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记忆体产业「静默海啸」!这轮涨价或持续到2028年

2026-09-27 04:15:41 网络 阅读(61)

人工智慧(AI)基础建设持续扩张,正在将记忆体产业推向新一轮供需紧张周期。2026年FMS大会释出的数据显示,DRAM、企业级SSD、HDD等多种记忆体产品价格同步走高,而供应端受限于扩产周期与过去产能过剩的经验,短期内难以快速跟上需求。

记忆体产业「静默海啸」!这轮涨价或持续到2028年

从目前产业讯号来看,这波记忆体价格上涨可能不只是传统景气循环的短期反弹,AI对资料处理、记忆体与传输需求的快速增加,正逐渐改变记忆体市场原有的供需结构。

FMS 2026公开资讯显示,2025年至2026年间,DRAM整体价格最高上涨约170%,消费级DRAM零售价格涨幅更达400%;HBM高频宽记忆体合约价格则上涨约20%。

企业级SSD同样面临明显涨价压力,2026年第1季合约价格最高上涨约90%,部分SSD细分市场在9个月内的涨幅甚至接近500%。与此同时,HDD价格约上涨50%,磁带硬体价格也增加约15%。

在不同记忆体产品之间,价格差距同样值得注意。企业级SSD每TB价格至少是HDD的10倍,部分时期现货市场的价差甚至扩大至20倍以上,使资料中心业者在规划记忆体架构时,必须更加重视不同介质之间的成本效益。

AI成为记忆体需求主要推手 资料量快速增加

这一轮记忆体需求成长的核心动力,与过去消费电子或传统企业IT周期有所不同,AI训练与推理正成为重要驱动因素。

AI模型需要反复读取与写入大量资料,从模型训练所使用的资料集,到推理阶段的上下文资讯,都会产生庞大的记忆体需求。随着模型规模、上下文长度及AI 代理之间的协作持续增加,资料处理与记忆体的重要性也进一步提升。

其中,Token数量的快速增加尤其受到产业关注。以AI加速器系统为例,辉达(NVDA-US) 下一代Rubin架构相较前一代Blackwell系统,词元生成量预计提升10倍。随

着AI运算量增加,支撑系统运作所需的资料存取频宽与记忆体容量也必须同步扩张。

这代表AI基础设施的需求已不再只是追求更强的运算能力,如何持续供应与保存大量资料,也逐渐成为整体系统效能的重要一环。

产能扩张难以立即跟上 记忆体厂商仍对过度扩产保持谨慎

需求快速增加,但供应端却无法立即增加产量,与记忆体产业过去几年的经验密切相关。

2022年至2023年期间,DRAM、SSD及HDD市场曾遭遇需求下滑与库存过剩,导致价格大幅下降,相关业者也承受严重的获利压力。这段经验使记忆体厂商在本轮需求复苏之际,对大规模扩产仍相对谨慎。

即使NAND Flash与DRAM业者已开始投入新产能,从资本支出、厂房建设到实际形成规模化产量,仍需要相当时间。产业预期,较明显的新增产能可能要到2027年底,甚至2028年才会逐步释放。

在此之前,如果AI资料中心需求持续增加,供需缺口可能仍难以快速消除,记忆体价格也因此面临持续上行压力。

除了价格上涨之外,大型资料中心业者提前锁定记忆体供应,也成为市场值得关注的讯号。

部分大型客户已将HDD与SSD采购合约延伸至2027年甚至2028年,透过长期合约提前确保未来所需的供应量与价格。

在市场预期供应持续吃紧的情况下,提前锁定产能可以降低未来采购的不确定性,但另一方面也可能进一步压缩现货市场的供应,使市场价格维持在高档。

当企业预期未来记忆体成本还会上升,提前采购的意愿自然提高;而采购增加又可能使短期供应更加紧张,进一步推升价格。

KV快取需求增加 AI可能催生全新记忆体层级

除了传统DRAM、SSD与HDD需求增加之外,AI运算也可能正在改变资料中心原有的记忆体架构。

其中一项受到关注的变化,就是KV快取的快速成长。

KV快取是大型语言模型在推理过程中保存中间状态资料的机制,可以避免系统重复进行部分计算。过去这类资料通常被视为暂时性资料,规模相对有限,因此主要由记忆体或本地快取处理。

