从小米到惠普，多家科技公司警告“内存短缺”，戴尔电话会称“从未见过成本上涨如此之快”

Core Viewpoint - The technology industry is facing a memory chip supply crisis driven by the demand for AI infrastructure, leading to unprecedented cost increases across various electronic products [3][5]. Group 1: Cost Increases and Supply Shortages - Dell and Lenovo have reported unprecedented cost increases, with Dell's COO stating that the company has "never seen costs rise at this pace" [3][6]. - HP's CEO anticipates significant challenges in the second half of 2026, indicating that the company may raise prices as necessary due to rising memory costs, which account for 15% to 18% of a typical PC's cost [3][6]. - Counterpoint Research predicts a 50% increase in memory module prices by the second quarter of next year, with Xiaomi already raising flagship device prices due to the memory chip shortage [4][6]. Group 2: AI's Impact on Memory Chip Production - The shortage is attributed to a reallocation of chip production capacity towards AI systems, with manufacturers prioritizing high-margin products for AI over more common memory types [5][6]. - Major AI chip supplier NVIDIA is influencing manufacturers to focus on advanced systems for AI data centers, which may limit production of automotive and electronic products through 2026 [5][6]. Group 3: Manufacturer Responses to Supply Crisis - Manufacturers like Lenovo and ASUS are increasing their memory inventories by approximately 50% to mitigate supply risks, while Xiaomi has secured supply agreements for 2026 [6][7]. - Xiaomi's management acknowledges potential price increases to offset rising memory costs, emphasizing a focus on product structure optimization rather than just volume growth [6][7]. - Apple remains relatively optimistic, managing costs effectively despite slight upward pressure on memory prices [6][7]. Group 4: Market Valuation and Supplier Dynamics - The supply constraints have led to a surge in valuations for top memory manufacturers, with Samsung, SK Hynix, and Micron experiencing significant stock price increases [7]. - SK Hynix has sold its entire memory chip product line for the upcoming year, while Micron expects supply tightness to persist until 2026 [7]. - The competition for AI infrastructure is driving up costs across the consumer electronics supply chain, impacting energy bills and overall production costs [7].