<p>➀ Tariffs have encouraged US memory buyers to get their orders in Q1, reducing inventories; </p><p>➁ DRAM prices expected to fall 0-5% QoQ in Q2, with HBM pricing to rise 3-8% due to HBM3e shipments; </p><p>➂ Samsung's HBM qualification progress slower than expected, but no significant capacity shift back to DRAM; </p><p>➃ SK hynix focusing on server and mobile DRAM, limiting PC DDR5 supply; </p><p>➄ DDR4 prices weak due to consumer demand and capacity expansion, with PC DRAM prices expected to remain flat QoQ in Q2; </p><p>➅ Server DRAM demand driven by top North American CSPs and AI server investment in China, with DDR5 prices expected to stabilise in Q2; </p><p>➆ Mobile DRAM demand improved, with LPDDR4X supply ample but prices expected to decline modestly; </p><p>➇ GDDR7 demand from next-gen graphics cards, with prices expected to hold flat or slightly down due to tight supply; </p><p>➈ GDDR6 prices expected to decline 3-8%, with suppliers bundling to stabilise pricing and clear inventory; </p><p>➉ Consumer DRAM seeing more aggressive purchasing, with DDR4 contract prices expected to rise 0-5% in 2Q25, and DDR3 prices likely to remain flat.</p>