Hyperscalers Are ‘Scratching Their Heads’ with Rising Memory Costs, But NVIDIA Might Be the Only One Smiling

DRAM contract prices have risen sharply in recent quarters, pushing memory to a much larger share of hyperscaler CapEx.

SemiAnalysis estimates memory could account for about 30% of hyperscaler spend in CY2026, up from ~8% in CY2023–24.

DRAM shortages and heavy adoption of DDR5/LPDDR5 have tightened supply for general-purpose markets.

SemiAnalysis and reports say NVIDIA obtained a VVP DRAM status and signed early supply contracts, giving it capacity and pricing advantages.