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Memory and storage shock: DRAM prices up, basket -10.4%!

Industry · Oct 22, 2026 · 3 min read · Updated Nov 5, 2026

TL;DR

The memory and storage basket's recent return came in at -10.4%.

Good news on prices, and the shares still slipped

Here is the surprise a headline misses. Taiwan's memory and storage shares did not rally with the news on contract prices. In the recent window the equal-weight returned -10.4%. The market returned -10.2% in the same window. The gap, the , was only -0.2%, so the group moved with the market rather than ahead of it.

Memory basket against the market
Both the basket and the market finish this stretch below where they started.
Data table
dateseriesvalueseries_role
2026-08-10Industry basket0.0%target
2026-08-11Industry basket-0.6%target
2026-08-12Industry basket1.0%target
2026-08-13Industry basket2.9%target
2026-08-14Industry basket1.3%target
2026-08-17Industry basket0.4%target
2026-08-18Industry basket-3.1%target
2026-08-19Industry basket-5.8%target
2026-08-20Industry basket-2.4%target
2026-08-21Industry basket0.5%target
2026-08-24Industry basket0.5%target
2026-08-25Industry basket-0.7%target
2026-08-26Industry basket0.7%target
2026-08-27Industry basket2.7%target
2026-08-28Industry basket1.8%target
2026-08-31Industry basket2.2%target
2026-09-01Industry basket-0.5%target
2026-09-02Industry basket-0.7%target
2026-09-03Industry basket-5.8%target
2026-09-04Industry basket-3.4%target
2026-09-07Industry basket-0.1%target
2026-09-08Industry basket1.6%target
2026-09-09Industry basket0.8%target
2026-09-10Industry basket-1.1%target
2026-09-11Industry basket-4.3%target
2026-09-14Industry basket-7.6%target
2026-09-15Industry basket-8.8%target
2026-09-16Industry basket-4.8%target
2026-09-17Industry basket-5.6%target
2026-09-18Industry basket-0.7%target
2026-09-21Industry basket-2.1%target
2026-09-22Industry basket-3.4%target
2026-09-23Industry basket-2.1%target
2026-09-24Industry basket-4.1%target
2026-09-29Industry basket-3.6%target
2026-09-30Industry basket-1.5%target
2026-10-01Industry basket-2.0%target
2026-10-02Industry basket-1.7%target
2026-10-05Industry basket-1.5%target
2026-10-06Industry basket-2.9%target
2026-10-07Industry basket-3.9%target
2026-10-08Industry basket-3.9%target
2026-10-12Industry basket-4.3%target
2026-10-13Industry basket-9.7%target
2026-10-14Industry basket-8.8%target
2026-10-15Industry basket-14.6%target
2026-10-16Industry basket-12.1%target
2026-10-19Industry basket-15.6%target
2026-10-20Industry basket-16.8%target
2026-10-21Industry basket-14.3%target
2026-10-22Industry basket-17.0%target
2026-10-27Industry basket-14.0%target
2026-10-28Industry basket-8.6%target
2026-10-29Industry basket-9.3%target
2026-10-30Industry basket-13.5%target
2026-08-10Market benchmark0.0%benchmark
2026-08-11Market benchmark0.0%benchmark
2026-08-12Market benchmark2.7%benchmark
2026-08-13Market benchmark3.7%benchmark
2026-08-14Market benchmark2.4%benchmark
2026-08-17Market benchmark1.7%benchmark
2026-08-18Market benchmark-0.2%benchmark
2026-08-19Market benchmark-1.7%benchmark
2026-08-20Market benchmark-0.4%benchmark
2026-08-21Market benchmark-1.1%benchmark
2026-08-24Market benchmark-1.4%benchmark
2026-08-25Market benchmark-0.6%benchmark
2026-08-26Market benchmark1.0%benchmark
2026-08-27Market benchmark2.2%benchmark
2026-08-28Market benchmark2.9%benchmark
2026-08-31Market benchmark2.6%benchmark
2026-09-01Market benchmark4.9%benchmark
2026-09-02Market benchmark3.9%benchmark
2026-09-03Market benchmark0.9%benchmark
2026-09-04Market benchmark2.8%benchmark
2026-09-07Market benchmark4.5%benchmark
2026-09-08Market benchmark4.0%benchmark
2026-09-09Market benchmark4.2%benchmark
2026-09-10Market benchmark3.5%benchmark
2026-09-11Market benchmark1.0%benchmark
2026-09-14Market benchmark0.8%benchmark
2026-09-15Market benchmark-0.7%benchmark
2026-09-16Market benchmark1.9%benchmark
2026-09-17Market benchmark1.7%benchmark
2026-09-18Market benchmark5.4%benchmark
2026-09-21Market benchmark5.4%benchmark
2026-09-22Market benchmark6.0%benchmark
2026-09-23Market benchmark5.7%benchmark
2026-09-24Market benchmark5.5%benchmark
2026-09-29Market benchmark5.3%benchmark
2026-09-30Market benchmark6.5%benchmark
2026-10-01Market benchmark6.9%benchmark
2026-10-02Market benchmark9.0%benchmark
2026-10-05Market benchmark10.4%benchmark
2026-10-06Market benchmark10.0%benchmark
2026-10-07Market benchmark9.9%benchmark
2026-10-08Market benchmark9.0%benchmark
2026-10-12Market benchmark9.3%benchmark
2026-10-13Market benchmark5.8%benchmark
2026-10-14Market benchmark7.3%benchmark
2026-10-15Market benchmark1.4%benchmark
2026-10-16Market benchmark2.2%benchmark
2026-10-19Market benchmark0.6%benchmark
2026-10-20Market benchmark-1.0%benchmark
2026-10-21Market benchmark1.0%benchmark
2026-10-22Market benchmark-2.5%benchmark
2026-10-27Market benchmark-3.2%benchmark
2026-10-28Market benchmark0.8%benchmark
2026-10-29Market benchmark-1.1%benchmark
2026-10-30Market benchmark-5.5%benchmark

