Last week, we noted that smartphones, PCs, and other consumer electronics dependent on HBM were set to come under pressure. Goldman then followed with another note, warning that it had slashed global PC shipment forecasts due to soaring memory prices. Now the list of victims is expanding yet again, and we suspect this memory price shock will persist through the year. The analysis is based on commentary from numerous industry executives deeply embedded in the memory supply chain. The surge in memory prices prompted Synopsys CEO Sassine Ghazi to note that the world's top memory suppliers are now fully absorbed by AI infrastructure demand, crowding out other end markets.