AI Demand Reshapes DRAM Rankings in 2Q26

Samsung claimed the top spot in the DRAM market in 2Q26 with its share widening to 39%, levels last seen in 2024, according to Counterpoint Research. This is a remarkable turnaround for Samsung as it had ceded leadership to SK hynix in the year-ago period.

Conversely, SK hynix’s market share tumbled to 26% in 2Q26 from 39% in 2Q25, despite a 214% YoY surge in quarterly revenue. Micron, one of the Big Three memory suppliers, also delivered strong quarterly results, almost challenging SK hynix for the second spot with a 25% share. Micron has been performing strongly since the AI boom started in the second half of 2023. Demand for DRAM continues to outstrip supply as successive waves of  AI adoption drive the rollout of advanced computing infrastructure. This is boosting demand for conventional DRAM used in CPUs, while also accelerating the uptake of next-generation high-bandwidth memory (HBM) in GPUs.

"Samsung overcame all its hurdles and delivered an exemplary turnaround in performance from the year-ago period. The company has benefited from robust demand and price hikes in conventional DRAM and is also expanding its share in the HBM segment. Looking ahead, with additional price hikes expected in 3Q, Samsung will likely see further growth in earnings."

Prices for conventional DRAM surged QoQ, while HBM prices fell on a YoY basis. The decline in the average price of HBM was particularly pronounced due to price drops in the existing HBM3E products, alongside delays in the launch of HBM4. However, the relatively lower HBM prices are expected to rise sharply next year, following the increased prices of conventional DRAM.

"Although SK hynix registered record earnings sequentially and annually, it grew slower than the competition as its market share declined with Samsung and Micron squeezing from both ends,” said MS Hwang, Research Director at Counterpoint Research. “This needs to be viewed from two perspectives. First, SK hynix has the highest shipments and revenue coming from HBM vs the competition, so the company took a substantial hit from the drop in average HBM prices. Second, SK hynix was earlier to sign long-term agreements (LTAs) than competitors. Long-term agreements set price ceilings and floors based on a fixed contract price, meaning fixed prices negotiated early during a period of rising memory prices would be lower than current levels.”

However, HBM4 shipments have started increasing in Q3, as the latest NVIDIA Vera Rubin and AMD Instinct MI455X GPU-based racks have commenced shipping. Consequently, the decline in HBM prices will narrow as the mix shifts. Amid the booming DRAM market, competition is further intensifying.  “According to our estimates, Micron’s DRAM revenue has increased fivefold since 2Q25, positioning the company to surpass SK hynix and likely claim the second spot soon. Micron has normally been quite conservative and modest about this, but we believe the competition is strong and it will all boil down to who has enough capacity to not leave money on the table for others to grab and how the LTA shapes up,” said Neil Shah, Vice President of Research at Counterpoint Research.

Other notable performers in Q2 were CXMT (up 716% YoY) and Nanya (up 690% YoY). CXMT was the fastest-growing DRAM supplier globally, driven by strong domestic demand for conventional DRAM and expanding capacity. Nanya, on the other hand, benefited from ramped-up supply and demand for its DDR/LPDDR4/5 memory.

“An important thing to watch out for in 2H26 would be how CXMT leverages its recent IPO to boost its prospects in terms of capacity expansion for HBM and LPDDR6. If CXMT can expand its capacity and capability to meet domestic and overseas demand, starting with PCs and potential Tier-1 international customers, the supplier’s market share will balloon and look a lot different a year from now. The question is not about ‘how’ but ‘when’ CXMT will be able to break into the Big Three Memory Club,” added Shah.