Ray Wang

Semiconductor Analyst, SemiAnalysis

Search every verified Ray Wang interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Ray Wang, an analyst at SemiAnalysis, appeared on the Odd Lots podcast on February 16, 2026, to discuss the recent surge in DRAM prices, which he attributed to AI-driven demand. He explained that AI models require substantial memory for both training and inference, as the process of handling sequential data chunks necessitates storing previous data while computing new inputs. Wang noted that the memory bandwidth of traditional commodity DDR has increased at a limited rate compared to computing power, which he said contributed to the rise of high-bandwidth memory (HBM). He also discussed supply-side constraints, stating that the three major memory makers—Micron, Samsung, and SK Hynix—face clean room shortages that limit incremental wafer capacity for 2026, leaving process migration as the primary way to increase DRAM bit output. Wang co-authored a report titled "Memory Mania: How a Once-i" (title truncated in the source), and he suggested that the current price spike resembles a commodity supercycle, with market rebalancing potentially occurring in 2027. He predicted that the highest-paying customers would secure volume allocations, though he acknowledged complex pricing negotiations, and he identified server DRAM and spending on related components as likely top priorities for buyers.