Two years of the memory cycle in one page: contract prices, vendor revenue and share, and the HBM milestones that drove it. Every number sourced and dated.
Total DRAM industry revenue went from $18.35B in 1Q24 to $53.58B in 4Q25 — nearly tripling in two years as AI demand tightened the market. The #1 spot changed hands twice along the way.
| Quarter | Total DRAM rev | #1 | #2 | #3 |
|---|---|---|---|---|
| 1Q24 | $18.35B | Samsung 43.9% | SK hynix 31.1% | Micron 21.5% |
| 2Q24 | $22.9B | Samsung 42.8% | SK hynix 34.6% | Micron 19.7% |
| 3Q24 | $26.02B | Samsung 41.1% | SK hynix 34.4% | Micron 22.2% |
| 4Q24 | $28.0B | Samsung 40.2% | SK hynix 36.6% | Micron 22.9% |
| 1Q25 | $27.01B | SK hynix 36.0% | Samsung 33.7% | Micron 24.4% |
| 2Q25 | $31.63B | SK hynix 38.7% | Samsung 32.7% | Micron 22.0% |
| 3Q25 | $41.4B | SK hynix 33.2% | Samsung 32.6% | Micron 25.7% |
| 4Q25 | $53.58B | Samsung 36.0% | SK hynix 32.1% | Micron 22.4% |
Source: TrendForce quarterly free press releases. Some share figures computed from stated vendor revenue ÷ stated total. Directional.
The storyline: SK hynix took #1 from Samsung for the first time in 1Q25 (on the strength of HBM) and held it through 3Q25; Samsung regained #1 in 4Q25. Micron quietly climbed from ~20% to ~26% in 3Q25 before easing back.
Conventional DRAM contract prices fell into a trough in late 2024 / early 2025, then spiked violently as AI tightened supply. These are TrendForce forward forecasts (revised intra-quarter), so read them as direction, not audited actuals.
| Quarter | Conventional DRAM contract, QoQ |
|---|---|
| 2Q24 | +13 to +18% |
| 3Q24 | +8 to +13% |
| 4Q24 | 0 to +5% |
| 1Q25 | −8 to −13% |
| 2Q25 | 0 to −5% |
| 3Q25 | +45 to +50% |
| 4Q25 | +18 to +23% |
Source: TrendForce forward forecasts (revised intra-quarter). Exact $/Gb levels are licensed and not reproduced. Directional.
China's CXMT roughly doubled its DRAM share from 3.97% (2Q25) to 7.67% (4Q25), becoming the world's #4 DRAM maker, and cleared its Shanghai STAR Market IPO review in May 2026 — the biggest mainland-China IPO since 2022 (raising ≥RMB 29.5B / ~$4.3B).
Source: TrendForce / public IPO filings, May 2026. Confirmed.
For the live, continuously-updated version of all of this — HBM, pricing, vendor share, supply/demand, the HBM4 roadmap — see the DRAMWatch dashboard.