A severe shortage of high-bandwidth memory (HBM) is pushing up prices for electronics and disrupting product launches, according to a new readout from Goldman Sachs.
Goldman analysts, led by Giuni Lee, met with SK Hynix, a major memory chip supplier, to discuss the tight market. Their take: memory prices are likely to rise throughout 2026.
The crunch is already affecting consumers. Valve’s handheld gaming PC is reportedly out of stock in some regions as HBM shortages filter into retail. TVs, computers, and other electronics are also facing price pressure.
SK Hynix said strong AI demand is a key driver. AI companies continue to invest heavily, keeping memory demand high. Limited clean room space and slow supply growth are further tightening the market.
Long-term contracts and supplier leverage are increasing as companies try to secure memory. Conventional DRAM may see new production ramps in 2026, but HBM expansion is mainly expected in 2027.
Goldman notes that despite potential dips from PC and mobile customers, overall pricing is expected to trend upward. Limited memory availability and cautious ordering practices mean double-booking won’t increase supply but will push prices higher.
Investments in DRAM and HBM are in line with expectations, and Goldman reiterates a Buy rating on SK Hynix.
The memory shortage highlights growing pressure on consumer electronics margins and signals higher costs for products across the tech industry this year.
