DRAM prices are spiking, but I don't trust the industry's reasons why

RAM prices have skyrocketed globally in 2025, with industry officials pointing to explosive demand from AI data centers as the primary cause. Mainstream DDR5 memory modules now cost at least twice what they did in mid-2025, and overall DRAM contract prices were a stunning 171.8% higher in the third quarter of 2025 compared to a year prior. For context, these increases have even outpaced the surge in gold prices over the same period, which has also seen a surge in price given economic fears and overall uncertainty. Manufacturers and analysts are now warning us that we're at the start of a major DRAM bull market, with shortages expected to continue into 2026.

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