但随着模型规模扩大、上下文变长,以及AI代理之间进行更频繁的协作,KV快取所需要保存的资料量也持续增加。

当这类资料的规模大到传统记忆体难以完整承载,却又需要比一般SSD更高的存取速度时,介于记忆体与传统记忆体之间的新型记忆体层级,可能因此出现需求。

这也代表,未来记忆体产业的竞争可能不只集中在传统DRAM、NAND Flash与HBM等产品,而是进一步延伸至针对AI工作负载重新设计的记忆体架构。

在高速记忆体产品价格持续上升的同时,较低成本的记忆体介质也重新受到市场关注。

HDD价格已在2025年至2026年间上涨约50%,磁带硬体价格也增加约15%。磁带虽然属于较成熟的记忆体技术,但由于每TB成本较低,且适合长期资料保存,因此仍可用于超大规模资料中心的冷资料与长期归档。

当SSD与HDD成本同步上升,资料中心业者更有动机重新检视资料分层策略,将存取频率较低、但仍需要长期保存的资料移至成本较低的记忆体介质,以降低整体基础设施成本。

记忆体市场可能进入结构性变化

从FMS 2026释出的产业讯号来看,本轮记忆体涨价与过去单纯由景气循环推动的价格波动有所不同。

传统记忆体产业经常受到供需循环影响,需求增加带动价格上升,厂商扩产后又可能造成供过于求,最终导致价格回落。

然而,AI正在成为新的需求来源,且模型规模、上下文长度与AI代理应用仍持续扩张,使记忆体需求呈现不同于过去消费电子周期的特性。

此外,大型云端业者具备较强的采购能力,可以透过长期合约与规模议价降低成本;相较之下,中小型AI企业与开发者在记忆体供应吃紧时可能面临更高的采购成本。

另一项值得关注的变化则是KV快取。市场目前高度关注HBM与先进记忆体技术,但AI工作负载催生的新型记忆体层级,也可能成为下一阶段的技术发展方向。

整体而言,AI资料中心正在重新定义记忆体在运算架构中的角色。从DRAM、SSD、HDD到磁带,再到可能因KV快取需求而出现的新型记忆体层级,AI带来的资料量增长正逐步渗透整个记忆体产业。

