Morgan Stanley analysts refer to the recent sell-off in US memory stocks as a “healthy reset,” and believe this is not an inflection point in the memory cycle. Morgan Stanley expects DRAM prices to rise more than 20%-30% month-on-month in the third quarter of 2026. This judgment points to some channels and categories, and cannot simply be equated with the official DRAM contract price for the entire industry.

Morgan Stanley analysts refer to the recent sell-off in US memory stocks as a “healthy reset,” and believe this is not an inflection point in the memory cycle. Morgan Stanley expects DRAM prices to rise more than 20%-30% month-on-month in the third quarter of 2026. This judgment points to some channels and categories, and cannot simply be equated with the official DRAM contract price for the entire industry.