Smartphone and laptop prices are rising. Here’s why they won’t stop.

The three companies that make most of the world’s memory — Micron, Samsung, and SK Hynix — are saying their entire output is spoken for.

Micron has completed pricing agreements for its full 2026 supply of high-bandwidth memory and says tightness will persist beyond 2027. SK Hynix says customer demand has already claimed all of its DRAM and NAND production for the coming year. Samsung expects its high-bandwidth memory sales to more than triple.

These conditions reflect a structural reallocation, and the structure in question is the global AI data center.

Powerful buyers secure in advance what smaller buyers receive on less favorable terms.

Most people do not think about DRAM or NAND flash. These crucial components of computing are usually invisible, until they are not. Robert Dennard invented