With leading memory firms reportedly slowing NAND production expansion in the second half of 2025, prices are climbing sharply on tight supply. Commercial Times, citing industry sources, reports that NAND makers are taking turns raising prices in a steady, ongoing pattern, with NAND prices in the first quarter of 2026 likely to rise double digits sequentially.

Limited CapEx and Strong AI Demand Push NAND Prices Higher

While Reuters reported last week that Samsung has raised prices on select memory chips by up to 60% since September, Commercial Times adds that this round of NAND price increases mirrors earlier DRAM hikes, reflecting how cautious suppliers remain with expansion plans.

TrendForce observes that the NAND Flash demand surge is structural, driven by fast-growing AI storage needs and HDD shortages, pushing CSPs toward enterprise SSDs. However, after years of volatile cycles, suppliers remain cautious with CapEx, and 2026 investments will focus on process upgrades and hybrid bonding rather than expanding capacity, limiting bit growth.

In NAND, TrendForce highlights Kioxia/SanDisk and YMTC—both without DRAM lines—as leading the market with aggressive strategies. Kioxia/SanDisk plans a 41% YoY investment increase to $4.5 billion, targeting BiCS8 production expansion and BiCS9 R&D, as noted by TrendForce.

According to TrendForce in late September, NAND Flash contract prices across all categories are expected to generally rise, with an average increase of 5–10% in 4Q25. Commercial Time notes that NAND products—including SSDs, eMMC, and UFS—are set to see double-digit quarter-on-quarter growth across the board in Q1 2026, with the price uptrend continuing.

NAND Demand Outstrips Supply, Big Tech Locks in 2027 Allocations

According to Commercial Times, the market expects NAND demand in 2026 to grow 20%–22% year over year, while supply is projected to rise only 15%–17%, making a widening supply-demand gap inevitable.

Amid this trend, with next year’s NAND allocations reportedly already sold out, Chosun Biz reports that some major tech customers are said to be negotiating 2027 supply in advance, adding that Samsung, SK hynix, and Kioxia are in talks with certain big tech firms over 2027 NAND allocations.