1. DRAM prices continued to strengthen, rising for four consecutive months. The price of DRAM has been rising for four consecutive months, becoming the core rising product in the memory chip market. In July, 2025, the wholesale price of the representative product DDR4 8Gb was about 4.28 USD/unit, and the price of the 4Gb product was about 3.26 USD/unit, which was 4% higher than that in June. The average fixed transaction price of PC DRAM universal product (DDR4 8Gb 1Gx8) reached US$ 3.90, up 50% from the previous month, setting the highest level since October 2021. This round of increase is mainly due to the three major DRAM suppliers (Samsung Electronics, SK Hynix, Micron) giving priority to meeting the demand for server DRAM, which leads to tight supply of PC DRAM, coupled with the upstream production reduction and the demand of downstream PC manufacturers to stock up in advance. Second, the prices of DDR4 and DDR5 are rarely "upside down" The imbalance between supply and demand in the market caused the price of DDR4 and DDR5 to be "upside down", and the price of DDR4 surpassed DDR5. At the end of August 2025, the spot price of DDR4 16GB rose to $8.59, and the spot price of DDR5 16GB was $6.17, which further widened compared with June (DDR4 was $7.01 and DDR5 was $5.85 in June). This phenomenon has prompted memory giants such as Samsung and SK Hynix to adjust their production plans: Samsung will extend DDR4 production to 2026, while SK Hynix will push Wuxi old fabs to increase DDR4 production to lock in higher profit margins. Third, the price of NAND Flash rose steadily. The NAND Flash market also showed a continuous upward trend. In July, 2025, the average fixed transaction price of general NAND flash products (128Gb 16Gx8 MLC) for memory cards and USB flash drives was $3.39, up 8.67% from the previous month. Since 2025, the price of NAND has ended its downward trend since September 2024, rising for seven consecutive months, mainly driven by the recovery of SSD demand in data centers and the growth of enterprise storage demand. Fourth, the memory chip industry chain price drivers Imbalance between supply and demand: in 2023-2024, the global consumer electronics market was in a downturn, and memory chip manufacturers reduced production to ease inventory pressure; In 2025, emerging demands such as AI big models and smart cars broke out, and the market rapidly shifted from "oversupply" to "short supply". Technology upgrade: the intergenerational transition of memory chip technology brings cost increase. For example, the yield of Samsung's ninth generation V-NAND is only 65%, and the cost of a single chip soars by 35%; Micron 1β process node encountered technical bottleneck and was forced to cover R&D expenses through price increase. Geopolitics: the US technology blockade against China has escalated, and export control has slowed down the expansion plans of some China storage manufacturers; At the same time, the Chip Act subsidy attracted Micron and Samsung to set up factories in the United States, and the local manufacturing cost was 40% higher than that in China, which was finally digested by the global price increase.