0:00.320–0:10.880
In 2025, this MacBook Pro cost $1,600.Less than a year later, the same laptopcost $400 more. Apple says it's because
0:10.880–0:18.480
of demand for memory and storage fueledby the [music] rapid expansion of AIdata centers. That's the exact same
0:18.480–0:28.480
reason Xbox gave for a $150 price hikeon its nearly 6-year-old console.Lenovo, Dell, and HP have all raised
0:28.480–0:35.600
prices, too, citing the same culprit.>> Just these seven drives alone is over $6or $7,000. When I [music] bought them,
0:35.600–0:42.079
they were probably about $1,500 all in.These prices aren't [music] tethered tonew technology. They've just gone up
0:42.079–0:49.039
because some center and some place needsthem more than I do. The narrative isthat AI data centers are buying up huge
0:49.039–0:55.920
amounts of memory and chips, causingshortages and skyrocketing prices foreveryday electronics. There's just one
0:55.920–1:02.559
issue. Data centers don't use the sametype of microchips as your phone orlaptop. And now the world's biggest
1:02.559–1:09.840
memory chip makers are being sued forallegedly colluding to inflate prices.So who or what is actually [music] to
1:09.840–1:12.640
blame? AI data centers or the companies
1:12.640–1:15.040
making the chips?
1:15.040–1:21.990
And could a moratorium on data centersactually force prices down?
1:22.000–1:32.880
To know what's really going on withese tech prices, we first need tounderstand three types of microchips.NAND, DRAM, and HBM. In terms of memory,
1:32.880–1:39.200
they work a bit like the human [music]brain. NAND is like your long-termemory. It holds on to information even
1:39.200–1:46.240
after a device is powered off.>> Think of an iPhone is the best example.If you take a lot of photos, a thousand
1:46.240–1:54.560
photos in a month or something like thatand they're on your phone, that'susually stored in in nan storage.>> DRAM [music] or dynamic random access
1:54.560–2:02.719
memory is your short-term memory, fastbut temporary, and it clears the momentyou switch the power off. HBM or high
2:02.719–2:10.000
bandwidth memory is essentially DRAM onsteroids. It's the same kind ofshort-term memory, but it's designed to
2:10.000–2:18.319
process much more data at once, morethan any human brain could. While NANDand DAM chips are used to power devices
2:18.319–2:27.520
like smartphones, tablets, computers,and smart TVs, HBM chips are used topower AI systems. All DRAM, NAND, and
2:27.520–2:36.080
HBM microchips start out as thin siliconwafers. The key point is that the moreof these tiny tiny cells and connections
2:36.080–2:47.519
you can cram onto a wafer, the more datayou can store onto that.>> HBM is a whole other level of storagecapacity. HBM takes one of those chips
2:47.519–2:55.680
and they stack them vertically next toanother one and then another one andthey're kind ofpackaged together in a kind of 3D shape.
2:55.680–3:04.800
When you mash all those chips together,you get a lot more memory. HBM can movedata 5 to 10 times [music] faster than a
3:04.800–3:12.239
standard DRAM chip. Its stack designalso makes manufacturing [music] HBMchips significantly more complex.
3:12.239–3:18.400
>> All that complexity just basically meansthat that they [music] um they're muchmore expensive to manufacture and
3:18.400–3:27.120
actually they take a lot more kind ofmanufacturing capacity.>> These HBM chips are the backbone of AIdata centers and demand for them is
3:27.120–3:35.200
through the roof. So if HBM is whatpowers AI, why is there a shortage ofthe other two types? It all comes down
3:35.200–3:44.560
to just three companies. Micron,Samsung, and SKHX.Together, they produce more than 60% ofthe world's NAND [music]
3:44.560–3:51.872
and nearly 90% of its DRAM. All threecompanies have shifted at least some oftheir production capacity to building
3:51.872–3:59.360
[music] HBM microchips. And the stockprices for all three companies jumpedmassively between June 2025 and June
3:59.360–4:05.920
2026.>> If you're a memory chip company,obviously you're going to go to the bestcustomers, and right now those are the
4:05.920–4:14.239
AI companies.>> That means less capacity to produce theother kinds of chips. This shift is nosurprise when you realize how central AI
4:14.239–4:20.959
has become to the US economy.>> Largest capital spending booms we'vever seen.>> Artificial intelligence is transforming
4:20.959–4:32.160
the economy right before our eyes. 80%of stock gains this year came from AIcompanies.>> Altogether, tech giants Google,
4:32.160–4:41.680
Microsoft, Meta, and Amazon [music] havespent more than $1 trillion on expandingAI since 2023.As of August 2026, [music]
4:41.680–4:51.280
there are 2,228new data centers in planning orconstruction stages across the US. Withless DRAM and NAND available, prices are
4:51.280–5:01.680
soaring. Thosehigher component costs land onelectronics companies, but instead ofcompletely absorbing the extra expense,
5:01.680–5:07.680
they're passing the bill onto customers.For instance, in [music] June, Xboxannounced it would raise the price of
5:07.680–5:20.800
its $512 GB Series S gaming console from$400 to [music] $500 and the 1 TBTEversion from $450 to $600. It alsoannounced it would be discontinuing its
5:20.800–5:33.520
two TBTE console. We went to a gamingtournament at OSNYC to see how gamersare taking the news.>> All right. All right.
5:33.520–5:39.759
>> You know, I was thinking about buying aXbox Series S and back then it was itwas nice and affordable. It was around
5:39.759–5:48.800
like $300 because of what's going on.It's up to $600. It's just out out of mybudget. The vast history of gaming is a
5:48.800–5:56.080
great story. I just hope that that storydoesn't have a bad ending coming soonwith uh with all the AI muck and penza.
5:56.080–6:05.360
>> And it's not just Xbox PC gaming gear isgetting hit, too.>> I was expecting to go buy a Steam Deck,but because of the AI bubble and what
6:05.360–6:11.199
he storage is, it's completely soldout. They finally stock, but theyincreased the prices just to match the
6:11.199–6:21.120
the current market. Xbox CEO AshaChararma has already said that thegaming industry is pricing out someconsumers. Price hikes like this are
6:21.120–6:30.560
xacerbating it.>> I may have to play gaming and startwatching sports.>> Frustration over Xbox's plans tocontinue raising prices into 2027 is
6:30.560–6:40.479
omething gaming YouTuber Luke Stevenshas seen firsthand.>> Who among you is buying that [music]for, let's say, $9.99? We're going to
6:40.479–6:49.280
let this scroll and see where you're at.Jesus, I see a good number of notes.[laughter]>> While Xbox [music] has not announced the
6:49.280–6:56.000
price of its next generation console,the company warned that console memoryand storage costs are expected to double
6:56.000–7:04.080
again by the fall of 2027. Theannouncement isn't surprising, but it itsure is disappointing. You know, we have
7:04.080–7:11.840
a 6-year-old console that is for the toptier variant, you know, approaching$1,000.So, can you only imagine what the new
7:11.840–7:13.360
one is going to cost? [laughter] You
7:13.360–7:20.080
know, like that's it's created a feelingof dread among a lot of the gaming[music] community where normally there's
7:20.080–7:26.240
excitement right around this time.>> Luke says these pricing trends areslowly changing the landscape of gaming.
