Jefferies Warns: Memory Prices Could Surge 50% in Q3 2026, Rise Another 40% in Q4, with No Meaningful Relief Until 2028

Key Forecasts

• Q3 2026 pricing: Expected to increase 40%–50% quarter-over-quarter

• Q4 2026 pricing: Expected to rise another 30%–40% quarter-over-quarter

• Full-year 2027 pricing: Projected to be 40%–45% higher year-over-year

• 2028 average selling prices (ASPs): Prices may begin to decline as new capacity expands supply by 15%–20%, while demand growth is expected to moderate, easing the supply-demand imbalance.