Goldman Sachs: Memory Shortage Still Underestimated, Significantly Raises Supply-Demand Gap Forecast

In a report dated February 8th, Goldman Sachs stated that the global memory market may face its most severe supply shortage in history between 2026 and 2027, with the supply-demand gap for the three core memory chips—DRAM, NAND, and HBM—expected to widen significantly simultaneously. The report specifically pointed out that even if demand for smartphones and PCs declines more than expected, continued strong server demand will be sufficient to buffer the impact and support a tight overall market. According to its latest forecast, the DRAM supply shortage will reach 4.9% in 2026 and 2.5% in 2027, a significant increase from previous expectations. The shortage in 2026 is particularly severe and is expected to be the most serious in the past fifteen years.