7:26.240–7:31.039
>> I think they're going to start tobasically sell consoles like they sellcell phones where it's just yeah, you
7:31.039–7:36.639
get on a 2-year, threeyear plan orwhatever and that's just how it isbecause it is just getting to a pointwhere it's just not affordable for
7:36.639–7:43.360
people to own it outright. There's justnot that many people that can afford,especially right now, a 12 to $1,500
7:43.360–7:49.759
console. When all is said and done, itjust doesn't work. Like, the math isn'there. The thing is, Microsoft, Xbox's
7:49.759–7:55.919
parent company, is one of the companiesinvesting heavily in data centerexpansion. Business Insider mapped out
7:55.919–8:06.160
1,416built or approved data centers as ofJune 2026. 53 of those were built byMicrosoft, and many of them are massive.
8:06.160–8:13.599
Of the companies we tracked, only Amazonsurpassed Microsoft in large-scale datacenter construction. Microsoft expects
8:13.599–8:24.800
to spend roughly $175 billion on AI in2026 alone. So, if Microsoft is buyingenough HBM chips to run its datacenters, why won't it do the same for
8:24.800–8:27.360
its gaming division? The issue is there
8:27.360–8:32.640
simply aren't enough chips to go around.Even the most powerful companies arestruggling to get their hands on the
8:32.640–8:41.120
shrinking supply. Apple is one of if nothe largest purchaser of a lot of theselike memory modules and stuff at least
8:41.120–8:47.760
for consumerf facing hardware uh in[music] the world and so for them to befacing the same difficulties with
8:47.760–8:55.600
acquiring the pieces that they need tobuild the their electronics is prettyremarkable. Apple has kind of lost
8:55.600–9:03.120
control of the computer supply chain alittle bit lately because it doesn'thave a lot of AI data centers. Rising
9:03.120–9:09.680
memory prices are hitting the people whorely on storage to make a living.Atlanta commercial photographer Alan
9:09.680–9:17.680
Kulie says he typically spends anywherefrom $15,000 to $20,000 on storagedevices each year. The biggest price
9:17.680–9:25.440
hikes he's noticed are for solidstatedrives. These are more traditional SSDsor solid state drives that I use. This
9:25.440–9:33.920
a 4 TB SanDisk. [music] This is a twoTB SAM disc. These are Samsung's.They're T7s. These T5 drives, these are
9:33.920–9:40.399
like 1 TBTE. Just these seven drivesalone is over $600 or $7,000. When Ibought them, they were probably about
9:40.399–9:50.000
$1,500 all in. This is a 500 gig CFastcard. I use this when I'm doing um stuffwith my cinema cameras. My photo cameras
9:50.000–9:56.959
will use CFast or CF Express cards,[music] and they'll also use SD cards.All in, everything you see here is about
9:56.959–10:06.080
$7,500. If we were to go up to 200%,which is something I've definitely seen,we're talking about what is that 21,000
10:06.080–10:14.079
$22,000 for the same stuff that was just$7,000. [music]That's I could not have bought half ofthis stuff if the numbers were that
10:14.079–10:20.240
high.>> We had Allan compare the prices he paidfor storage [music] in the past withwhat they'd cost him today.
10:20.240–10:33.279
>> So, I'm looking at the blue 4 terbteSamsung T7.It is currently $889.Um, and that's a sale, but because it's
10:33.279–10:49.360
actually $1,144.99.When I go to my receipt for thesedrives, I bought it at the time for$285.That $285 drive is now well over $1,000.
10:49.360–11:01.360
I purchased this drive in April on April19th of 2025.April 19th of 2025 till July of 2026,we're talking about it has gone up over
11:01.360–11:10.800
200%.Crazy. But when I scroll through hereand I see the prices of SSDs today, andthe idea that they expect me to use my
11:10.800–11:20.160
hard-earned money to pay this much forsomething that was whatever 200% cheaperjust last year alone, they are bugging.
11:20.160–11:27.440
like Apple and Xbox, photographers couldsoon feel forced to [music] pass risingstorage costs on to their clients.
11:27.440–11:35.440
>> I am in this actual moment blown away.These prices aren't tethered to newtechnology. It's not that they went up
11:35.440–11:44.720
because they become so exponentiallybetter than they were.>> Allen's story is identical to the onesJeff Hirs has been hearing from his
11:44.720–11:54.880
customers, too.>> They say, "Well, [music] I don'tunderstand this. Last year this was onlya $50 memory card. It now it's over
11:54.880–11:57.269
$100.Why?
11:57.279–12:03.760
>> Jeff is the president of Photo Care, acamera store in New York established in1968. [music] He says prices for memory
12:03.760–12:11.279
cards and solid state drives havedoubled since the beginning of 2026.>> Solid state drive became a standard and
12:11.279–12:22.800
it's actually [music] small now, 1 TBTE.So this right now is over $300 and 8months ago before the turn of the year
12:22.800–12:33.200
it was maybe [music] $170. One customerthat was shooting a movie bought cardsthat were effectively say $500 a card
12:33.200–12:40.880
last year or the last time [music] thatperson bought more cards uh they were$1,300 a card. He says the high prices
12:40.880–12:48.978
for memory have put financial pressureon his clients who depend on them forwork.>> It's just a tough spot right now for
12:48.978–12:59.920
[music] people that are using electronicameras in making their their living.We've seen [music]our media sales numbers as far as
12:59.920–13:09.360
quantity decrease by30%.>> Jeff worries recent price hikes couldhave broader implications for theindustry. I don't want to say [music]
13:09.360–13:22.240
it's putting electronic media out ofreach of some people, but it is comingclose to that.So, is there any relief in sight?
13:22.240–13:29.760
Possibly. One solution is to open morechip factories known as fabs to increasesupply. But opening a fab is not cheap.
13:29.760–13:37.040
The cost of building one is estimatedbetween $15 billion and$20 billion. Themajority of that cost comes from the
13:37.040–13:45.440
xpensive machines needed to make thesechips. Just one cost up to $400 million,and a single facility needs rows and
13:45.440–13:52.720
rows of them. Keeping FABs clean is alsovery expensive. Many requirespecifically designed clean rooms to
13:52.720–14:00.000
protect sensitive silicon wafers fromdust and other airborne particles thatcould cause microscopic defects. And
14:00.000–14:08.880
even if the cost of construction weren'tan issue, it would still take 3 to 5years to build a single fab.>> You can't just flick a switch and say we
14:08.880–14:16.240
're going to double the amount ofmemory chip production [music] in 6months.>> SK Heinix told Business Insider that
14:16.240–14:21.680
it's fasttracking the construction ofFABS with the Yongen semiconductorcluster, which was scheduled for
14:21.680–14:29.760
completion in 2045, but has been movedup to 2023. Some critics believe thememory shortage may be manufactured. In
14:29.760–14:38.240
June 2026, 17 plaintiffs filed a classaction antirust [music] lawsuit allegingthat Micron, Samsung, and SKH Highix
14:38.240–14:44.639
worked together to limit memory supplyand drive up prices. This is not thefirst time these companies have been in
14:44.639–14:52.000
hot water. In the early 2000s, Samsungand Heinix pleaded guilty to conspiring[music] to fix jam prices. Micron
14:52.000–14:58.160
admitted to participating in the sameconspiracy, but escaped prosecution bycooperating with federal investigators.
