更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Asia Pacific Equity Research 03 June 2025 Global Memory Market J P M O R G A N DRAM Dynamics: Historical Insights, Current Trends, and Future Prospects • Long-term DRAM dynamics; Achieving higher ASP/bit becoming critical. Tracing DRAM dynamics over the past 40 years, we see DRAM bit demand growth decelerating on maturing end-applications, compensated by a slowing ASP/bit decline. Conversely, DRAM TAM growth has been accelerating, especially in the past 10 and 5 years, achiev ...