Goldman Sachs: TrendForce raises PC DRAM growth forecast to 18%-23%, short-term inventory pressures emerge in mobile DRAM

According to Chaoxiang Research, a Goldman Sachs research report dated August 31 indicates that TrendForce has raised its Q3 2026 PC DRAM price expectation to 18%–23% (previously 15%–20%), while server DRAM remains at 13%–18%. Mobile DRAM is lowered to 8%–13%, and the 20% expectation for mobile NAND is in line with Goldman Sachs’ forecast. In the August spot market, prices for both DDR4 8GB and DDR5 8GB rose 2% month-over-month, with the DDR5 discount relative to DDR4 holding steady at 6%; the premium for DDR5 64GB server modules widened from 15% to 16%. TrendForce attributes the short-term soft demand in mobile DRAM to elevated client inventories, forecasting that price gains will further decelerate to 0%–5% in Q4 2026. However, the 2027 price outlook remains positive, as suppliers will continue shifting production capacity toward server DRAM and HBM. Goldman Sachs maintains Buy ratings on Samsung Electronics and SK Hynix.