NAND, relatively stable last quarter, is tracking a parallel increase. Device makers are cutting DRAM content per device, swapping TLC SSDs for cheaper QLC alternatives, and shifting orders from the now-scarce LPDDR4 to LPDDR5 as new entry-level chipsets support the newer standard. DRAM operating margins hit the 60% range in Q4 2025 -- the first time conventional DRAM margins surpassed HBM -- and Q1 2026 is on track to set all-time highs.
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