Global memory chip producers post significant gains as supply constraints intensify, fueling demand and boosting investor confidence in semiconductor stocks. Market leaders including Samsung Electronics and Micron Technology report strong quarterly performance amid tight supply conditions.
- Global NAND and DRAM inventories fell 18% YoY through December 2025
- Enterprise memory module prices rose 32% in Q4 2025
- Samsung’s memory division revenue grew 24% YoY in Q4 2025
- Micron’s gross margin increased 19% YoY in Q4 2025
- HBM demand growing at 47% annually, outstripping supply
- Semiconductor ETFs received $2.1 billion in net inflows in January 2026
Global memory chipmakers have climbed sharply in early 2026, driven by persistent supply shortages that are reshaping market dynamics. Industry data indicates global NAND flash and DRAM inventories declined by 18% year-over-year through December 2025, marking the steepest drop in five years. This scarcity has prompted major manufacturers to prioritize high-margin clients, leading to a 32% increase in average selling prices for enterprise-grade memory modules in Q4 2025. Samsung Electronics reported a 24% year-on-year revenue surge in its memory division during the fourth quarter, contributing over 40% of total company earnings. Similarly, Micron Technology posted a 19% rise in gross margins, reflecting improved pricing power despite ongoing production challenges at its U.S. and Taiwan facilities. These results underscore a shift from oversupply conditions seen in 2022–2023 to a constrained environment where capacity utilization rates now exceed 92% across key fabrication plants. The shortage is particularly acute in high-bandwidth memory (HBM) used in AI accelerators and cloud infrastructure. Analyst estimates show HBM demand growing at 47% annually, outpacing supply growth by more than 20 percentage points. As a result, companies like SK hynix and Kioxia have announced expanded capital expenditures, with planned investments exceeding $12 billion between 2026 and 2028 to ramp up advanced process nodes. Investor sentiment has responded accordingly, with the Philadelphia Semiconductor Index rising 11.3% in January 2026, led by memory sector gains. Retail and institutional funds alike have increased exposure to semiconductor-related ETFs, which saw net inflows totaling $2.1 billion in the first month of the year.