Because of increased supply or reduced demand?

Rather increased supply I assume.

Only a few memory suppliers remain, after years of competition, and they have intentionally reduced NAND wafer supply to achieve record profits and stock prices, https://news.ycombinator.com/item?id=46467946

In theory, China could catch up on memory manufacturing and break the OMEC oligopoly, but they could also pursue high profits and stock prices, if they accept global shrinkage of PC and mobile device supply chains (e.g. Xiaomi pivoted to EVs), https://news.ycombinator.com/item?id=46415338#46419776 | https://news.ycombinator.com/item?id=46482777#46483079

AI-enabled wearables (watch, glass, headphones, pen, pendant) seek to replace mobile phones for a subset of consumer computing. Under normal circumstances, that would be unlikely. But high memory prices may make wearables and ambient computing more "competitive" with personal computing.

One way to outlast siege tactics would be for "old" personal computers to become more valuable than "new" non-personal gadgets, so that ambient computers never achieve mass consumer scale, or the price deflation that powered PC and mobile revolutions.