NVIDIA's Jensen Huang: Unlikely to See DRAM Oversupply by 2029

According to foreign media reports, NVIDIA CEO Jensen Huang stated in a recent interview that he believes the likelihood of an oversupply in the DRAM market around 2029 is low.

Discussing the long-term outlook for DRAM demand, Huang pointed out that a key characteristic of DRAM is that its usage still has room for continuous growth. "The really great thing about DRAM is that you can always use more." NVIDIA will continue to heavily utilize DRAM chips in the future.

On high-bandwidth memory (HBM), he said the product will continue to be widely adopted in the coming years. As for low-power DDR (LPDDR), NVIDIA has pioneered the introduction of LPDDR—previously used mainly in smartphones—into data centers, doubling energy efficiency, and will continue to use it at scale going forward.

Background: Memory Stocks Sold Off on Oversupply Fears

Huang's remarks come as global memory-related stocks have seen a notable pullback in recent days. Concerns about slowing future demand and a concentrated release of new capacity have been key factors weighing on investor sentiment.

Triggers for the market panic include: a column in South Korean media citing experts who forecast a "large wave of new supply" in semiconductors around 2029, potentially pushing the DRAM market into "red-ocean competition"; Tesla CEO Elon Musk publicly stating that China will produce large volumes of DRAM by 2028, noting China's potential to expand LPDDR5 and LPDDR6 capacity; and Changxin Memory Technologies (CXMT) recently announcing progress on its next-generation 4F² memory cell architecture, further heightening investor concerns about supply-side shocks.

On Chinese Companies: "We Are Open"

When asked whether NVIDIA would be willing to use CXMT's products or collaborate with the company, Huang responded, "We are open." He noted that NVIDIA is working with Chinese companies, and that virtually every company in the global supply chain does business with Chinese firms at some point.

On U.S. export controls, Huang commented that these measures have, in effect, accelerated the internalization of China's semiconductor manufacturing capabilities and driven greater support for its domestic industry.