14:58.160–15:05.760
>> When that type of demand hits anindustry like this, there's a lot lessleeway and there's really a lot more
15:05.760–15:13.080
control that these three or fourcompanies exert over the industry.Sometimes that's okay, but sometimesit's really really damaging and it'll be
15:13.080–15:19.040
[music] up to the people involved inthis lawsuit to to prove those damagesbeyond beyond a reasonable doubt.
15:19.040–15:26.000
Another solution would be slowing thexpansion of AI data centers to helpchip production catch up. And that push
15:26.000–15:32.959
is growing. Data centers have facedgrowing backlash from communities acrossthe US for their long-term effects on
15:32.959–15:40.639
both the environment and the economy. IfAI data center construction slows byhalf or it takes twice as long to
15:40.639–15:46.399
develop these things or or if fewer ofthem [music] actually get done oractually get approved, then you could
15:46.399–15:56.720
really have a change in in AIdemand for memory chips for sure.>> On July 18th, 2026,142 protests opposing data center
15:56.720–16:04.160
buildouts took place across 42 states.So far, dozens of local governmentsacross the US have [music] moved to
16:04.160–16:12.320
pause data center construction. In July2026, New York became the [music] firstate to enact a one-year moratorum.
16:12.320–16:20.720
>> This pause will remain in place for upto one year, while New York establishesthe strongest possible framework to
16:20.720–16:28.240
protect our communities. If politics andthings like permitting and things likethat, if those types of issues slow down
16:28.240–16:35.680
AI development, you could certainly seea knock-on effect on demand for memorychips and storage. The only question
16:35.680–16:43.440
left is whether in the age of AI, memory[music] prices will ever go down. Ifwhat's past is prologue, Alistair says
16:43.440–16:51.759
history might give us a clue.>> Go back two or three decades, the memorychip industry was hugely cyclical. So
16:51.759–16:58.160
there'd be these huge boom periods wheredemand would go up and there wasn'tenough supply and prices would really
16:58.160–17:05.120
rise and [music] memory chip makerswould make massive amounts of money andthen demand would slow down a bit.
17:05.120–17:11.439
Production would increase and there'd beover supply and then prices would crashback down. That type of long-term
17:11.439–17:18.160
history of boom and bust cycles is veryhard to break. We might just makeway too many memory chips in two years
17:18.160–17:24.799
time and then prices will come crashingdown again. I've been doing this for 20or 30 years now and and a lot of things
17:24.799–17:30.320
that people thought would last foreverhaven't lasted forever. So, I think Ithink that's certainly going to be true
17:30.320–17:33.320
again.

0:00.320–0:10.880
2025年，這台MacBook Pro售價1,600美元。不到一年後，同樣的筆記型電腦價格又增加了400美元。蘋果表示這是因為
0:10.880–0:18.480
記憶體和儲存設備的需求，是由於[音樂]AI資料中心快速擴張所驅動的。這正是
0:18.480–0:28.480
Xbox為其近6年歷史的主機調漲150美元價格所給出的理由。聯想、戴爾和惠普也都調漲了
0:28.480–0:35.600
價格，並指出相同的罪魁禍首。>> 僅這七種硬碟就超過6,000或7,000美元。當我[音樂]購買它們時，
0:35.600–0:42.079
它們的總價大約是1,500美元。這些價格並未[音樂]與新技術掛鉤。它們只是上漲了
0:42.079–0:49.039
因為某些中心和一些地方比我們更需要它們。敘事是說AI資料中心正在大量購買
0:49.039–0:55.920
大量的記憶體和晶片，導致短缺並使日常電子產品的價格飆升。但只有一個
0:55.920–1:02.559
問題。資料中心使用的微晶片類型與手機或筆記型電腦不同。現在，全球最大的
1:02.559–1:09.840
記憶體晶片製造商正被起訴，指控他們涉嫌串通抬高價格。那麼，誰或什麼應該[音樂]為
1:09.840–1:12.640
此事負責？是AI資料中心還是製造
1:12.640–1:15.040
晶片的企業？
1:15.040–1:21.990
而對資料中心實施暫停是否真的能迫使價格下降？
1:22.000–1:32.880
要了解這些科技價格背後的真相，我們首先需要了解三種類型的微晶片：NAND、DRAM和HBM。就記憶體而言，
1:32.880–1:39.200
它們有點像人類的[音樂]大腦。NAND就像你的長期記憶。即使設備關閉電源後，它仍會保留資訊。>> 以iPhone為例是最好的說明。如果你拍了很多照片，例如一個月內拍了
1:39.200–1:46.240
一千張照片，並且它們存在你的手機裡，這些通常會儲存在NAND儲存空間中。>> DRAM[音樂]或動態隨機存取
1:46.240–1:54.560
記憶體是你的短期記憶，快速但暫時性的，當你關閉電源時它就會清除。HBM或高
1:54.560–2:02.719
頻寬記憶體本質上是增強版的DRAM。它是相同類型的短期記憶，但設計用於
