Serenity is extremely bullish on traditional and mature process memory chips, with their price hikes expected to far exceed those of GPU leasing and MLCC.

Serenity stated in a report that it holds an extremely bullish outlook on traditional and mature-process memory chips, noting their price increases far outpace the 17%-21% rise in GPU rental rates announced by Nebius on the same day, as well as price hikes for MLCC capacitors from Taiyo Yuden and Murata. Serenity projected the following additional price increases in the second half of the year or third quarter: SLC NAND will climb 120%-170% in H2 compared to H1; high-capacity NOR Flash will rise another 90%-110%; DDR3/DDR4 will increase roughly 50%; DDR2 will see a 35%-40% jump in Q3; LPDDR will rise 20% or more in Q3; and DDR1, older LPDDR variants, and PSRAM are also trending upward. These increases are on top of price hikes that already occurred in the first half of the year. Serenity emphasized that SLC NAND prices have already surged 130%-150% in H1, meaning the full-year 2026 cumulative increase could reach 406%-575%. This sharp price surge will drive gross and net profit growth more than offsetting the impact of rising upstream wafer costs—for example, Powerchip’s DRAM wafers have risen around 45%. As a result, multiple fabless firms focused on traditional memory chips are expected to post very strong third-quarter financial results.