DRAM chip price per gram exceeds gold by 1.84x, storage sector surges
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On September 22, Micron Technology closed up 5.00% at $1,096.16, leading a broad rally in the storage sector driven by the ongoing AI agent boom. Other gainers included SanDisk (+6.82%), Seagate Technology (+4.85%), and Western Digital (+3.67%). AI interconnect chip maker Astera Labs rose 6.67%, and semiconductor test equipment leader Teradyne gained 4.49%. The article highlights an unprecedented 'silicon inflation' in the global semiconductor market, with server-grade DDR5 DRAM chips now priced per gram at 1.84 times the price of gold. According to TrendForce, as of August 28, 2026, the average spot price for a 16GB server DDR5 chip was $53.933, equating to about $269.7 per gram versus gold's $146.8 per gram. Supply is constrained as Samsung, SK Hynix, and Micron, which control nearly 95% of DRAM capacity, shift production to higher-margin HBM and server DDR5. TrendForce forecasts DRAM contract prices to rise 58-63% quarter-on-quarter in Q2 2026, and Citigroup has raised its 2026 DRAM average selling price growth forecast to 88%. The price surge is expected to continue into early 2027, with significant supply relief not anticipated until 2028.
Source report
New York, September 22 — Micron Technology closed up 5.00% at $1,096.16 on Tuesday, as the AI agent热潮 continued into the night. The memory chip sector led the charge, alongside a host of AI industry blue-chip stocks and so-called "Muse concept stocks," pushing tech indices higher.
Memory Sector Surges
At market close, in addition to Micron and SK Hynix, other memory stocks posted strong gains:
- SanDisk: +6.82%
- Seagate Technology: +4.85%
- Western Digital: +3.67%
Other notable movers included AI high-speed interconnect chip maker Astera Labs (+6.67%) and semiconductor test equipment leader Teradyne (+4.49%).
DRAM Prices Now Exceed Gold by Weight
The global semiconductor market is experiencing an unprecedented "silicon-based inflation," particularly in DRAM (Dynamic Random Access Memory), traditionally viewed as a bulk electronic component. Recent market data shows that some server-grade DDR5 DRAM chips now cost more than gold when priced by weight.
According to the latest quotes from TrendForce, as of August 28, 2026, spot prices for server-grade DDR5 16GB DRAM chips range from $37 to $68 per unit, with an average daily price of $53.933 per chip. A server-grade 16GB DDR5 chip weighs approximately 0.2 grams, translating to an estimated price of $269.7 per gram.
By comparison, international spot gold prices on August 28 stood at approximately $4,567.23 per ounce, or about $146.8 per gram. This means some server-grade DDR5 memory chips are now priced at 1.84 times the price of gold by weight.
Supply Constraints Drive the Rally
On the supply side, global DRAM production capacity is dominated by three giants — Samsung, SK Hynix, and Micron — which together control nearly 95% of the market. As AI demand surged unexpectedly, manufacturers collectively shifted capacity toward higher-margin products such as HBM and server-grade DDR5. HBM gross margins are as high as 60%, far exceeding the 20%–40% margins on consumer-grade DRAM.
Outlook: Rally Far from Over
Looking ahead, the super-cycle in memory chip pricing shows no signs of peaking in the near term. TrendForce forecasts a 58%–63% quarter-on-quarter increase in DRAM contract prices in Q2 2026. Citigroup has sharply raised its 2026 DRAM average selling price growth forecast to 88% year-over-year.
Industry consensus expects the upward price trend to continue through the first half of 2027, with a meaningful improvement in supply-demand dynamics unlikely until new capacity comes online significantly in 2028.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should act at their own risk.
Source
21世纪经济报道Neutral / independent