大型存储芯片制造商继续以长期受苦的买家为代价大赚特赚，行业DRAM营收逼近一年前的五倍。Counterpoint Research报告称，数据中心产能和AI加速器的需求推动了2026年第三季度369%的同比激增。
The big memory manufacturers continue to print money at the expense of long-suffering buyers, with industry DRAM revenue approaching five times its level a year ago. Demand for datacenter capacity and AI accelerators drove the 369 percent year-over-year surge in Q3 2026, Counterpoint Research reports.
Counterpoint高级分析师郑九·崔（Jeongku Choi）表示：“本季度比特出货量仅增长约4%，但DRAM营收达到近2000亿美元，接近一年前的5倍。AI已将存储从大宗商品变为宝贵的稀缺资源，买家现在是在争夺供应而非议价。随着价格持续上涨，供应商有望在下一季度再创盈利新高。”
"Bit shipments rose only about 4 percent this quarter, yet DRAM revenue reached nearly $200 billion, close to 5x a year ago," says Counterpoint senior analyst Jeongku Choi. "AI has turned memory from a commodity into a valuable scarce resource, and buyers are now competing for supply rather than negotiating on price. With prices still rising, suppliers are on track to set new earnings records again next quarter."
正如《注册报》读者现在已充分了解的那样，AI基础设施繁荣导致服务器内存需求飙升。制造商优先生产利润更高的产品供应该市场，挤占了PC、智能手机和其他设备的供应。后果是存储成本大幅上升，导致使用存储的产品价格走高。今夏欧洲笔记本和台式机的平均价格标签上涨了两位数百分比，导致PC出货量下滑，因为供应商难以获得供货，而买家因价格昂贵而望而却步。
As Reg readers will be well aware by now, the AI infrastructure boom has sent demand for server memory soaring. Manufacturers have prioritized more lucrative products for that market, squeezing supplies for PCs, smartphones, and other devices. The consequences have been a sharp increase in memory costs, leading to higher prices of products that use it. The average price tag for a laptop or desktop was up by double-digit percentages across Europe this summer, resulting in falling PC shipments as vendors struggled to secure supplies and buyers were put off by the expense.
智能手机领域也出现了类似影响，出货量下降至少五分之一，因为不断上涨的存储成本将入门机型挤出市场，迫使厂商专注于高端机型。Counterpoint称，涨幅较上半年陡峭上涨有所放缓，但DRAM平均售价仍达到每千兆位1.90美元，仍是营收增长的主要驱动力。
A similar effect has been seen in the smartphone arena, with shipments down by at least a fifth as rising memory costs squeezed budget models out of the market, leaving vendors to focus on high-end devices instead. Price increases slowed from the steep rises seen in the first half of the year, Counterpoint says, but average DRAM selling prices still reached $1.90 per gigabit and remained the main driver of revenue growth.
在三大存储芯片制造商——如果你愿意称之为“DRAM三巨头”（DRAMvirate）——中，三星以38%的DRAM营收份额领跑。此外，三星预计第三季度全公司营业利润约为800亿美元，高于去年同期的90亿美元。
Of the big three memory makers – the DRAMvirate, if you like – Samsung led with a 38 percent share of DRAM revenue. Separately, it forecast company-wide operating profit of about $80 billion for Q3, up from $9 billion a year earlier.
Counterpoint的数据显示，SK海力士的环比增长更为强劲，帮助其收复了今年早些时候失去的部分市场份额。该公司实现了628亿美元的利润，并预测内存短缺至少将持续到2030年。美光的DRAM收入增长慢于竞争对手，但其整体业务几乎未受影响：第四财季净利润达到377亿美元，超过其第二季度全部营收238亿美元。Counterpoint研究总监MS Hwang预计，明年内存价格将维持高位。
SK hynix posted stronger sequential growth, helping it recover some of the share it lost earlier this year, according to Counterpoint. The firm made a $62.8 billion profit, and predicts that memory shortages will persist until at least 2030. Micron's DRAM revenue grew more slowly than rivals', but its wider business hardly suffered: fiscal fourth-quarter net profit reached $37.7 billion, exceeding its entire second-quarter revenue of $23.8 billion. Counterpoint's research director MS Hwang expects to see memory prices remaining high next year.
“今年落后于大宗DRAM的高带宽内存（HBM）价格现在正在迎头赶上。长期协议（LTA）正在支撑价格，而供应将保持紧张，因为主要的新晶圆厂要到2028年才会投产。长期协议条款可能会导致供应商在短期内业绩出现差异，但随着时间的推移，它们都应遵循同样的上升趋势，”他表示。这意味着对买家来说是更多坏消息，但对内存制造商来说则是更巨额的利润。®
"[High-bandwidth memory] prices, which lagged commodity DRAM this year, are now catching up. Long-term agreements (LTAs) are supporting prices, and supply will stay tight because major new fabs will not start production until 2028. LTA terms may cause results to differ between suppliers in the short term, but over time they should all follow the same upward trend," he says. That means more bad news for buyers, but more massive profits for the memory makers. ®