Bank of America Sees Memory Upcycle Through 2027, Could Avoid 2028 Downturn

Bank of America sees the memory-chip upcycle continuing through 2027 and potentially avoiding a downturn in 2028, while it forecasts record industry revenue and earnings through that year.

The bank’s price assumptions leave room for memory-chip price corrections to begin earlier in 2027. The industry could still post record revenue and earnings through 2028 under that outlook.

An earlier Bank of America outlook projected memory-chip prices, revenue and margins would stay at supercycle levels across 2027 and 2028, alongside slower earnings growth and profits near historical highs.

Manufacturers were estimated to fill 80% to 85% of memory-chip orders in 2026 and about 80% in 2027, leaving demand above available output. Those estimates were part of earlier coverage of memory-chip orders exceeding available capacity.