"SK hynix Has Only Four Weeks of DRAM and NAND Inventory Left... Prices Will Rise Further"

The Financial News reported that SK hynix currently holds only about four weeks’ worth of dynamic random-access memory (DRAM) and NAND flash memory inventory. As demand grows with the advancement of artificial intelligence (AI) services while supply remains limited, analysts expect the upward trend in memory prices to continue this year. Some say the market has entered a phase of strong supplier dominance.
According to U.S. financial blog Zero Hedge on the 21st, SK hynix recently shared this situation in a discussion with Goldman Sachs researchers including Guinee Lee.
Lee noted that SK hynix expects "substantial investment to continue, as customers are making meaningful progress in developing AI services." He added, "While the possibility of PC and mobile customers downgrading specifications due to sharp price increases could weigh on demand, the limited ability to expand supply means the price uptrend is likely to persist."
He also pointed out that "a shortage of cleanroom space across the industry is deepening supply constraints and creating a favorable environment for price increases." At the same time, he analyzed that "customers recognize it is difficult to significantly expand production capacity in the short term, so the likelihood of double ordering to secure volumes, as seen in the past, is low."
In particular, SK hynix’s DRAM and NAND inventory has fallen to around four weeks, which is seen as further strengthening the company’s bargaining power as a supplier. Lee explained, "Robust inventory management and a tight supply-demand environment are encouraging discussions on long-term contracts," adding, "The current shortage of DRAM relative to demand could also be favorable for expanding the HBM business in 2027."
The company’s process migration roadmap is also broadly in line with previous expectations. Lee stated, "The 1c-nanometer process will be applied mainly to DRAM from 2026, and will be adopted in HBM in earnest from 2027," and noted that "the capital expenditure focus on DRAM and HBM is consistent with earlier guidance." He added that he is maintaining a buy rating on SK hynix.
solidkjy@fnnews.com Gu Ja-yoon Reporter