Massive expansion but still 50% short! Goldman Sachs' latest China semiconductor report reveals the truth about DRAM: 1. China's demand for memory is about to explode! From over 7,000 billion GB in 2024, it’s set to soar to nearly 20,000 billion GB by 2028—almost tripling in four years, with a compound annual growth rate of 44%. While demand from phones and computers is growing steadily, the real boom is driven by AI. 2. AI servers are the true memory hogs! Memory demand for AI servers will skyrocket from 58.6 billion GB in 2024 to over 6,500 billion GB in 2028, with a compound annual growth rate of 130%! 3. HBM is even crazier! HBM, specifically used for AI inference, will see demand jump from 235 million GB in 2024 to 3.086 billion GB in 2028, with a compound annual growth rate of 138%. Micron’s entire annual production capacity is only 970 million GB. 4. CXMT (ChangXin Memory Technologies) is working hard to expand production, but it’s still far from enough! CXMT’s DRAM supply will grow from over 2,000 billion GB in 2024 to nearly 10,000 billion GB by 2028, with a growth rate of 33%, which is already impressive. However, it’s still about 50% short of China’s total demand, and by 2028, there will still be a shortage of -50%, with HBM facing a -62% gap. Samsung, SK Hynix, and Micron (MU) will need to keep shipping to China—there’s still huge potential in the Chinese DRAM market.