AI hyperscaler demand has quintupled flash prices in a year, reversing years of Apple dominance over suppliers. Apple is expected to spend $25 billion on flash this year for volume it bought for $6 billion in 2025, and has raised product prices an average of 13% for iPhones. Suppliers like Kioxia have locked in higher-price contracts with Meta, Microsoft and Amazon, protecting profits if the market turns. The open question is whether consumers will keep buying at the higher prices.
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