Goldman Sachs raises its forecast for HBM prices in 2027 by more than three times, slowing down the acceleration of DDR5 price increases According to Tide Research, Goldman Sachs released its DRAM Sentiment Index monthly report on June 30th, with 7 out of 9 indicators showing positive sentiment and maintaining a "moderately positive" sentiment. DDR5 16Gb spot has increased by 20% since May 1st, representing a 25% premium over the contract price; DDR4 8Gb up 11%, with a premium of 45%. South Korea's DRAM exports reached a historic high in May, with a year-on-year increase of 370%. South Asia Technology's revenue in May increased by 730% year-on-year, marking 10 consecutive months of triple digit growth. The acceleration of Samsung DRAM ASP price increase is slowing down. Goldman Sachs estimates that ASP will increase by about 46% month on month in the second quarter of 2026, a significant decrease of 48 percentage points from 93% in the first quarter. Mobile phone shipments in Chinese Mainland increased 19% year on year in May, a positive growth for two consecutive months. However, Goldman Sachs warned that shipments in the second quarter might fall 14% month on month due to the rise in storage prices, which would raise the cost of the entire machine. Goldman Sachs has significantly raised its forecast for Samsung HBM price growth in 2027 from+14% to+44%, citing that the traditional DRAM tight balance is being transmitted to HBM annual negotiations through price differentials and there is further upward risk. Samsung Electronics maintains a buy rating, with a target price of 480000 Korean won for common stock and 360000 Korean won for preferred stock.