2:02.719–2:10.000
一次處理更多數據，比任何人類大腦都能處理的還要多。雖然NAND和DRAM晶片用於驅動
2:10.000–2:18.319
智慧型手機、平板電腦、電腦和智能電視等設備，但HBM晶片用於驅動AI系統。所有DRAM、NAND和
2:18.319–2:27.520
HBM微晶片最初都是薄薄的矽晶圓。關鍵點在於，你能在晶圓上塞入越多這些微小細胞和連接，
2:27.520–2:36.080
你就能在該晶圓上儲存更多數據。>> HBM是另一個層級的儲存容量。HBM採用其中一種晶片
2:36.080–2:47.519
並將它們垂直堆疊在另一個晶片旁邊，然後是另一個，它們以某種3D形狀打包在一起。
2:47.519–2:55.680
當你將所有這些晶片壓合在一起時，你會獲得更多的記憶體。HBM的數據傳輸速度比標準
2:55.680–3:04.800
DRAM晶片快5到10倍[音樂]。其堆疊設計也使製造[音樂]HBM晶片變得更加複雜。
3:04.800–3:12.239
>> 所有的複雜性基本上意味著它們[音樂]嗯，它們的製造成本要高得多，並且
3:12.239–3:18.400
實際上它們佔用了更多的製造能力。>> 這些HBM晶片是AI資料中心的骨幹，對它們的需求
3:18.400–3:27.120
已飆升至頂峰。那麼，如果HBM是驅動AI的關鍵，為什麼其他兩種類型會出現短缺？這一切都歸結於
3:27.120–3:35.200
僅三家公司：美光、三星和SK海力士。這三家公司共同生產了全球超過60%的NAND[音樂]
3:35.200–3:44.560
和近90%的DRAM。這三家公司都將至少部分生產能力轉向製造
3:44.560–3:51.872
[音樂]HBM微晶片。這三家公司的股價在2025年6月至2026年6月之間大幅上漲。>> 如果你是記憶體晶片公司，
3:51.872–3:59.360
[音樂] HBM微晶片。而這三家公司的股價在2025年6月至2026年6月之間大幅飆升。
3:59.360–4:05.920
AI公司。>> 這意味著生產其他類型晶片的產能減少。當你意識到AI
4:05.920–4:14.239
已成為美國經濟的核心時，這種轉變並不令人驚訝。>> 我們所見過的最大的資本支出繁榮。>> 人工智慧正在
4:14.239–4:20.959
改變我們的經濟。今年80%的股票漲幅來自AI公司。>> 總體而言，科技巨頭Google、
4:20.959–4:32.160
微軟、Meta和亞馬遜[音樂]自2023年以來在擴展AI方面已花費超過1萬億美元。截至2026年8月，[音樂]
4:32.160–4:41.680
美國有2,228個新資料中心處於規劃或建設階段。隨著DRAM和NAND供應減少，價格
4:41.680–4:51.280
飆升。這些較高的元件成本落在電子公司身上，但他們並未完全吸收額外費用，
4:51.280–5:01.680
而是將帳單轉嫁給客戶。例如，在[音樂]六月，Xbox宣布將提高其
5:01.680–5:07.680
512GB Series S遊戲主機的價格，從400美元漲至[音樂]500美元，而1TB TE版則從450美元漲至600美元。它還宣布將停止生產其
5:07.680–5:20.800
2TB TE主機。我們前往OSNYC的遊戲賽事，看看玩家們如何應對這則消息。>> 好吧。好吧。
5:20.800–5:33.520
兩 TB 的 TE 主機。我們前往 OSNYC 的一場遊戲大賽，看看玩家們如何反應這則消息。>> 好了，好了。
5:33.520–5:39.759
>> 你知道，我當時在想買一台 Xbox Series S，那時候它價格親民且負擔得起。大約是
5:39.759–5:48.800
300 美元左右，但因為現在的情況，價格漲到了 600 美元。這完全超出了我的預算。遊戲的悠久歷史是一段
5:48.800–5:56.080
精彩的故事。我只希望這段故事不會因為最近的 AI 混亂和混亂而很快有個悲慘的結局。
5:56.080–6:05.360
>> 不僅是 Xbox，PC 遊戲設備也受到了衝擊。>> 我原本打算去買一台 Steam Deck，但因為 AI 泡沫和
6:05.360–6:11.199
儲存設備的價格，它完全售罄。他們終於補貨了，但價格上漲以符合
6:11.199–6:21.120
目前的市場行情。Xbox 執行長薩提亞·納德拉（Satya Nadella）已經表示，遊戲行業正在將部分消費者拒之門外。此類價格上漲
6:21.120–6:30.560
加劇了這一現象。>> 我可能得開始玩遊戲並開始看體育賽事了。>> 遊戲 YouTuber 盧克·史蒂文斯（Luke Stevens）親眼目睹了 Xbox 計劃在 2027 年繼續漲價帶來的挫折感。>> 在座各位，有人會花 [音樂] 9.99 美元買那個嗎？我們來看看
6:30.560–6:40.479
大家的反應。耶穌，我看到不少評論。[笑聲]>> 雖然 Xbox [音樂] 尚未公布
6:40.479–6:49.280
其下一代主機的價格，但公司警告稱，主機記憶體和儲存成本預計在 2027 年秋季前將再次翻倍
6:49.280–6:56.000
。這項公告並不令人驚訝，但確實令人失望。你知道，我們有一台 6 年前的主機，其頂級版本的價格
6:56.000–7:04.080
已接近 1,000 美元。所以，你可以想像新款主機會花多少錢嗎？[笑聲] 你
7:04.080–7:11.840
知道，這在許多遊戲 [音樂] 社群中造成了一種恐懼感，而通常在這個時候，大家應該是
7:11.840–7:13.360
充滿興奮的。>> 盧克表示，這些定價趨勢正在逐漸改變遊戲產業的格局。
7:13.360–7:20.080
>> 我認為他們開始會像銷售手機那樣銷售主機，也就是說，是的，
7:20.080–7:26.240
你加入兩年或三年的計劃，這就是現狀，因為它已經變得讓
7:26.240–7:31.039
人們無法負擔 outright 購買。現在能負擔得起一台 1,200 到 1,500 美元
7:31.039–7:36.639
主機的人並不多。總之，這行不通。就像，數學對不上。問題在於，微軟，Xbox 的
7:36.639–7:43.360
母公司，是大力投資資料中心擴建的公司之一。Business Insider 繪製了
7:43.360–7:49.759
截至 2026 年 6 月已建成或獲批准的 1,416 個資料中心。其中 53 個由微軟建造，而且許多都非常龐大。
7:49.759–7:55.919
在我們追蹤的公司中，只有亞馬遜在大型資料中心建設方面超過了微軟。微軟預計
7:55.919–8:06.160
僅在 2026 年就將在 AI 上花費約 1,750 億美元。所以，如果微軟購買足夠的 HBM 晶片來運行其資料中心，為什麼不對
8:06.160–8:13.599
在我們追蹤的公司中，只有亞馬遜在大型數據中心建設方面超越了微軟。微軟預計
8:13.599–8:24.800
僅在2026年就會在AI上花費約1750億美元。所以，如果微軟購買足夠的HBM晶片來運行其數據中心，為什麼它不對
8:24.800–8:27.360
日益縮減的供應量。蘋果是大量購買這些記憶體模組等產品
8:27.360–8:32.640
的最大的採購商之一，至少對於消費級硬體而言，在 [音樂] 全球範圍內，因此對他們來說，面臨同樣的
8:32.640–8:41.120
獲取所需組件的困難是非常顯著的。蘋果最近在一定程度上失去了對電腦供應鏈的控制，因為它沒有太多 AI 資料中心。記憶體價格上漲
8:41.120–8:47.760
正在衝擊那些依賴儲存設備謀生的人。亞特蘭大商業攝影師亞倫
8:47.760–8:55.600
·庫利（Alan Kulie）表示，他每年通常在儲存設備上花費 15,000 到 20,000 美元。他注意到最大的價格
8:55.600–9:03.120
上漲出現在固態硬碟上。這些是我使用的更傳統的 SSD 或固態硬碟。這是
9:03.120–9:09.680
一個 4 TB 的 SanDisk。[音樂] 這是一個兩 TB 的 SanDisk。這些是三星的。它們是 T7。這些 T5 驅動器，這些
9:09.680–9:17.680
大約是 1 TB 的 TE。僅這七個驅動器就超過了 600 美元或 7,000 美元。當我購買它們時，總價大約
9:17.680–9:25.440
是 1,500 美元。這是一個 500 GB 的 CFast 卡。我在操作電影攝影機時使用它。我的攝影機
9:25.440–9:33.920
將使用 CFast 或 CF Express 卡，[音樂] 它們也會使用 SD 卡。總計，這裡看到的一切大約
9:33.920–9:40.399
是 7,500 美元。如果我們漲幅達到 200%，這確實是我見過的情況，我們談論的是那 21,000
9:40.399–9:50.000
