The outfit’s latest note to its channel partners lays it out plainly: DRAM and NAND flash prices are expected to continue rising through 2025 and 2026.

The cause of the price hike is a perfect storm of snarled supply chains, an AI gold rush, and a rejuvenated market for PCs and smartphones. Micron blames “un-forecasted demand across various business segments” and says it needs more visibility from partners to keep shelves stocked.

The real pressure point, though, is high-bandwidth memory. Micron is investing $7 billion in a new Singapore plant to produce HBM3E, HBM4, and HBM4E, but the production won’t begin until 2026. Until then, it’s a game of catch-up.

After a miserable year of oversupply and tumbling margins, memory players trimmed output to balance the books. That pruning, combined with a surge in AI workloads and a rebound in consumer electronics, has now turned the market on its head.

Samsung and SK Hynix are likely to follow Micron’s lead, pushing prices higher across the board. This isn’t just bad news for hyperscalers and server outfits—gamers, PC builders, and smartphone fans will all feel the squeeze.