This report argues that surging DRAM prices are emerging as the critical bottleneck in the AI buildout, reshaping capital intensity and sector profitability
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High-speed DRAM prices have risen 400%–2,400% y/y, reflecting supply rigidity amid AI-driven demand.
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Elevated memory costs raise hurdle rates for AI capex and pressure margins across semiconductor-dependent industries, from autos to consumer electronics.
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The capital cycle favors firms with pricing power and supply access; index exposure may obscure widening dispersion.
Are AI return assumptions robust to structurally higher input costs? The paper outlines implications for portfolio construction.
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