Goldman Sachs: Memory
> General Market Trend (2027 vs. 2026): While the DRAM and HBM markets are expected to see slightly tighter supply-demand conditions compared to NAND—especially in 2027—the NAND market itself is also projected to experience a larger supply tightness in 2027 relative to 2026.> Peak Tightness in 2027: Supply tightness across all three segments generally peaks in 2027E, showing the most negative S/D percentages:DRAM: Reaches its peak tightness at -5.9% in 2027E (up from -5.0% in 2026E).HBM: Reaches its peak tightness at -6.0% in 2027E (up from -5.4% in 2026E).NAND: Reaches its peak tightness at -4.6% in 2027E (up from -4.4% in 2026E).> 2025 Starting Baseline: In 2025, market tightness was relatively lower across the board, with HBM at -3.4%, DRAM at -1.4%, and NAND seeing the least tightness at -0.6%.> Projected Moderation by 2028: By 2028E, supply conditions are expected to ease slightly across all categories compared to the 2027 peak:DRAM: -3.9%HBM: -4.3%NAND: -3.0%$Sandisk(SNDK.US) $DRAM $Micron Tech(MU.US) $EWY
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