Since 2026, memory market prices have seen a swift uptick. In the first quarter alone, memory prices have soared by 80%–90% compared to the end of the fourth quarter in 2025, with prices for all DRAM, NAND, and HBM categories hitting record highs. The main force behind this price hike has been general-purpose server DRAM. At the heart of this price surge lies an imbalance between supply and demand, exacerbated by structural capacity adjustments made by major overseas manufacturers. The establishment of AI computing centers has triggered a sharp rise in demand for servers and memory, plunging the storage industry into a current state of supply scarcity. SMIC has pointed out that during this period of supply shortage, the demand for memory chips might be overstated. This is because the intense demand for storage from AI applications has strained the available supply for other sectors, such as mobile phones, especially in the mid-to-low-end market segments.