Stretch the measuring window and the numbers flip. Over the longer window the basket returned 10.4% against 6.4% for the benchmark, an excess return of 4.0%. Inside the group the spread was wide: Winbond led at 26.5% over that longer window, while ADATA came last at -13.0%. Careful with the chart below, though: it starts on a different day from those window figures, and it ends with the basket line under the market line. The price data run through 30 October 2026.

Glossary
basket
A made-up group of shares held in equal amounts, used to follow a whole industry instead of one company.
benchmark
A broad market index used as the yardstick. Beating it means your shares did better than the market.
excess return
The part of a return left over after you take away the market's return for the same period.

Sales are booming, which is the part the chart hides

Guess how fast the group's combined monthly revenue grew from a year earlier.

Show answer

337.9% Added together, the group's September 2026 revenue was 337.9% higher than a year earlier. The surprise is that growth like this sat in the same calendar as a share basket that gave ground.

Now look at the business, not the share price. Added together, the group's September 2026 revenue was 337.9% higher than a year earlier. The middle company of the group grew 256.7%. Nanya Technology posted the biggest jump in the group and Macronix the smallest.

September 2026 revenue growth by member
Every member's September 2026 revenue sat far above a year earlier, with Nanya Technology highest.
Data table
nameyoyseries_role
Nanya Technology576.6%peer
Phison370.3%peer
Winbond256.7%peer
ADATA199.9%peer
Macronix188.2%peer

Two warnings. These are monthly sales reports, not audited profits. And the revenue data run only through September 2026, so the fourth quarter of 2026 is not in the figures yet.

Quick quiz

Over the recent window, how did the basket do next to the market?

Show answer

About the same as the market The basket's recent return was very close to the benchmark's, so most of the drop looks market-wide rather than industry-specific.

Around the news, every name trailed the market

Zoom right in on the days around the news. Measured against the market, the median member's abnormal return from the day of the news was -5.3%. Abnormal return just means the part of the move left after you strip out the whole market's move. All 5 names tracked here finished below the market.

Nanya Technology held up best at -2.1%. Phison came last at -6.1%. My reading is that the price outlook was already familiar to buyers by then, but nothing in these numbers measures cause. They only tell you the moves happened in the same window as the news.

Risks

  • An equal-weight basket of a few names is not the whole industry.
  • Monthly revenue lags contract prices and is unaudited.
  • A shared drop can come from the whole market, not the industry.

Sources

  1. FinMind TaiwanStockPrice TPEx — data as of 2026-10-30; fetched 2026-11-05 18:43 UTC; License note: FinMind open data; original source TWSE/TPEx or US exchanges
  2. 證券櫃檯買賣中心 個股日成交資訊 3260 — data as of 2026-10-30; fetched 2026-11-05 18:43 UTC
  3. 臺灣證券交易所 個股日成交資訊 2337 — data as of 2026-10-30; fetched 2026-11-05 18:43 UTC
  4. 臺灣證券交易所 個股日成交資訊 2408 — data as of 2026-10-30; fetched 2026-11-05 18:43 UTC
  5. 證券櫃檯買賣中心 個股日成交資訊 8299 — data as of 2026-10-30; fetched 2026-11-05 18:43 UTC
  6. 臺灣證券交易所 個股日成交資訊 2344 — data as of 2026-10-30; fetched 2026-11-05 18:43 UTC
  7. FinMind 月營收 3260（原始來源：公開資訊觀測站 營收公告） — data as of 2026-09-30; fetched 2026-11-05 18:44 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)
  8. FinMind 月營收 2337（原始來源：公開資訊觀測站 營收公告） — data as of 2026-09-30; fetched 2026-11-05 18:44 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)
  9. FinMind 月營收 2408（原始來源：公開資訊觀測站 營收公告） — data as of 2026-09-30; fetched 2026-11-05 18:44 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)
  10. FinMind 月營收 8299（原始來源：公開資訊觀測站 營收公告） — data as of 2026-09-30; fetched 2026-11-05 18:43 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)
  11. FinMind 月營收 2344（原始來源：公開資訊觀測站 營收公告） — data as of 2026-09-30; fetched 2026-11-05 18:44 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)