This time is purely supply and demand.

Companies (CRWV, etc) are borrowing at 10%+ interest rates to buy NVidia GPUs that NVidia makes 75% gross margin on. I repeat, companies are selling junk bonds to buy GPUs at a 300% markup. Cocaine dealers probably don’t even make 75% gross margins.

Other companies (OpenAI, etc) are also borrowing at 10%+ interest to rent the GPUs to train LLMs.

All of these GPUs need a ton of RAM. There is a fixed supply of RAM. There is insane demand for RAM.