Top memory makers plan to raise HBM prices sharply in 2027

A new report from TrendForce shows that conventional DRAM prices have surged since the second half of 2025 due to tight supply. HBM contract prices, however, have not kept up with quarterly market trends because of annual pricing deals. In Q2 2026, buyers and sellers are already negotiating supply for HBM4, the mainstream product expected in 2027.

TrendForce believes that the three major memory makers will significantly raise HBM prices in 2027, driven by tight DRAM supply and the high cost and complexity of making new HBM generations. The revenue per wafer for HBM has already been overtaken by DDR5 64GB RDIMM, and HBM profit margins have been lower since Q1 2026.

On the demand side, the rapid buildout of AI infrastructure is fueling strong HBM demand. In 2026, the main driver is the upgrade of HBM capacity in AI ASICs from 96/192GB to 216/288GB. In 2027, Nvidia's Rubin Ultra platform will push single-GPU HBM capacity to 384GB. The three makers' HBM wafer input as a share of total DRAM is expected to be 18%, 22%, and about 30% from 2025 to 2027.