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This consequential uncertainty is affecting tech stocks. Asian stock markets fell sharply on Friday, led by a sell-off in technology firms. Trading on South Korea’s Kospi was temporarily suspended as a result — for the third time this week. Apple shares are down again, and the sell-off is expected to continue.
So, who’s winning?
The beneficiaries of this memory squeeze are not hard to identify. While consumers face higher prices for phones, laptops and games consoles, the companies driving memory demand — the hyperscalers and AI firms building out server farms at extraordinary scale — are posting record revenues. The costs flow down; the profits flow up.
Some, including Naomi Klein, see it as a kind of strip mining of human intellect and ingenuity, a cultural wealth transfer in which human innovation is packaged and resold as competing chatbots, for a fee.
