In 2024, the pendulum swung firmly in the other direction, with prices for both NAND flash and DRAM starting to climb. That shortage redirected some workloads toward flash, tightening NAND supply further. This makes companies reluctant to bet on long-term cycles, even as AI demand looks insatiable today — after all, many believe that we're witnessing an AI bubble. Larger companies, like Pure Storage, procure NAND in massive quantities for all flash arrays that power AI data centers. Until then, prices for NAND flash, DRAM, and HDDs will likely remain elevated into 2026.