Memory chip prices for AI servers have more than quintupled in under a year, which is great for Samsung and SK Hynix but a growing cost problem for anyone building AI data centers.

• Spot prices for the 32GB DDR5 server memory modules used in AI machines have pushed past $2,000, up from a bit over $300 last November.
• The jump has sped up lately — prices rose from $1,800 at the end of August to $2,050 by mid-September.
• The cause is simple: AI data center spending keeps climbing and chipmakers cannot make enough memory to keep up.
• Samsung Electronics and SK Hynix are the big winners, since tight supply lets them keep raising prices.
• The climb has been relentless all year — $800 in January, past $1,000 in June, $1,500 in July, then over $2,000.

Outlook: With supply still behind demand, the pricing environment is expected to stay in the memory makers' favor.