Beancounters working for Paragon have been looking at the fine print in corporate results and come to the conclusion that things are not going that well.
The report said that memory chip makers with a strong presence in the NAND flash market were doing fine, but others were suffering.
Slowing PC demand has hurt earnings for companies more focused on DRAM. DRAM is widely used in traditional PCs, while NAND is used in popular high-end portable devices such as smartphones and tablet PCs.
It looks like rapidly growing demand for smartphones, tablets, and Ultrabooks are expected to boost NAND revenues for years to come.
Smartphones are expected to play a major role in the growing demand for NAND.
Paragon predicts that shipments of smartphones are projected to total 626 million units in 2012, and by 2016 NAND flash content in smartphones is expected to double.
Micron has offered more than $2.5 billion to buy Elpida, and has offered to keep Elpida's two main factories open and would guarantee jobs for the companies employees, the Paragon report said.