The 2026 DRAM shortage explained — why DDR5 just tripled

AI datacenter demand soaked up HBM3e capacity, fabs reallocated to high-margin SKUs, consumer DRAM is the line getting starved.

Spot DDR5 prices tripled between November 2025 and April 2026. The cause is not mysterious — AI datacenter demand soaked up nearly all HBM3e capacity at Samsung, SK Hynix and Micron, and the fabs reallocated production lines from consumer DRAM to high-margin server SKUs.

Consumer DRAM is the line that gets starved when this happens. Server DRAM and HBM share fab capacity but not BoM components, and the margin gap is now 6-8x in favor of HBM. The next round of fab capacity expansions hits Q1 2027. Until then, expect 2-3x retail pricing on DDR5.