JPMorgan · Tom's Hardware
Morgan Stanley expects NOR flash to remain undersupplied through 2026
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TrendForce says contract prices for both NOR flash and SLC NAND rose by more than 100% during the first half of 2026, while it expects SLC NAND prices to rise another 120% to 170% in the second half of the year compared with the first half.
Key facts
- BNP Paribas forecasts the average NAND price will hit $279.50 per terabyte during 2026, up from $73.10 in 2025
- Use the same space to produce SLC and the figure is closer to $6,000 to $8,000
- Morgan Stanley expects NOR flash to remain undersupplied through 2026, while JPMorgan has warned its forecasts don’t fully capture a potential supply crunch in SLC NAND
- The SLC NAND market is probably under a billion dollars a year,” said Jim Handy, a semiconductor and SSD analyst at Objective Analysis, ’s Hardware Premium
Summary
The memory chip that makes a router remember how to be a router is a world away from the sleek GPUs that are attracting eye-popping investments and alarming valuations, as well as sending stock markets shooting upwards. But despite being a world away from GPUs, the price of these often overlooked chips is skyrocketing, thanks to the all-encompassing memory price crisis caused by the AI boom. While public and press attention has focused on the expensive chips, there’s an equally large impact beginning to be felt on older, less attractive memory chips. It’s not HBM and DRAM that’s being affected. Morgan Stanley expects NOR flash to remain undersupplied through 2026, while JPMorgan has warned its forecasts don’t fully capture a potential supply crunch in SLC NAND. An increase in prices will have an impact on the tech they use day in, day out.