Goldman Sachs' top experts interpret the memory bull-bear debate: Price increases will continue until mid-2027, but the pace of the increase is slowing.

Goldman Sachs' top technology expert Sean Johnstone pointed out in a report that the market is debating the potential for price increases in memory. The bullish camp believes that HBM and DRAM orders have been scheduled through 2027, with long-term agreements establishing a price floor, indicating that memory still has a profit margin of 70% to 80%. Conversely, the bears analyze that the "second derivative" of memory prices has turned negative, meaning the pace of price increases is slowing down, which may peak in the second or third quarter of next year and then later turn to a slight decline. Additionally, the memory industry's profit margins of up to 80% are encouraging customers to redesign their chips, which could impact the balance of supply and demand for memory.