RAM and SSD pricing is heading for another rough stretch, and the pressure is coming from the same place that has already squeezed PC builders for months: AI data centers. Jefferies Equity Research is now projecting another major jump in memory costs, with prices likely to rise by 40% to 50% in the third quarter of 2026, then climb another 30% to 40% in the fourth quarter. The firm also sees memory prices increasing by 40% to 45% year on year in 2027 before any meaningful recovery begins in 2028.
That is a grim outlook for anyone trying to put together a gaming PC, upgrade storage, or build a compact SteamOS system around a small-form-factor setup. The problem is not just that memory is expensive today; it is that the forecast points to a longer stretch where supply remains tight and the market keeps moving upward instead of settling back down.
Jefferies sees memory pricing staying under pressure through 2027
The latest forecast is more severe than a short-term spike. Jefferies is not describing a quick correction after a temporary shortage. Instead, the firm expects memory prices to keep rising quarter after quarter in 2026, then remain elevated into 2027. Even the recovery it projects for 2028 is modest, with only a 15% to 20% improvement.
That matters because RAM and SSDs are not luxury parts in a gaming build. They are basic components that affect whether a system is affordable at all. When memory pricing moves this sharply, it changes the math for anyone planning a new desktop, a storage upgrade, or a living-room PC that needs enough capacity to handle modern games and the operating system comfortably.
For SteamOS users, the impact is especially easy to understand. A Steam Machine-style build depends on a sensible balance between performance, storage, and cost. If memory stays expensive, the budget room for the rest of the system gets tighter fast.
AI data centers are still absorbing supply
The core issue remains demand from AI infrastructure. Data centers are buying up available stock, and that leaves less inventory for consumer hardware. This is the same pressure that has already pushed up prices for RAM and SSDs, and Jefferies’ outlook suggests the market has not found a stable balance yet.
There had been some hope that Chinese manufacturing would help ease the situation sooner. Former Samsung boss Kyung-Hyeon Kye had predicted an earlier end to the memory crunch on that basis. But the latest picture is less encouraging, with Chinese memory apparently not selling for less in a way that would meaningfully reset the market.
For gamers, that means the usual upgrade path is still distorted. A storage drive or memory kit that once felt like a straightforward purchase can now become a decision about whether to wait, compromise on capacity, or spend more than planned just to keep a build on track.
Steam Machine and new PC builds take the hit first
The immediate pain point is anyone building a new PC, but the SteamOS crowd is in the same boat. A Steam Machine or other SteamOS-based living-room setup needs to hit a price target that makes sense next to consoles and prebuilt desktops. Rising memory prices make that harder, especially when builders are trying to keep a system compact and quiet without cutting too far into storage or RAM.
That is why this story lands differently for PC gamers than it might for people watching commodity markets in the abstract. Memory pricing is not just a spreadsheet problem. It affects whether a build is worth starting now, whether an upgrade gets delayed, and whether a budget system still feels like a budget system once the parts are in the cart.
The same pressure also reaches beyond the DIY crowd. If component costs keep climbing, the effect tends to show up in finished products too, since manufacturers have to absorb or pass along those higher costs somewhere in the chain.
Apple’s price moves show how broad the squeeze has become
The strain is no longer limited to PC hardware. Apple has already announced price increases of several hundred dollars for some iPads and MacBooks, and iPhones may not be far behind. That is a sign that memory costs are affecting a wider slice of consumer tech, not just the parts aisle that PC builders watch most closely.
For gamers, that broader impact matters because it shows the market pressure is not isolated. When memory costs rise across phones, tablets, laptops, and desktops, there is less chance of a quick return to the old pricing baseline. The result is a hardware market where upgrades and new builds both become harder to justify.
Jefferies’ forecast also leaves little room for optimism in the near term. The firm is not pointing to a fast fix, and the projected 2028 recovery is limited even if production improves. Until then, anyone shopping for RAM or SSDs is likely to keep running into the same problem: the parts you need are still there, but they are getting more expensive to buy.
By August, our own 10-market DDR5 price check found that even the same memory kit could cost 50.8% more at another European retailer.
Source: PC Gamer reporting on Jefferies Equity Research; contextual reference: Valve / Steam