The global memory crunch isn't easing, it's tightening further and according to Goldman Sachs this is setting up a pricing environment that could push earnings and margins toward cycle highs for players in this sector.

Memory chips, especially DRAM, NAND and high‑bandwidth memory (HBM), are headed into one of the tightest supply/demand landscapes in over a decade, according to Goldman Sachs analyst Giuni Lee in a research note shared Monday.

Why The Global Storage Crunch Looks Far From Over

Goldman Sachs now expects 2026–27 DRAM undersupply of roughly 4.9% and 2.5%, respectively, well above prior forecasts, and NAND undersupply of about 4.2% and 2.1%.

That’s "the most severe one during the last 15+ years," Lee said.

Server memory, including conventional DRAM, SOCAMM and HBM, is now the dominant driver of global DRAM demand.

With strong deployment in AI servers and data centers, server‑related memory is forecast to make up more than 50% of total DRAM demand in 2026 and 2027.

While server-related memory demand continues to rise sharply as data center workloads become more memory-intensive, growth tied to personal computers and smartphones is slowing under the pressure of higher component costs.

Enterprise storage demand is also accelerating. Goldman estimates ...