Taiwan memory-chip maker Nanya Technology is heading into its Q3 earnings call with much stronger profits than expected — good news for memory investors, bad news for anyone buying DRAM.

• Nanya's Q3 revenue beat forecasts after big consumer customers signed new contracts in July at sharply higher prices.
• Selling prices jumped more than 60% in one quarter, pushing profit margins to extreme levels while costs stayed flat.
• Analysts lifted their target price to NT$800 from NT$720, leaving room for the stock to climb another 50%.
• DDR4 contract prices are set to rise again this quarter, with server customers facing the steepest increases through early next year.
• The squeeze is structural: AI memory is eating a growing share of chip production, starving the market of ordinary DRAM into 2028.

Outlook: Price increases should carry Nanya's profits higher through the first quarter of next year, with the memory shortage expected to last for years.