Memory Supercycle Extends to 2030 as Capex Hits $146B in 2027

Major memory makers plan $146B capex by 2027, yet supply constraints persist until 2030. DRAM prices may double in 2026, with HBM shortages continuing through 2027.

Woofun AI data shows that the memory chip supercycle could extend from 2028 to between 2029 and 2030. Samsung Electronics, SK Hynix, and Micron are expanding AI-related production capacity, but the 3-to-5-year timeline for facility construction and equipment installation limits near-term supply relief. Deloitte projects these three firms will spend $146 billion on capital expenditures in 2027, representing 56% of the global semiconductor total. Despite this investment, additional supply is unlikely to materialize significantly before 2029 to 2030.

SemiAnalysis indicates that hyperscale cloud providers’ storage procurement share of capex may rise from 8% in 2023 to 36% in 2027. Based on $1.14 trillion in total capex for 2027, approximately $410 billion is allocated for storage products. DRAM prices are estimated to more than double in 2026 with double-digit growth in 2027, while HBM structural shortages may persist until 2027. SK Hynix CEO Lee Seok-hee noted that 2027 could be the most supply-constrained year in history, with demand potentially exceeding supply beyond 2030.