Based on a research report from Morgan Stanley, the gap between supply and demand for traditional memory chips is persistently widening. The industry is anticipated to enter a new super - cycle spanning from the second quarter of 2025 to 2026. Memory products including DDR4, DDR3, NOR Flash, and SLC/MLC NAND are experiencing tight supply conditions, which bodes well for the market outlook.

The report points out that there is a robust demand for advanced - node memory products, such as DDR5 and HBM. This strong demand is putting pressure on the production capacity of mature - node processes. In January 2026, leading firms are actively purchasing DDR4. Owing to supply limitations, DDR4 prices are likely to soar by up to 50% in the first quarter, and this price hike is expected to persist into the second quarter. The expansion of DDR4 production capacity has resulted in a shortage of high - density DDR3, which in turn is driving performance growth for relevant suppliers.

As for flash memory chips, NOR Flash prices are projected to increase by 20%-30% in the first quarter. Moreover, this upward price trend may continue until the second half of 2026.