美元或 22,000 美元，用於購買同樣只值 7,000 美元的東西。[音樂] 如果數字那麼
9:50.000–9:56.959
高，我根本買不起這裡的一半東西。>> 我們讓亞倫比較了他過去購買儲存設備 [音樂] 的價格與
9:56.959–10:06.080
7,500美元。如果我們將其提高到200%，這確實是我曾見過的，我們談論的是那21,000
10:06.080–10:14.079
22,000美元，而這些東西之前只要7,000美元。[音樂]如果數字是那樣
10:14.079–10:20.240
高的話，我根本買不到這些東西的一半。>>我們讓Allan比較他過去購買儲存設備[音樂]的價格與今天
10:20.240–10:33.279
>>的成本。所以，我正在查看藍色的4TB三星T7。它目前售價889美元。嗯，這是促銷價，但因為它
10:33.279–10:49.360
實際上是1,144.99美元。當我查看這些驅動器的收據時，我在當時以285美元購買。那285美元的驅動器現在遠超過1,000美元。
10:49.360–11:01.360
我是在2025年4月19日購買這塊硬碟。從2025年4月19日到2026年7月，我們談的是它已經上漲超過
11:01.360–11:10.800
200%。太瘋狂了。但當我瀏覽這裡看到SSD今天的價格，以及他們期望我拿出辛苦賺來的錢，為去年還便宜200%的東西支付這麼多費用時，他們真是瘋了。
11:10.800–11:20.160
就像蘋果和Xbox一樣，攝影師可能很快就會被迫將不斷上升的儲存成本轉嫁給客戶。
11:20.160–11:27.440
>> 我此刻真的被震撼到了。這些價格並沒有與新技術掛鉤。它們上漲並不是因為它們變得比過去好上數倍。
11:27.440–11:35.440
>> 艾倫的故事與傑夫·希爾從他的客戶那裡聽到的故事一模一樣。>> 他們說，「嗯，[音樂] 我不明白。去年這塊記憶卡只要50美元。現在它超過
11:35.440–11:44.720
因為它們的性能變得比過去好上數百倍。>> 艾倫的故事與傑夫·希爾從他的
11:44.720–11:54.880
客戶也是。>> 他們說：「嗯，我不太懂。去年這記憶卡只要 50 美元，現在卻超過
11:54.880–11:57.269
100美元。為什麼？
11:57.279–12:03.760
傑夫是Photo Care的總裁，這是一家成立於1968年的紐約相機店。[音樂] 他表示，記憶體卡的價格
12:03.760–12:11.279
自2026年初以來，固態硬碟的價格已經翻倍。>> 固態硬碟已成爲標準配備，
12:11.279–12:22.800
而且現在其實[音樂]很小，1 TB TE。所以現在這超過300美元，而在8個月前，新年之前
12:22.800–12:33.200
它可能[音樂]只要170美元。一位拍攝電影的客戶購買的卡片，實際上說每張卡片500美元
12:33.200–12:40.880
去年，或該人上次[音樂]購買更多卡片時，它們的價格是每張卡片1,300美元。他表示，高昂的價格
12:40.880–12:48.978
記憶體的高價格給依賴它們工作的客戶帶來了經濟壓力。>> 現在對於
12:48.978–12:59.920
[音樂] 使用電子相機謀生的人來說，情況很艱難。我們看到[音樂]我們的媒體銷售數量，就
12:59.920–13:09.360
數量而言，下降了30%。>> 傑夫擔心最近的價格上漲可能會對整個行業產生更廣泛的影響。我不想說[音樂]
13:09.360–13:22.240
它讓電子媒體對某些人來說變得遙不可及，但情況已接近那個程度。那麼，有什麼緩解的跡象嗎？
13:22.240–13:29.760
有可能。一個解決方案是開放更多稱為晶圓廠的晶片工廠以增加供應。但建立晶圓廠並不便宜。
13:29.760–13:37.040
建造一座晶圓廠的成本估計在150億至200億美元之間。大部分成本來自於
13:37.040–13:45.440
製造這些晶片所需的昂貴機器。單台機器就高達4億美元，而單一設施需要一排排
13:45.440–13:52.720
這樣的機器。保持晶圓廠的清潔也非常昂貴。許多設施需要專門設計的潔淨室，
13:52.720–14:00.000
以保護敏感的矽晶圓免受灰塵和其他可能導致微觀缺陷的空氣懸浮粒子的影響。而且
14:00.000–14:08.880
即使建造成本不是問題，建造一座單一的晶圓廠仍需3到5年。>> 你不能只是開關開關說我們
14:08.880–14:16.240
要在6個月內將記憶體晶片產量翻倍 [音樂] >> SK海力士告訴商業內幕記者
14:16.240–14:21.680
它正在加速建設位於永元半導體集群的晶圓廠，該集群原計劃於
14:21.680–14:29.760
2045年完工，但已提前至2023年。一些批評者認為記憶體短缺可能是人為製造的。在
14:29.760–14:38.240
2026年6月，17名原告提起了一項集體反壟斷訴訟，指控美光、三星和SK海力士
14:38.240–14:44.639
共同限制記憶體供應並推高價格。這些公司並非第一次陷入
14:44.639–14:52.000
風波。在2000年代初，三星和海力士承認共謀操縱記憶體價格。美光
14:52.000–14:58.160
承認參與了同一項共謀，但通過配合聯邦調查人員而免於起訴。
14:58.160–15:05.760
>> 當這種類型的衝擊性需求出現在這樣的行業時，餘地會少很多，而這三四家
15:05.760–15:13.080
公司對行業的控制力會大大增強。有時這沒問題，但有時這會造成非常嚴重的損害，而且將取決於
15:13.080–15:19.040
[音樂] 由本案相關人士來證明這些損害，且必須達到排除合理懷疑的程度。
15:19.040–15:26.000
另一個解決方案是放寬 AI 資料中心的擴張，以協助晶片生產跟上。而這項推動
15:26.000–15:32.959
正日益增強。資料中心在美國各地社區面臨日益強烈的反彈，因為它們對
15:32.959–15:40.639
環境和經濟的長期影響。如果 AI 資料中心的建設減半，或開發這些設施的時間加倍，
15:40.639–15:46.399
或實際上完成的數量減少，或實際上獲得批准的數量減少，那麼你可能會
15:46.399–15:56.720
確實看到 AI 對記憶體晶片需求的變化。>> 2026 年 7 月 18 日，142 場反對資料中心
15:56.720–16:04.160
在42個州發生了數據中心建設。到目前為止，美國各地的數十個地方政府已[音樂]着手
16:04.160–16:12.320
暫停數據中心建設。2026年7月，紐約成為[音樂]第一個實施一年暫停期的州。
16:12.320–16:20.720
>> 這項暫停措施將持續最多一年，同時紐約建立最堅實的框架以
16:20.720–16:28.240
保護我們的社區。如果政治和許可等事項，諸如此類，如果這些類型的問題減緩
16:28.240–16:35.680
AI發展，你肯定會看到對記憶體晶片和儲存需求的連鎖效應。唯一剩下的問題
16:35.680–16:43.440
是，在AI時代，記憶體[音樂]價格是否會下降。如果過去是序曲，Alistair說
16:43.440–16:51.759
歷史可能會給我們一些線索。>> 回到兩三十年前，記憶體晶片產業具有極大的週期性。因此
16:51.759–16:58.160
會出現這些巨大的繁榮時期，需求上升而供應不足，價格會大幅
16:58.160–17:05.120
上漲，[音樂]記憶體晶片製造商賺取鉅額利潤，然後需求會稍微放緩。
17:05.120–17:11.439
的抗議活動。產量增加會導致供過於求，隨後價格會崩盤回落。這種長期的
17:11.439–17:18.160
繁榮與蕭條週期歷史很難打破。我們可能在兩年內製造出過多的記憶體晶片
17:18.160–17:24.799
生產了太多記憶體晶片，然後價格會再次崩盤下跌。我從事這行已經20或30年了，許多事情
17:24.799–17:30.320
人們認為會永遠持續下去的並沒有永遠持續。所以，我認為我認為這肯定會再次成真
17:30.320–17:33.320
。

0:00.320–0:10.880
In 2025, this MacBook Pro cost $1,600.Less than a year later, the same laptopcost $400 more. Apple says it's because
2025年，這台MacBook Pro售價1,600美元。不到一年後，同樣的筆記型電腦價格又增加了400美元。蘋果表示這是因為
0:10.880–0:18.480
of demand for memory and storage fueledby the [music] rapid expansion of AIdata centers. That's the exact same
