Waiting for Cheaper RAM? Micron Says the Shortage Could Last Beyond 2028

Wishing upon a star for price drops on your favourite electronics? Think again. Micron, one of the world’s largest makers of memory chips used in PCs, servers and other devices, says RAM shortages will continue through 2028 and possibly longer, with customers expected to pay “much higher prices” next year.

Chairman and CEO Sanjay Mehrotra told investors on September 30 that Micron has already sold most of the memory it expects to make next year. “In calendar 2027 as well as 2028, we see demand exceeding supply,” he said. “Overall, supply-demand environment is only getting tighter.”

Asked when conditions could normalize, Mehrotra said, “We do not have line of sight to when supply and demand will return to balance.”

The shortage is being driven in large part by the AI boom. Memory makers are devoting more capacity to high-bandwidth memory and server DRAM for AI data centres, leaving less room to expand production of the conventional DRAM used in PCs, laptops, smartphones and other consumer electronics.

Micron is planning new factories for 2028, but executives warned additional capacity will not provide immediate relief. Idaho-based Micron reported quarterly revenue of a cool $54.23 billion US, up from $11.3 billion a year earlier.

The effects are already showing up in consumer hardware across the board as we’ve seen. A maxed-out Mac mini now costs more than $10,000 CAD, while Apple has faced higher iPhone costs tied to memory shortages. Consoles are getting hit too. Microsoft raised Xbox prices as memory and storage costs surged, while Valve’s Steam Machine starts at $1,509 CAD amid the same component squeeze.

For Canadians planning a PC build, RAM upgrade or new laptop, Micron’s warning suggests waiting for cheaper memory could mean waiting well into 2028 (and maybe beyond?).