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The authors are analysts of Shinhan Investment Corp. They can be reached at doyeon@shinhan.com and hyon@shinhan.com, respectively. – Ed. Pandemic-triggered cycle completely different from typical cycles DRAM spot prices have continued downward, falling below contract prices as a result. Memory market conditions are now being compared to the steepest down-cycle in history witnessed in 2H18-1H19. Memory market down-cycles typically started with chipmakers, foreseeing solid chip demand ahead, sharply increased supply, but actual demand ended up missing expectations by a wide margin. In the previous cycle, global DRAM equipment order placements amounted to 180K/month in 1H18 amid forecasts for exponential growth...