Overview
1 gram of DRAM is now more expensive than gold. This is a brutal reality for consumer OEMs in smartphones and PCs. Yet, there is no end in sight for the fundamental cause of supply shortage.

Why the topic matters?
Even as we head into the 3 quarters since the AI-driven memory shortage began, the commitment to AI investment remains firm.
It still seems too early to expect that, once memory becomes truly scarce, AI side's memory demand will start to ease and that supply will flow back into the consumer segment.

Who the content is relevant for?
The entire memory supply chain.

Key questions addressed
Signals are emerging that could be misread as a decline in AI demand, but this should not be misunderstood.
The commitment to AI investment remains strong, and the reduction in content is aimed at expanding AI infrastructure more broadly, not a sign of weakening demand.
The current situation is unlikely to end anytime soon, and it suggests that tough days still lie ahead for consumer OEMs.

Table of Contents:
Demand: Just Scale and over BOM concerns
Supply: Growth Accelerating, but Disruptions Persist