DRAM Prices Jump 15-20% in July, Far Exceeding Forecasts; Google Capex Surge Signals Storage Chip Demand Surge

According to Bank of America's Global Storage Semiconductor Weekly report on July 24, PC DRAM contract prices rose 15-20% month-on-month in July, with quarterly gains potentially reaching 30-40% in Q3—significantly higher than TrendForce's forecast of 13-18%. South Korea's semiconductor exports totaled $22.1 billion in the first 20 days of July, up 181% year-on-year, while China's memory imports reached $32 billion in June, a record high with 250% year-over-year growth.

Bank of America analysts estimate Google's capital expenditure will reach $200 billion in 2026 and $300 billion in 2027, compared to $91 billion in 2025, implying a 50%+ increase in storage chip purchases in 2027 versus 2026.