Nanya Tech’s 2Q26 financial report verifies the memory super cycle, ASP and profit margins soar (Goldman Sachs)
Nanya Tech's 2Q26 financial report shows that its DRAM average selling price (ASP) surged by more than 60% month-on-month, and its operating profit margin soared to 74%.
Nanya Tech's 2Q26 financial report shows that its DRAM average selling price (ASP) surged by more than 60% month-on-month, and its operating profit margin soared to 74%. The company believes that demand for AI and servers has led to continued tightening of memory supply, and long-term agreements (LTA) have effectively alleviated industry cyclicality. Based on this, Goldman Sachs infers that Samsung Electronics' conventional DRAM ASP will increase by 47% month-on-month during the same period, and its operating profit margin will reach 80%, further confirming its positive view on the memory industry. The current market has a strong consensus on the memory upcycle, but the amazing elasticity of ASP and profit margins may exceed some expectations, especially the cyclical smoothing effect of the long-term cooperative mechanism may be underestimated. One-sentence conclusion: Nanya Tech’s brilliant financial report is strong evidence of the memory super cycle. Strong demand driven by AI and the long-term cooperative model are reshaping the industry structure and bringing huge profit flexibility to leaders such as Samsung. Positive/negative: Positive for Samsung Electronics, SK Hynix, and Micron Technology. The market has fully anticipated the memory boom cycle, but ASP growth and profit margin levels may still differ from expectations. Catalysts: 1) Samsung Electronics (expected next week) and SK Hynix’s 2Q26 financial reports; 2) DRAM and NAND Flash spot and contract price trends; 3) AI server shipments and HBM memory demand data.