若新增产能无法及时释放,市场供需紧张与价格压力可能延续至2027年底甚至2028年。

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      "id": 37,
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    "content": "<p>人工智慧(AI)基础建设持续扩张,正在将记忆体产业推向新一轮供需紧张周期。2026年FMS大会释出的数据显示,DRAM、企业级SSD、HDD等多种记忆体产品价格同步走高,而供应端受限于扩产周期与过去产能过剩的经验,短期内难以快速跟上需求。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6580042/l/380b8ceda8ca9c476b4c4ee367c0d3f8.jpg\" alt=\"记忆体产业「静默海啸」!这轮涨价或持续到2028年\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>从目前产业讯号来看,这波记忆体价格上涨可能不只是传统景气循环的短期反弹,AI对资料处理、记忆体与传输需求的快速增加,正逐渐改变记忆体市场原有的供需结构。</p>\n\n<p>FMS 2026公开资讯显示,2025年至2026年间,DRAM整体价格最高上涨约170%,消费级DRAM零售价格涨幅更达400%;HBM高频宽记忆体合约价格则上涨约20%。</p>\n\n<p>企业级SSD同样面临明显涨价压力,2026年第1季合约价格最高上涨约90%,部分SSD细分市场在9个月内的涨幅甚至接近500%。与此同时,HDD价格约上涨50%,磁带硬体价格也增加约15%。</p>\n\n<p>在不同记忆体产品之间,价格差距同样值得注意。企业级SSD每TB价格至少是HDD的10倍,部分时期现货市场的价差甚至扩大至20倍以上,使资料中心业者在规划记忆体架构时,必须更加重视不同介质之间的成本效益。</p>\n\n<h6><strong>AI</strong><strong>成</strong><strong>为</strong><strong>记忆体需求主要推手 资料量快速增加</strong></h6>\n\n<p>这一轮记忆体需求成长的核心动力,与过去消费电子或传统企业IT周期有所不同,AI训练与推理正成为重要驱动因素。</p>\n\n<p>AI模型需要反复读取与写入大量资料,从模型训练所使用的资料集,到推理阶段的上下文资讯,都会产生庞大的记忆体需求。随着模型规模、上下文长度及AI 代理之间的协作持续增加,资料处理与记忆体的重要性也进一步提升。</p>\n\n<p>其中,Token数量的快速增加尤其受到产业关注。以AI加速器系统为例,辉达(<a data-symbol-template=\"USS:NVDA:STOCK:COMMON\" href=\"#\">NVDA-US</a>) 下一代Rubin架构相较前一代Blackwell系统,词元生成量预计提升10倍。随</p>\n\n<p>着AI运算量增加,支撑系统运作所需的资料存取频宽与记忆体容量也必须同步扩张。</p>\n\n<p>这代表AI基础设施的需求已不再只是追求更强的运算能力,如何持续供应与保存大量资料,也逐渐成为整体系统效能的重要一环。</p>\n\n<h6><strong>产</strong><strong>能扩张难以立即跟上 </strong><strong>记忆体</strong><strong>厂商仍对过度扩</strong><strong>产</strong><strong>保持谨</strong><strong>慎</strong></h6>\n\n<p>需求快速增加,但供应端却无法立即增加产量,与记忆体产业过去几年的经验密切相关。</p>\n\n<p>2022年至2023年期间,DRAM、SSD及HDD市场曾遭遇需求下滑与库存过剩,导致价格大幅下降,相关业者也承受严重的获利压力。这段经验使记忆体厂商在本轮需求复苏之际,对大规模扩产仍相对谨慎。</p>\n\n<p>即使NAND Flash与DRAM业者已开始投入新产能,从资本支出、厂房建设到实际形成规模化产量,仍需要相当时间。产业预期,较明显的新增产能可能要到2027年底,甚至2028年才会逐步释放。</p>\n\n<p>在此之前,如果AI资料中心需求持续增加,供需缺口可能仍难以快速消除,记忆体价格也因此面临持续上行压力。</p>\n\n<p>除了价格上涨之外,大型资料中心业者提前锁定记忆体供应,也成为市场值得关注的讯号。</p>\n\n<p>部分大型客户已将HDD与SSD采购合约延伸至2027年甚至2028年,透过长期合约提前确保未来所需的供应量与价格。</p>\n\n<p>在市场预期供应持续吃紧的情况下,提前锁定产能可以降低未来采购的不确定性,但另一方面也可能进一步压缩现货市场的供应,使市场价格维持在高档。</p>\n\n<p>当企业预期未来记忆体成本还会上升,提前采购的意愿自然提高;而采购增加又可能使短期供应更加紧张,进一步推升价格。