Rising memory prices are also a risk for chipmakers that provide semiconductors for smartphones, as noted in recent downgrades of Qualcomm Inc by Mizuho Securities and Arm Holdings plc by Bank of America. “So long as memory prices stay high, and we expect prices to stay high for a while given the AI demand, the market could continue punishing them,” Thummel said. Hedgeye Risk Management last week said it had “less conviction” on Apple as the memory issue becomes more concerning. Dell also noted the impact of rising memory prices in its results, though its estimates have held up better as the company’s server business sees strong demand amid the AI buildout. “The good news is that memory prices are cyclical, but there’s so much scarcity in supply that I don’t expect a reversion back in the other direction anytime soon.”

Source: The Edge Markets January 15, 2026 11:55 UTC