Meritz linked the surge to Middle Eastern sovereign AI purchase talks, while Morgan Stanley said AI-driven shortages are pushing data-center memory prices up at least 25% and spilling into PCs and smartphones.
64GB DDR5 server DRAM spot prices have risen to $3,100-$3,400 from a late-June contract price of about $1,380, according to Meritz Securities, which tied the move to medium- to long-term memory purchase discussions between Middle Eastern sovereign AI investors, including from Saudi Arabia, and South Korean chipmakers. Separately, Morgan Stanley analyst Joseph Moore said AI demand is consuming DRAM capacity, driving third-quarter data-center memory prices for comparable products to at least 25% above expected 2026 second-quarter levels, with shortages spreading into PCs and smartphones. Meritz said the purchase talks could push Q3 2026 contract-price gains above the market’s roughly 15% expectation, while Moore added that some cloud customers are paying premiums to receive shipments six weeks earlier.