記憶體和儲存設備的需求，是由於[音樂]AI資料中心快速擴張所驅動的。這正是
0:18.480–0:28.480
reason Xbox gave for a $150 price hikeon its nearly 6-year-old console.Lenovo, Dell, and HP have all raised
Xbox為其近6年歷史的主機調漲150美元價格所給出的理由。聯想、戴爾和惠普也都調漲了
0:28.480–0:35.600
prices, too, citing the same culprit.>> Just these seven drives alone is over $6or $7,000. When I [music] bought them,
價格，並指出相同的罪魁禍首。>> 僅這七種硬碟就超過6,000或7,000美元。當我[音樂]購買它們時，
0:35.600–0:42.079
they were probably about $1,500 all in.These prices aren't [music] tethered tonew technology. They've just gone up
它們的總價大約是1,500美元。這些價格並未[音樂]與新技術掛鉤。它們只是上漲了
0:42.079–0:49.039
because some center and some place needsthem more than I do. The narrative isthat AI data centers are buying up huge
因為某些中心和一些地方比我們更需要它們。敘事是說AI資料中心正在大量購買
0:49.039–0:55.920
amounts of memory and chips, causingshortages and skyrocketing prices foreveryday electronics. There's just one
大量的記憶體和晶片，導致短缺並使日常電子產品的價格飆升。但只有一個
0:55.920–1:02.559
issue. Data centers don't use the sametype of microchips as your phone orlaptop. And now the world's biggest
問題。資料中心使用的微晶片類型與手機或筆記型電腦不同。現在，全球最大的
1:02.559–1:09.840
memory chip makers are being sued forallegedly colluding to inflate prices.So who or what is actually [music] to
記憶體晶片製造商正被起訴，指控他們涉嫌串通抬高價格。那麼，誰或什麼應該[音樂]為
1:09.840–1:12.640
blame? AI data centers or the companies
此事負責？是AI資料中心還是製造
1:12.640–1:15.040
making the chips?
晶片的企業？
1:15.040–1:21.990
And could a moratorium on data centersactually force prices down?
而對資料中心實施暫停是否真的能迫使價格下降？
1:22.000–1:32.880
To know what's really going on withese tech prices, we first need tounderstand three types of microchips.NAND, DRAM, and HBM. In terms of memory,
要了解這些科技價格背後的真相，我們首先需要了解三種類型的微晶片：NAND、DRAM和HBM。就記憶體而言，
1:32.880–1:39.200
they work a bit like the human [music]brain. NAND is like your long-termemory. It holds on to information even
它們有點像人類的[音樂]大腦。NAND就像你的長期記憶。即使設備關閉電源後，它仍會保留資訊。>> 以iPhone為例是最好的說明。如果你拍了很多照片，例如一個月內拍了
1:39.200–1:46.240
after a device is powered off.>> Think of an iPhone is the best example.If you take a lot of photos, a thousand
一千張照片，並且它們存在你的手機裡，這些通常會儲存在NAND儲存空間中。>> DRAM[音樂]或動態隨機存取
1:46.240–1:54.560
photos in a month or something like thatand they're on your phone, that'susually stored in in nan storage.>> DRAM [music] or dynamic random access
記憶體是你的短期記憶，快速但暫時性的，當你關閉電源時它就會清除。HBM或高
1:54.560–2:02.719
memory is your short-term memory, fastbut temporary, and it clears the momentyou switch the power off. HBM or high
頻寬記憶體本質上是增強版的DRAM。它是相同類型的短期記憶，但設計用於
2:02.719–2:10.000
bandwidth memory is essentially DRAM onsteroids. It's the same kind ofshort-term memory, but it's designed to
一次處理更多數據，比任何人類大腦都能處理的還要多。雖然NAND和DRAM晶片用於驅動
2:10.000–2:18.319
process much more data at once, morethan any human brain could. While NANDand DAM chips are used to power devices
智慧型手機、平板電腦、電腦和智能電視等設備，但HBM晶片用於驅動AI系統。所有DRAM、NAND和
2:18.319–2:27.520
like smartphones, tablets, computers,and smart TVs, HBM chips are used topower AI systems. All DRAM, NAND, and
HBM微晶片最初都是薄薄的矽晶圓。關鍵點在於，你能在晶圓上塞入越多這些微小細胞和連接，
2:27.520–2:36.080
HBM microchips start out as thin siliconwafers. The key point is that the moreof these tiny tiny cells and connections
你就能在該晶圓上儲存更多數據。>> HBM是另一個層級的儲存容量。HBM採用其中一種晶片
2:36.080–2:47.519
you can cram onto a wafer, the more datayou can store onto that.>> HBM is a whole other level of storagecapacity. HBM takes one of those chips
並將它們垂直堆疊在另一個晶片旁邊，然後是另一個，它們以某種3D形狀打包在一起。
2:47.519–2:55.680
and they stack them vertically next toanother one and then another one andthey're kind ofpackaged together in a kind of 3D shape.
當你將所有這些晶片壓合在一起時，你會獲得更多的記憶體。HBM的數據傳輸速度比標準
2:55.680–3:04.800
When you mash all those chips together,you get a lot more memory. HBM can movedata 5 to 10 times [music] faster than a
DRAM晶片快5到10倍[音樂]。其堆疊設計也使製造[音樂]HBM晶片變得更加複雜。
3:04.800–3:12.239
standard DRAM chip. Its stack designalso makes manufacturing [music] HBMchips significantly more complex.
