The three giants in memory storage—Samsung, SK Hynix, and Micron—are facing a class action lawsuit in the US; their shift to HBM is being accused of manipulating DRAM prices.

```

The global surge in memory prices is turning into a legal storm. The three chip giants—Samsung, SK Hynix, and Micron—who control the global DRAM market, faced a class-action lawsuit in a U.S. federal court last week. They are accused of using the strategic shift toward AI high-bandwidth memory (HBM) as a pretext to jointly cut traditional DRAM production, resulting in a roughly 700% price spike in related products over the past four years.

The lawsuit was filed on June 25 in a California federal court, representing consumers and businesses who purchased products containing commercial DRAM during the recent price surge. The complaint cites Apple's recent across-the-board price increases for iPad and Mac product lines as a direct example of harm, viewing this as an immediate catalyst for the lawsuit, and accuses the three companies of jointly cutting production of traditional memory types like DDR3 and DDR4, artificially creating a "RAMpocalypse"-style supply shortage and price explosion.

There is precedent for this case. In the 2000s, Samsung and SK Hynix pleaded guilty to criminal price-fixing charges brought by the U.S. Department of Justice, paying a combined $731 million in fines, with several executives sentenced to prison. The complaint explicitly refers to this record in an effort to establish a pattern of long-term collusion among the three companies, strengthening the legal basis of the current accusations.

For investors, regardless of the outcome of the lawsuit, the high memory prices are unlikely to reverse in the short term. Jefferies estimates that in Q3 2026, memory prices will rise another 40% to 50% over the previous quarter, with Q4 prices continuing to climb 30% to 40% quarter-over-quarter. For all of 2027, prices are expected to grow another 40% to 45% year-over-year, with a significant slowdown not likely until 2028 at the earliest—meaning that downstream companies and end consumers will face prolonged cost pressure.

Core of the Lawsuit: HBM Shift Accused of Being a "Fig Leaf" for Supply Cuts

The core argument of the complaint is that Samsung, SK Hynix, and Micron, leveraging their oligopoly in the global DRAM market, have used the strategic shift to HBM as justification to sharply cut production capacity of commercial memories like DDR3 and DDR4, artificially constricting supply. According to the complaint, these coordinated actions have led to a cumulative 700% rise in commercial DRAM prices over the past four years, causing widespread disruption for global consumer electronics and commercial IT procurement.

Apple's recent large-scale price hikes for iPad and Mac are cited by plaintiffs as a typical example of price transmission: the supply shortage created upstream by these three manufacturers has cascaded through the supply chain, ultimately being borne by end consumers.

The legal arguments for this lawsuit are not made up out of thin air. In the 2000s, Samsung and SK Hynix formally pleaded guilty in the U.S. to criminal price-fixing charges, paying a combined $731 million in fines, and several executives were sentenced to prison.

The complaint points to this historical record in order to show the court a systematic, repeated pattern of collusion among the three companies, aiming to strengthen the credibility and legal force of these accusations. Compared to defendants facing such charges for the first time, this prior record gives plaintiffs a stronger reference point and sets a higher bar for the defendants to defend themselves both legally and in public opinion.

Price Outlook: High Prices the "New Normal" Until 2028?

Alongside the litigation is a persistently pessimistic market outlook for memory prices. Multiple companies, including Lenovo, have openly stated that high memory prices will become the “new normal.” Analysts also point out that these statements may have a commercial motive of encouraging consumers to order early and not wait on the sidelines.

Jefferies’ forecast is more specific: The firm expects memory prices to rise another 40% to 50% quarter-over-quarter in Q3 2026, and continue rising 30% to 40% in Q4; entering 2027, prices for the full year are expected to climb another 40% to 45% year-over-year, with a substantial slowdown not expected until 2028 at the earliest. For downstream companies and end consumers, the ongoing climb in memory costs will keep passing into final product prices over a long cycle, continuously reshaping the cost structure of consumer electronics, servers, and enterprise IT purchases.

Risk Warning and DisclaimerThe market involves risks, and investments should be made cautiously. This article does not constitute personal investment advice, nor does it take into account users’ particular investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article suit their own circumstances. Any investment based on this is at your own risk. ```