In a Sunday note, analysts Giuni Lee and James Schneider indicated that the artificial-intelligence-driven squeeze in memory chips will run tighter in 2027 than in 2026 and stay tight into 2028.
The firm described the stretch ahead as the deepest memory shortage on record.
The call underpins a bullish outlook for memory manufacturers including SanDisk Corp. (NASDAQ:SNDK), Micron Technology Inc. (NASDAQ:MU), SK Hynix and Samsung Electronics, which Goldman believes could enjoy years of unusually strong pricing power and profitability.
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Why Goldman Thinks This Memory Cycle Is Different
Memory has historically been one of the semiconductor industry’s most volatile businesses.
Periods of soaring profits have often been followed by brutal downturns as manufacturers rushed to build capacity, flooding the market with excess supply.
Goldman indicates that three structural changes are making a repeat of that pattern less likely this time.
The first is demand.
Unlike previous memory booms driven by smartphones or cloud computing, the current cycle is increasingly tied to artificial-intelligence infrastructure.
The bank estimates the server memory market has grown to roughly $449 billion, more than seven times larger than during the ...