>> 所有的複雜性基本上意味著它們[音樂]嗯，它們的製造成本要高得多，並且
3:12.239–3:18.400
>> All that complexity just basically meansthat that they [music] um they're muchmore expensive to manufacture and
實際上它們佔用了更多的製造能力。>> 這些HBM晶片是AI資料中心的骨幹，對它們的需求
3:18.400–3:27.120
actually they take a lot more kind ofmanufacturing capacity.>> These HBM chips are the backbone of AIdata centers and demand for them is
已飆升至頂峰。那麼，如果HBM是驅動AI的關鍵，為什麼其他兩種類型會出現短缺？這一切都歸結於
3:27.120–3:35.200
through the roof. So if HBM is whatpowers AI, why is there a shortage ofthe other two types? It all comes down
僅三家公司：美光、三星和SK海力士。這三家公司共同生產了全球超過60%的NAND[音樂]
3:35.200–3:44.560
to just three companies. Micron,Samsung, and SKHX.Together, they produce more than 60% ofthe world's NAND [music]
和近90%的DRAM。這三家公司都將至少部分生產能力轉向製造
3:44.560–3:51.872
and nearly 90% of its DRAM. All threecompanies have shifted at least some oftheir production capacity to building
[音樂]HBM微晶片。這三家公司的股價在2025年6月至2026年6月之間大幅上漲。>> 如果你是記憶體晶片公司，
3:51.872–3:59.360
[music] HBM microchips. And the stockprices for all three companies jumpedmassively between June 2025 and June
[音樂] HBM微晶片。而這三家公司的股價在2025年6月至2026年6月之間大幅飆升。
3:59.360–4:05.920
2026.>> If you're a memory chip company,obviously you're going to go to the bestcustomers, and right now those are the
AI公司。>> 這意味著生產其他類型晶片的產能減少。當你意識到AI
4:05.920–4:14.239
AI companies.>> That means less capacity to produce theother kinds of chips. This shift is nosurprise when you realize how central AI
已成為美國經濟的核心時，這種轉變並不令人驚訝。>> 我們所見過的最大的資本支出繁榮。>> 人工智慧正在
4:14.239–4:20.959
has become to the US economy.>> Largest capital spending booms we'vever seen.>> Artificial intelligence is transforming
改變我們的經濟。今年80%的股票漲幅來自AI公司。>> 總體而言，科技巨頭Google、
4:20.959–4:32.160
the economy right before our eyes. 80%of stock gains this year came from AIcompanies.>> Altogether, tech giants Google,
微軟、Meta和亞馬遜[音樂]自2023年以來在擴展AI方面已花費超過1萬億美元。截至2026年8月，[音樂]
4:32.160–4:41.680
Microsoft, Meta, and Amazon [music] havespent more than $1 trillion on expandingAI since 2023.As of August 2026, [music]
美國有2,228個新資料中心處於規劃或建設階段。隨著DRAM和NAND供應減少，價格
4:41.680–4:51.280
there are 2,228new data centers in planning orconstruction stages across the US. Withless DRAM and NAND available, prices are
飆升。這些較高的元件成本落在電子公司身上，但他們並未完全吸收額外費用，
4:51.280–5:01.680
soaring. Thosehigher component costs land onelectronics companies, but instead ofcompletely absorbing the extra expense,
而是將帳單轉嫁給客戶。例如，在[音樂]六月，Xbox宣布將提高其
5:01.680–5:07.680
they're passing the bill onto customers.For instance, in [music] June, Xboxannounced it would raise the price of
512GB Series S遊戲主機的價格，從400美元漲至[音樂]500美元，而1TB TE版則從450美元漲至600美元。它還宣布將停止生產其
5:07.680–5:20.800
its $512 GB Series S gaming console from$400 to [music] $500 and the 1 TBTEversion from $450 to $600. It alsoannounced it would be discontinuing its
2TB TE主機。我們前往OSNYC的遊戲賽事，看看玩家們如何應對這則消息。>> 好吧。好吧。
5:20.800–5:33.520
two TBTE console. We went to a gamingtournament at OSNYC to see how gamersare taking the news.>> All right. All right.
兩 TB 的 TE 主機。我們前往 OSNYC 的一場遊戲大賽，看看玩家們如何反應這則消息。>> 好了，好了。
5:33.520–5:39.759
>> You know, I was thinking about buying aXbox Series S and back then it was itwas nice and affordable. It was around
>> 你知道，我當時在想買一台 Xbox Series S，那時候它價格親民且負擔得起。大約是
5:39.759–5:48.800
like $300 because of what's going on.It's up to $600. It's just out out of mybudget. The vast history of gaming is a
300 美元左右，但因為現在的情況，價格漲到了 600 美元。這完全超出了我的預算。遊戲的悠久歷史是一段
5:48.800–5:56.080
great story. I just hope that that storydoesn't have a bad ending coming soonwith uh with all the AI muck and penza.
精彩的故事。我只希望這段故事不會因為最近的 AI 混亂和混亂而很快有個悲慘的結局。
5:56.080–6:05.360
>> And it's not just Xbox PC gaming gear isgetting hit, too.>> I was expecting to go buy a Steam Deck,but because of the AI bubble and what
>> 不僅是 Xbox，PC 遊戲設備也受到了衝擊。>> 我原本打算去買一台 Steam Deck，但因為 AI 泡沫和
6:05.360–6:11.199
he storage is, it's completely soldout. They finally stock, but theyincreased the prices just to match the
儲存設備的價格，它完全售罄。他們終於補貨了，但價格上漲以符合
6:11.199–6:21.120
the current market. Xbox CEO AshaChararma has already said that thegaming industry is pricing out someconsumers. Price hikes like this are
目前的市場行情。Xbox 執行長薩提亞·納德拉（Satya Nadella）已經表示，遊戲行業正在將部分消費者拒之門外。此類價格上漲
6:21.120–6:30.560
xacerbating it.>> I may have to play gaming and startwatching sports.>> Frustration over Xbox's plans tocontinue raising prices into 2027 is
加劇了這一現象。>> 我可能得開始玩遊戲並開始看體育賽事了。>> 遊戲 YouTuber 盧克·史蒂文斯（Luke Stevens）親眼目睹了 Xbox 計劃在 2027 年繼續漲價帶來的挫折感。>> 在座各位，有人會花 [音樂] 9.99 美元買那個嗎？我們來看看
6:30.560–6:40.479
omething gaming YouTuber Luke Stevenshas seen firsthand.>> Who among you is buying that [music]for, let's say, $9.99? We're going to
大家的反應。耶穌，我看到不少評論。[笑聲]>> 雖然 Xbox [音樂] 尚未公布
6:40.479–6:49.280
let this scroll and see where you're at.Jesus, I see a good number of notes.[laughter]>> While Xbox [music] has not announced the
其下一代主機的價格，但公司警告稱，主機記憶體和儲存成本預計在 2027 年秋季前將再次翻倍
6:49.280–6:56.000
price of its next generation console,the company warned that console memoryand storage costs are expected to double
。這項公告並不令人驚訝，但確實令人失望。你知道，我們有一台 6 年前的主機，其頂級版本的價格
6:56.000–7:04.080
again by the fall of 2027. Theannouncement isn't surprising, but it itsure is disappointing. You know, we have
已接近 1,000 美元。所以，你可以想像新款主機會花多少錢嗎？[笑聲] 你
7:04.080–7:11.840
a 6-year-old console that is for the toptier variant, you know, approaching$1,000.So, can you only imagine what the new
知道，這在許多遊戲 [音樂] 社群中造成了一種恐懼感，而通常在這個時候，大家應該是
7:11.840–7:13.360
one is going to cost? [laughter] You
充滿興奮的。>> 盧克表示，這些定價趨勢正在逐漸改變遊戲產業的格局。
7:13.360–7:20.080
know, like that's it's created a feelingof dread among a lot of the gaming[music] community where normally there's
>> 我認為他們開始會像銷售手機那樣銷售主機，也就是說，是的，
7:20.080–7:26.240
excitement right around this time.>> Luke says these pricing trends areslowly changing the landscape of gaming.
