On June 27, Business Insider reported that Apple CEO Tim Cook is not alone among tech leaders in expressing alarm over the skyrocketing memory prices. Tesla CEO Elon Musk has also weighed in, stating that he has never witnessed such a dramatic surge. Musk reposted Cook’s remarks on a social media platform, labeling memory as the product with the most significant price hike he has ever encountered. Memory chips, essential components in consumer electronics, are seeing soaring demand that is eroding corporate profits and prompting numerous companies to raise prices. The crux of the issue lies in the fact that AI development is straining the production capacity of memory chips. Simultaneously, increased demand from cloud computing providers and data center expansion has driven memory costs up sharply while tightening supply. Companies like Apple and Microsoft have already responded by raising product prices to offset these costs. Musk described the gap between supply and demand as “absurd,” emphasizing the urgent need for a substantial increase in production.