Collected information: weak outlook for demand, it is expected that the price of DRAM will decrease by 2025.

The fourth quarter is a critical period for the negotiation of contract prices in the DRAM industry. According to the latest survey by TrendForce, prices for mature process DDR4 and LPDDR4X have been falling due to sufficient supply and weakening demand. The demand outlook for advanced process products such as DDR5 and LPDDR5X is still unclear, and with some buyers holding high levels of inventory, prices may start to decline at the end of the fourth quarter of this year. Ms. Wu Yating, senior research vice president of TrendForce Consulting, stated that previously, due to the active capacity construction of HBM by the three major suppliers, and the expectation that new factories will not enter the mass production stage until 2026, TrendForce Consulting was originally optimistic about the price trend of DRAM in 2025. However, recent market dynamics have changed rapidly, leading TrendForce Consulting to adjust its price forecast for next year. The price of DRAM in 2025 is expected to decline, with a more significant decline in the first half of the year. The price pressure for DDR4 and LPDDR4X will continue to be higher than that for DDR5 and LPDDR5X. From a supply perspective, as the market for NAND Flash weakens and profitability is lower than that of DRAM products, some production lines are expected to shift from NAND Flash to DRAM. Additionally, although HBM3e 12hi is expected to quickly become mainstream for AI applications next year, not every supplier will be able to pass NVIDIA's certification on schedule, increasing the possibility of suppliers redirecting TSV capacity back to conventional DRAM. Ms. Wu Yating mentioned that industry capacity expansion is rapid, and with the continuous weakening of demand for consumer electronics, this will also impact the price trend of DRAM in 2025. If manufacturers are unable to effectively control capacity, the overall industry inventory turnover will be slower.