Tariffs will decide H2 memory supply, demand and price

The 90-day grace period has temporarily eased concerns about demand loss due to new tariff barriers, however lingering uncertainty over the direction of US trade policy has made  memory buyers more defensive — increasing  DRAM and NAND  inventory levels as a buffer against supply risk.

This proactive stockpiling has expanded the anticipated contract price increases for both DRAM and NAND Flash in Q2.

However, this rise is likely to be short-lived. Demand from US-based brands and exporters—who are more sensitive to tariff changes—will have been largely front-loaded into H1, disrupting seasonal trends.