HBM Prices May Double in 2027 as AI Memory Demand Keeps Rising

Aletheia Capital expects HBM prices to double in 2027 as memory becomes one of the most important parts of AI hardware, with Micron likely to benefit from stronger DRAM and HBM pricing through 2026 and 2027.

The firm believes memory chips will carry more value inside AI systems as demand for high-performance servers keeps rising. Micron, SK hynix, and Samsung have already gained from tight supply, while AI chip makers continue to need faster and more expensive memory for advanced data center hardware.

Aletheia Capital said DRAM average selling prices should rise 30% in the third quarter of 2026, which is higher than its earlier estimate of a 10% to 15% increase. It also expects another 10% to 15% rise in the fourth quarter, keeping pricing pressure strong across the memory market.

HBM Becomes Critical for AI Hardware

Aletheia Capital also expects HBM average selling prices to double annually in 2027, as AI servers need more high-bandwidth memory to handle larger models and faster computing workloads.

The firm said memory devices could account for more than 70% of AI hardware content value in 2027, compared with the mid-40% range in 2025. This shift also affects NVIDIA’s Vera CPU rack, which Aletheia estimates could reach $26 million because of higher SOCAAM and memory costs.

German retail data also shows sharp DDR5 price increases, with some kits rising 22% month over month and DDR5 prices up 419% annually in June.