Conventional DRAM prices have surged 4.5 times in the second quarter from the third quarter of 2025, according to Bernstein analysts, giving the chips a per-bit price comparable to or higher than high-bandwidth memory used in AI accelerators.
The shift means conventional DRAM now yields twice the revenue per wafer capacity of HBM this year, with significantly higher margins, the brokerage said in a note. Bernstein estimates HBM prices would need to triple for HBM revenue per wafer to catch up.
However, Bernstein analysts said memory suppliers may be cautious about raising HBM prices aggressively because high HBM costs could be “unhealthy for the overall AI ecosystem development” and ultimately reduce demand for memory.
In Australia, Morgan Stanley analysts expressed skepticism about Westpac’s expectations for growth in the home-loan market. Westpac believes industry growth will slow to about 4.5% amid higher interest rates and tax changes. Morgan Stanley analysts anticipate only 4% growth in the first half of Westpac’s 2027 fiscal year and a more modest 3% in the second half.
Morgan Stanley maintained an underweight rating on Westpac shares, with a target price of 31.50 Australian dollars. Westpac shares traded at A$34.71, down 0.9%. The analysts said Westpac’s credit quality remains sound and costs are being controlled well.