TrendForce: Memory Industry to Maintain Conservative Capital Expenditure Strategy in 2026
With the continuous increase in the average selling price (ASP) of memory, supplier profits have also risen. Consequently, capital expenditure for DRAM and NAND Flash is expected to keep rising. However, this will have a limited impact on bit output growth in 2026. The investment focus in the DRAM and NAND Flash industries is gradually shifting from pure capacity expansion to process technology upgrades, higher layer stacks, hybrid bonding, and high value-added products like HBM.
Specifically, capital expenditure in the DRAM industry is projected to reach $53.7 billion in 2025 and is expected to further increase to $61.3 billion in 2026, representing a year-on-year growth of 14%. For NAND Flash, capital expenditure is estimated to be $21.1 billion in 2025, with a slight rise to $22.2 billion projected for 2026, an annual increase of about 5%.
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