> So, these speculators are like "oh no, more GPUs requires more RAM!", and then just start speculating on all RAM.

Are you claiming that these speculators are buying DDR5 RAM and warehousing it somewhere? Or what exactly is the mechanism you are proposing here?

To me it seems much simpler - AI companies want HBM, but HBM and DDR5 share the same wafer production process and facilities, but the HBM process is much more fragile and takes three times the wafer production.

There isn't enough DDR5 RAM being produced, so prices go up.