Bank of America: DRAM Price Hikes Far Exceed Expectations, Google Capex Boosts Storage Demand

TechFlow News, July 27, according to TechFlow Research, Bank of America's July 24 Global Memory Weekly Report pointed out that July PC DRAM contract prices rose 15%-20% month-on-month, with Q3 month-on-month increases potentially reaching 30%-40%, far exceeding TrendForce's forecast of 13%-18%, while spot prices strengthened simultaneously. South Korea's semiconductor exports in the first 20 days of July totaled $22.1 billion, up 181% year-on-year; China's memory imports in June hit a record high of $32 billion, up about 250% year-on-year, while CXMT's production expansion impact remains limited.

Bank of America analysts expect Google's capital expenditures in 2026/2027 to reach $200 billion/$300 billion respectively, a significant increase from $91 billion in 2025, implying that memory chip procurement in 2027 needs to be over 50% higher than in 2026. Google's annual cash and equivalents from 2026-2028 will exceed $50 billion, which is a positive signal for memory chip production expansion. Samsung Electronics is expected to announce large-scale buybacks, early dividend payments, and more optimistic guidance for the second half/2027 at its July 30 earnings conference; Bank of America maintains its Buy rating on Samsung.