is attributed to the shift of advanced capacity toward high-bandwidth memory (HBM): as HBM4 output takes wafer capacity away from standard DRAM, less capacity remains for conventional parts. At the same time, AI-server demand is described as keeping data-centre capex high, with HBM attach rates rising per server. NAND is reported to be tightening alongside DRAM.

How analysts frame it

Morgan Stanley researchers are cited describing the imbalance as a structural shortage rather than a normal cycle fluctuation. The note’s own open questions: how long sub-ten-day inventories persist, and whether fourth-quarter capex guidance confirms the “supercycle” framing rather than a short squeeze.