Omdia: Memory > DRAM industry revenue is forecast to reach $372 billion in 2026, representing a staggering 147% year over year growth, while NAND revenue is projected to hit a record $300 billion, up 311% year over year. > Memory accounts for approximately 10-15% of total hyperscaler capex, but when factoring in higher DDR pricing and HMB4 driven density expansion, memory spending alone could explain roughly 15-25%. > Average DRAM content per server box is projected to grow from 1,032GB in 2025 to 1,432GB in 2026, a 39% year over year increase driven by AI inference workloads that demand exponentially more memory. > The DRAM fulfillment ratio has remained below 1.0x throughout 2025 and is projected to stay below 1.0x across all four quarters of 2026. > HBM's share of industry DRAM output is rising from 12% in 2025 to 15% in 2026, with bit growth of 103% year over year. > NAND price increases are projected to continue throughout 2026, with prices not expected to decline at any point during the year. $SNDK $SKHY $MU $DRAM $DISK $EWY