</p>\n\n<h6><strong>KV</strong><strong>快取</strong><strong>需求增加 </strong><strong>AI</strong><strong>可能催生全新记忆体层级</strong></h6>\n\n<p>除了传统DRAM、SSD与HDD需求增加之外,AI运算也可能正在改变资料中心原有的记忆体架构。</p>\n\n<p>其中一项受到关注的变化,就是KV快取的快速成长。</p>\n\n<p>KV快取是大型语言模型在推理过程中保存中间状态资料的机制,可以避免系统重复进行部分计算。过去这类资料通常被视为暂时性资料,规模相对有限,因此主要由记忆体或本地快取处理。</p>\n\n<p>但随着模型规模扩大、上下文变长,以及AI代理之间进行更频繁的协作,KV快取所需要保存的资料量也持续增加。</p>\n\n<p>当这类资料的规模大到传统记忆体难以完整承载,却又需要比一般SSD更高的存取速度时,介于记忆体与传统记忆体之间的新型记忆体层级,可能因此出现需求。</p>\n\n<p>这也代表,未来记忆体产业的竞争可能不只集中在传统DRAM、NAND Flash与HBM等产品,而是进一步延伸至针对AI工作负载重新设计的记忆体架构。</p>\n\n<p>在高速记忆体产品价格持续上升的同时,较低成本的记忆体介质也重新受到市场关注。</p>\n\n<p>HDD价格已在2025年至2026年间上涨约50%,磁带硬体价格也增加约15%。磁带虽然属于较成熟的记忆体技术,但由于每TB成本较低,且适合长期资料保存,因此仍可用于超大规模资料中心的冷资料与长期归档。</p>\n\n<p>当SSD与HDD成本同步上升,资料中心业者更有动机重新检视资料分层策略,将存取频率较低、但仍需要长期保存的资料移至成本较低的记忆体介质,以降低整体基础设施成本。</p>\n\n<h6><strong>记忆体市场可能进入结构性变化</strong></h6>\n\n<p>从FMS 2026释出的产业讯号来看,本轮记忆体涨价与过去单纯由景气循环推动的价格波动有所不同。</p>\n\n<p>传统记忆体产业经常受到供需循环影响,需求增加带动价格上升,厂商扩产后又可能造成供过于求,最终导致价格回落。</p>\n\n<p>然而,AI正在成为新的需求来源,且模型规模、上下文长度与AI代理应用仍持续扩张,使记忆体需求呈现不同于过去消费电子周期的特性。</p>\n\n<p>此外,大型云端业者具备较强的采购能力,可以透过长期合约与规模议价降低成本;相较之下,中小型AI企业与开发者在记忆体供应吃紧时可能面临更高的采购成本。</p>\n\n<p>另一项值得关注的变化则是KV快取。市场目前高度关注HBM与先进记忆体技术,但AI工作负载催生的新型记忆体层级,也可能成为下一阶段的技术发展方向。</p>\n\n<p>整体而言,AI资料中心正在重新定义记忆体在运算架构中的角色。从DRAM、SSD、HDD到磁带,再到可能因KV快取需求而出现的新型记忆体层级,AI带来的资料量增长正逐步渗透整个记忆体产业。</p>\n\n<p>若新增产能无法及时释放,市场供需紧张与价格压力可能延续至2027年底甚至2028年。</p>\n<div class=\"related-articles seo-links\">\n  <h4>相关阅读</h4>\n  <ul>\n    <li><a href=\"/new/mg/article-12406.html\" title=\"Citadel闪电兑现「带血筹码」!已出售8成「AI股神」风险部位\">Citadel闪电兑现「带血筹码」!已出售8成「AI股神」风险部位</a></li>\n    <li><a href=\"/new/mg/article-32.html\" title=\"美中跨越「修昔底德陷阱」川习会促长期贸易休战期\">美中跨越「修昔底德陷阱」川习会促长期贸易休战期</a></li>\n    <li><a href=\"/new/mg/article-10572.html\" title=\"才要升息又得救债市?日银陷入最尴尬处境\">才要升息又得救债市?日银陷入最尴尬处境</a></li>\n    <li><a href=\"/new/mg/article-8804.html\" title=\"〈美股盘后〉Fed利率连五冻但鹰派擡头 债市动荡 道琼急杀超1100点 费半崩超5%\">〈美股盘后〉Fed利率连五冻但鹰派擡头 债市动荡 道琼急杀超1100点 费半崩超5%</a></li>\n    <li><a href=\"/new/mg/article-13260.html\" title=\"美股重点新闻摘要2026年8月29日\">美股重点新闻摘要2026年8月29日</a></li>\n    <li><a href=\"/new/mg/article-4026.html\" title=\"美国5月商品贸易逆差扩大至一年新高 恐拖累第二季GDP\">美国5月商品贸易逆差扩大至一年新高 恐拖累第二季GDP</a></li>\n  </ul>\n</div>",
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    "createdAt": "2026-08-18T06:30:04.000Z",
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