HBM Demand Breaks 70-Year DRAM Cost Decline Pattern, Triggering AI Memory Super-Cycle

According to Critini Research analyst Jukan on June 14, HBM (high-bandwidth memory) is fundamentally reshaping the DRAM market by breaking a decades-long cost trajectory. From 1957 to around 2020, DRAM per-gigabyte costs typically fell one order of magnitude every five years. AI's explosive demand for HBM has disrupted this pattern, forcing manufacturers to shift capacity toward HBM's more complex processes and larger silicon footprint, creating DRAM supply constraints and triggering price reversals. Data shows DRAM prices reversed course in 2023-2024 after decades of decline, signaling the formation of an AI-driven memory super-cycle.
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