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Core Viewpoint - The duration and intensity of memory price increases are likely underestimated, with global DRAM shortages expected to persist until the end of 2028 according to an internal SK Hynix report [2][3]. Group 1: Market Dynamics - The memory price surge is driven by a significant imbalance between supply and demand, primarily due to the explosive growth in AI chip demand and the transition of large models into the inference stage [4][5]. - The price of DDR5 16GB (5600MHz) memory modules has increased from around 300 yuan at the beginning of the year to a minimum of 899 yuan, representing a 200% increase within less than a year [4]. - LPDDR5X prices are also rising, with a reported 83% increase in Q4 compared to the beginning of the year [4]. Group 2: Supply Chain Adjustments - Major memory manufacturers are reallocating production capacity towards higher-margin HBM chips, leading to reduced supply of DDR memory for consumer electronics and traditional servers [5][6]. - AI chip manufacturers are increasingly opting for DDR memory over HBM in certain applications, as DDR can meet the requirements for context inference tasks at a lower cost [6][7]. Group 3: Consumer Impact - Consumers can expect widespread price increases for various digital products, including smartphones and computers, with unpredictable magnitude due to the ongoing memory price cycle [10][11]. - The cost difference between HBM and DDR memory is significant, with HBM3e costing approximately $10-17 per GB compared to $1.5-2.2 per GB for DDR5, influencing manufacturers' production priorities [10][11]. - The trend indicates a reduction in relatively affordable electronic products in the market, as manufacturers may shift to optimizing product lines rather than simply raising prices [11][12].