Nanya Technology hit limit-down at NT$324 after record revenue grew just 3.07% in a month
Nanya's twelfth straight revenue record grew just 3.07% month on month, its fabs are full, and it has disclosed over NT$15 billion of equipment orders for a fab that ships nothing until 2027. Today's record Taiex crash tested the bet.
Vincent Jiang · 2 min read
A stock that just posted the best quarter in its history opened 10 percent lower on Friday 1. Nanya Technology−4.58% — Nanya Technology, down 4.58 percent today, Taiwan's largest DRAM maker, hit its daily limit-down at NT$324 as the Taiex fell a record 3,737.67 points within minutes of the open, its biggest intraday point drop ever, on AI-policy uncertainty after the US midterms 1.
The selling says investors doubt the record price level can hold, and that question now runs straight into Nanya's own spending: it is committing a DDR4 windfall to a new fab at what may be the top of the cycle 1.
The record that stopped growing
On November 3, Nanya booked its twelfth straight monthly revenue record: NT$46.476 billion, up 487.73% year on year but only 3.07% over September, which itself grew just 0.9% 2. The quarterly surge came from contract repricing, not shipments: third-quarter average selling prices rose more than 60% while bit shipments fell a mid-single-digit percentage, delivering an 85.7% gross margin and NT$87.63 billion of net profit 23. With existing fabs at their volume ceiling, only price is left. Ten months of 2026 revenue, NT$311.76 billion, already runs 4.7 times all of 2025 2.
Nanya's monthly revenue has plateaued near NT$46 billion
Revenue is six times a year ago, but the last two monthly gains are 0.9% and 3.07%
- Monthly revenue
- Estimate
Data
| Monthly revenue | |
|---|---|
| Oct 2025* (estimate) | 7.9 (7.7–8.1) |
| Aug 2026 | 44.69 |
| Sep 2026 | 45.09 |
| Oct 2026 | 46.48 |
The windfall is being spent
The board has answered with capacity. In August it lifted the 2026 capex ceiling from NT$52.0 billion to NT$69.7 billion, a figure from our October 27 report 3. Fab 5A, Nanya's NT$346.6 billion first EUV-equipped DRAM fab, named for the extreme-ultraviolet lithography entering its roadmap, takes equipment move-in in the first quarter of 2027 and reaches 30,000 wafers a month only at the end of 2028 3.
The machine orders are landing in its Taiwan disclosures: NT$3.91 billion and NT$1.28 billion from Tokyo Electron 45, plus NT$10.177 billion naming Lam Research and SCREEN, per posts tracking the disclosures, the weakest sourcing in this count 6. Disclosed orders total at least NT$15.367 billion 456.
What must stay true
Buyers who cannot redesign away from DDR4, PC, car and factory makers, have locked in long-term agreements covering 50 to 70% of sales, per our October 27 report 3. If 2027 contracts carry the DDR4 premium, the spend pays; if supply from Samsung, SK hynix+5.39% — SK hynix, up 5.39 percent today, Micron+8.62% — Micron, up 8.62 percent today and China's CXMT mean-reverts the price, NT$346.6 billion is a fab for the downturn 3.
Two dated readings settle it: Nanya's next results on January 14, 2027, show whether average selling prices kept rising, and the 2027 contract negotiations show whether this year's price level locks into next year's revenue 3.
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