Memory prices are at a record high

The memory super-cycle is not a forecast: it is already in the customs data. Korea's export unit prices for commodity DRAM and NAND are both at all-time highs, with DRAM up about 453% and NAND about 326% over the past year. The 2022 to 2023 memory glut is long gone; the AI build has bid the entire memory complex to record levels.