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Research|Takeaways from the Future of Memory and Storage Conference 2026
Ken, Harvey, Fabian
Memory demand exceeds supply; ASPs stay elevated through 2027 as CSP LTAs rise and tool shortages cap capacity.
We attended the Future of Memory and Storage conference (FMS) last week. This note sets out our top-level takeaways.
A clear theme at the conference was the need to reduce dependence on DRAM and HBM, and to look to solutions that address every part of the memory and storage hierarchy (now often referred to by Nvidia’s G1 to G4 labels).
This was echoed by Micron's comment at the KeyBanc forum yesterday that the number one constraint faced by their customers is DRAM.
A version of the memory and storage hierarchy with CXL pooling added at G2.5 and Nvidia CMX at G3.5. Source: FUNDA
Feedback on DRAM and NAND markets
Below, we engage with the argument TrendForce presented at the conference: DRAM supply catches up with demand in 2028, while NAND supply catches up in 2027.
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