Report: "HM" handset makers stockpiled memory, delaying price rises — likely Huawei (华为) and Xiaomi (小米)

Leak and immediate claims

It has been reported that a popular Weibo leaker, @数码闲聊站, claimed evening on March 28 that two manufacturers labelled "HM" have already stockpiled significant DRAM/LPDDR inventory, and that is why memory prices have not jumped yet. The post said the "H" maker bought in very large volumes and could weather higher prices longer, while the "M" maker is likely to absorb costs through this quarter but may pass on increases with next-quarter new models. Reportedly, observers in the thread and previous supply-chain signals point to Huawei (华为) and Xiaomi (小米) as the two firms.

Industry signals and device implications

The leaker also suggested Apple may already have procured higher-priced memory for later 2026 flagships — if Apple does not raise retail prices, that would be an unusually aggressive margin strategy. It has been reported that the unnamed large foldable device known in Chinese chatter as the Pura X2 is "planned" to support LPDDR6 memory, a sign OEMs are preparing for next-generation modules despite cost pressure.

Market context and geopolitical backdrop

This private stocking comes as memory markets tighten. IDC warned that global smartphone shipments were expected to fall 6.8% year-on-year in Q1 2026, and that rising memory prices would squeeze smaller vendors who cannot secure supply or absorb costs, lifting ASPs while depressing volumes. Geopolitics matters here too: ongoing U.S. export controls and broader trade tensions have pushed Chinese OEMs and suppliers to pre-buy and prioritize inventories where they can, turning memory procurement into a competitive lever as much as a cost line.

What to watch

If the leak is accurate, large incumbents could use inventory advantages to hold prices down and grab share — or to maintain margins depending on strategy. Will big brands eat the cost to expand market share, or pass it to consumers? For now the claims remain unverified and stem from social-media sourcing, but they align with broader industry warnings that an elevated memory-cost cycle could reshape 2026 mobile-market dynamics.