AI Data Center Expansion Fuels "Third Wave of Inflation" as Memory Chip Prices Quadruple

The rapid expansion of AI data centers is being identified as a "third wave of inflation," following previous surges in energy and food prices. Memory and storage chip prices have quadrupled in the past three quarters due to immense demand from hyperscalers such as Google, Microsoft, Meta, and Amazon. This prioritization of high-margin AI orders by chip suppliers is causing shortages for consumer electronics manufacturers, leading to price increases for products from companies like Apple, Dell, HP, and Nintendo. Consequently, global PC and smartphone shipments are projected to decline significantly in 2026.