Mark my words, by 2029, the hype will settle and everything will be right back to normal.
This is at a different scale than we've ever seen before. For example, we didn't see new companies jumping on the bandwagon, swapping from Nvidia to AMD, or leaving the market. This time we've seen, as the primary example, Micron shuttering Crucial (a brand that survived many extreme dips in the market) and swapping their entire model to deprioritise selling to 3rd party memory vendors such as Corsair, Kingston, etc.
Demand for RAM from AI would have to dry up in the very immediate future (within 12 months) for 2029 to be a realistic timeframe. As it stands, 2027 is going to be worse than 2026, with 2028 looking to be worse still (even with additional supply expected around that time, DRAM and NAND vendors are looking at expanding into other markets because they don't believe it'll be enough to stabilize the market), and finally plateauing around that point for several years.
The concerning thing is "the current memory supply/demand fulfillment ratio remains at about 70%"
Without demand dropping, we need to see a nearly 50% increase in supply for pricing to start coming down. As long as the demand:supply ratio is 1:1 or higher (currently implied as 1.43:1 based on 70% fulfillment), there's no reason for pricing to drop. Supply < demand = pricing increases; supply = demand = pricing stabilizes; supply > demand = pricing drops.
2028 is expected to bring capacity up by approximately equal to what's needed for equilibrium between demand and supply, which is where the expected plateau for 2029 comes from.
Where we are right now, channel-level comms from vendors have terms like "downsizing," "I'm on the job market," and "job security is a thing of the past." Unless demand plummets before this happens, it could cause further damage to consumer supply.
Have a look at Sabrent's website - a vendor that was almost exclusively in the DRAM and NAND market. Their homepage is now 90% docking stations, hubs, HDMI splitters, charging stations, portable person fans, etc, and their menu no longer even has a link to RAM. These other items aren't new to Sabrent, but they got minor mentions on the homepage - sometimes only under "Whats new," and were certainly not the primary business focus. Today, those products are front and center, even occupying the banner space.
Kingston is splitting into the Kingston we know but only doing enterprise hardware, and a very small subsidiary that will be doing consumer hardware under the Kingston brand.
Multiple other vendors (including some big names) have been effectively EOL'ing many DDR5 SKUs as they can't get allocation until those SKUs really ARE EOL.
2029 is a hopeful prediction, but we have to hope that demand drops, there's no further damage to consumer brands, and that things don't go the way Jeff Bezos and others (looking at GeForce Now, including Nvidia) are pushing where you don't own a PC at all - you have a smart monitor with keyboard/mouse/headset, and you do everything from "boot" to work to game on the cloud... And this is a plausible re-use for AI data centers after the bubble pops.
The infrastructure is already there at a massive scale - and the options after the bubble pops are either become a profitable company by charging hundreds of millions of home and business users a monthly fee, or sell the hardware and go home. AI
infrastructure doesn't need
AI demand to survive.
Gigabyte, Asus, Cooler Master, MSI, etc wouldn't be happy about this (and some might not survive such a change - massive companies such as Compaq have fallen in the past), but if CPUs, RAM, and graphics cards aren't available, they won't have much choice.
I absolutely don't want to be part of the generation that saw the rise and eventual fall of the home computer, but in keeping an open mind to all eventualities it's something to consider.
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