Goldman Sachs significantly raised its expectations for the supply-demand gap in storage chips.

According to Wind Trading Platform, the well-known investment bank Goldman Sachs stated in a report on February 8th that the global memory market will experience one of the most severe supply shortages in history in 2026-2027, with significant supply-demand gaps in the three major categories of DRAM, NAND, and HBM. Goldman Sachs' latest forecast shows that the supply shortage for DRAM in 2026 and 2027 will reach 4.9% and 2.5%, respectively, far surpassing previous expectations of 3.3% and 1.1%. The supply shortage in 2026 will be the most severe in the past 15 years. The core factor driving this tense situation is the explosive growth in server demand. Goldman Sachs has raised its expectations for server DRAM demand by 6%/10% in 2026/2027, with growth rates expected to reach 39% and 22% respectively in those two years. If HBM is included, server-related DRAM demand will account for 53% and 57% of global total demand, making servers the most important driver of DRAM demand. However, Goldman Sachs has lowered its expectations for PC and smartphone DRAM demand. The supply-demand situation in the NAND market is also tightening significantly. Goldman Sachs expects the supply shortage for NAND in 2026/2027 to be 4.2%/2.1%, higher than previous expectations of 2.5%/1.2%, making it one of the largest shortages in NAND industry history. Strong growth in enterprise SSD demand is the main driving force. Goldman Sachs has raised its expectations for enterprise SSD demand by 14%/14% in 2026/2027, with growth rates expected to reach 58% and 23%, respectively, with their share in global NAND demand rising to 36% and 39%.