RSM UK’s tech senior analyst James Bull noted that the four largest US tech firms are expected to spend hundreds of billions of dollars on data centres and AI equipment in 2026.

“That level of demand for memory chips has created a shortage the supply chain cannot keep pace with,” he said.

With big tech and AI firms buying memory at scale, and able to pay a premium for longer contracts, manufacturers were also being incentivised to prioritise their orders over consumer electronics, Bull added.

“Essentially, the MacBook on consumers’ desks is now competing for the same Dram as the data centres powering ChatGPT and is losing.”

Of course, some of the big tech companies, such as Microsoft, have a foot in both camps – investing billions in AI infrastructure while also making consumer products such as the Xbox.

But the memory shortage and price rises have also been compounded by inflation and geopolitical issues, say some.

When Sony announced further price increases to the PS5 console in the UK and elsewhere around the world, it cited “continued pressures in the global economic landscape”.

Piers Harding-Rolls of Ampere Analysis said at the time that alongside rising Ram prices, further waves of inflation linked to the war in Iran might have influenced the scale of Sony’s price increases.

Hewson told the BBC more recent price hikes could “go even higher as chip makers deal with increased costs resulting from the blockade in the Strait of Hormuz”.

“Whilst the last few days have brought renewed optimism that the situation in the Middle East is being resolved, the impact of the last couple of months means some inflation is now baked in,” she added.