你加入兩年或三年的計劃，這就是現狀，因為它已經變得讓
7:26.240–7:31.039
>> I think they're going to start tobasically sell consoles like they sellcell phones where it's just yeah, you
人們無法負擔 outright 購買。現在能負擔得起一台 1,200 到 1,500 美元
7:31.039–7:36.639
get on a 2-year, threeyear plan orwhatever and that's just how it isbecause it is just getting to a pointwhere it's just not affordable for
主機的人並不多。總之，這行不通。就像，數學對不上。問題在於，微軟，Xbox 的
7:36.639–7:43.360
people to own it outright. There's justnot that many people that can afford,especially right now, a 12 to $1,500
母公司，是大力投資資料中心擴建的公司之一。Business Insider 繪製了
7:43.360–7:49.759
console. When all is said and done, itjust doesn't work. Like, the math isn'there. The thing is, Microsoft, Xbox's
截至 2026 年 6 月已建成或獲批准的 1,416 個資料中心。其中 53 個由微軟建造，而且許多都非常龐大。
7:49.759–7:55.919
parent company, is one of the companiesinvesting heavily in data centerexpansion. Business Insider mapped out
在我們追蹤的公司中，只有亞馬遜在大型資料中心建設方面超過了微軟。微軟預計
7:55.919–8:06.160
1,416built or approved data centers as ofJune 2026. 53 of those were built byMicrosoft, and many of them are massive.
僅在 2026 年就將在 AI 上花費約 1,750 億美元。所以，如果微軟購買足夠的 HBM 晶片來運行其資料中心，為什麼不對
8:06.160–8:13.599
Of the companies we tracked, only Amazonsurpassed Microsoft in large-scale datacenter construction. Microsoft expects
在我們追蹤的公司中，只有亞馬遜在大型數據中心建設方面超越了微軟。微軟預計
8:13.599–8:24.800
to spend roughly $175 billion on AI in2026 alone. So, if Microsoft is buyingenough HBM chips to run its datacenters, why won't it do the same for
僅在2026年就會在AI上花費約1750億美元。所以，如果微軟購買足夠的HBM晶片來運行其數據中心，為什麼它不對
8:24.800–8:27.360
its gaming division? The issue is there
日益縮減的供應量。蘋果是大量購買這些記憶體模組等產品
8:27.360–8:32.640
simply aren't enough chips to go around.Even the most powerful companies arestruggling to get their hands on the
的最大的採購商之一，至少對於消費級硬體而言，在 [音樂] 全球範圍內，因此對他們來說，面臨同樣的
8:32.640–8:41.120
shrinking supply. Apple is one of if nothe largest purchaser of a lot of theselike memory modules and stuff at least
獲取所需組件的困難是非常顯著的。蘋果最近在一定程度上失去了對電腦供應鏈的控制，因為它沒有太多 AI 資料中心。記憶體價格上漲
8:41.120–8:47.760
for consumerf facing hardware uh in[music] the world and so for them to befacing the same difficulties with
正在衝擊那些依賴儲存設備謀生的人。亞特蘭大商業攝影師亞倫
8:47.760–8:55.600
acquiring the pieces that they need tobuild the their electronics is prettyremarkable. Apple has kind of lost
·庫利（Alan Kulie）表示，他每年通常在儲存設備上花費 15,000 到 20,000 美元。他注意到最大的價格
8:55.600–9:03.120
control of the computer supply chain alittle bit lately because it doesn'thave a lot of AI data centers. Rising
上漲出現在固態硬碟上。這些是我使用的更傳統的 SSD 或固態硬碟。這是
9:03.120–9:09.680
memory prices are hitting the people whorely on storage to make a living.Atlanta commercial photographer Alan
一個 4 TB 的 SanDisk。[音樂] 這是一個兩 TB 的 SanDisk。這些是三星的。它們是 T7。這些 T5 驅動器，這些
9:09.680–9:17.680
Kulie says he typically spends anywherefrom $15,000 to $20,000 on storagedevices each year. The biggest price
大約是 1 TB 的 TE。僅這七個驅動器就超過了 600 美元或 7,000 美元。當我購買它們時，總價大約
9:17.680–9:25.440
hikes he's noticed are for solidstatedrives. These are more traditional SSDsor solid state drives that I use. This
是 1,500 美元。這是一個 500 GB 的 CFast 卡。我在操作電影攝影機時使用它。我的攝影機
9:25.440–9:33.920
a 4 TB SanDisk. [music] This is a twoTB SAM disc. These are Samsung's.They're T7s. These T5 drives, these are
將使用 CFast 或 CF Express 卡，[音樂] 它們也會使用 SD 卡。總計，這裡看到的一切大約
9:33.920–9:40.399
like 1 TBTE. Just these seven drivesalone is over $600 or $7,000. When Ibought them, they were probably about
是 7,500 美元。如果我們漲幅達到 200%，這確實是我見過的情況，我們談論的是那 21,000
9:40.399–9:50.000
$1,500 all in. This is a 500 gig CFastcard. I use this when I'm doing um stuffwith my cinema cameras. My photo cameras
美元或 22,000 美元，用於購買同樣只值 7,000 美元的東西。[音樂] 如果數字那麼
9:50.000–9:56.959
will use CFast or CF Express cards,[music] and they'll also use SD cards.All in, everything you see here is about
高，我根本買不起這裡的一半東西。>> 我們讓亞倫比較了他過去購買儲存設備 [音樂] 的價格與
9:56.959–10:06.080
$7,500. If we were to go up to 200%,which is something I've definitely seen,we're talking about what is that 21,000
7,500美元。如果我們將其提高到200%，這確實是我曾見過的，我們談論的是那21,000
10:06.080–10:14.079
$22,000 for the same stuff that was just$7,000. [music]That's I could not have bought half ofthis stuff if the numbers were that
22,000美元，而這些東西之前只要7,000美元。[音樂]如果數字是那樣
10:14.079–10:20.240
high.>> We had Allan compare the prices he paidfor storage [music] in the past withwhat they'd cost him today.
高的話，我根本買不到這些東西的一半。>>我們讓Allan比較他過去購買儲存設備[音樂]的價格與今天
10:20.240–10:33.279
>> So, I'm looking at the blue 4 terbteSamsung T7.It is currently $889.Um, and that's a sale, but because it's
>>的成本。所以，我正在查看藍色的4TB三星T7。它目前售價889美元。嗯，這是促銷價，但因為它
10:33.279–10:49.360
actually $1,144.99.When I go to my receipt for thesedrives, I bought it at the time for$285.That $285 drive is now well over $1,000.
實際上是1,144.99美元。當我查看這些驅動器的收據時，我在當時以285美元購買。那285美元的驅動器現在遠超過1,000美元。
10:49.360–11:01.360
I purchased this drive in April on April19th of 2025.April 19th of 2025 till July of 2026,we're talking about it has gone up over
我是在2025年4月19日購買這塊硬碟。從2025年4月19日到2026年7月，我們談的是它已經上漲超過
11:01.360–11:10.800
200%.Crazy. But when I scroll through hereand I see the prices of SSDs today, andthe idea that they expect me to use my
200%。太瘋狂了。但當我瀏覽這裡看到SSD今天的價格，以及他們期望我拿出辛苦賺來的錢，為去年還便宜200%的東西支付這麼多費用時，他們真是瘋了。
11:10.800–11:20.160
hard-earned money to pay this much forsomething that was whatever 200% cheaperjust last year alone, they are bugging.
就像蘋果和Xbox一樣，攝影師可能很快就會被迫將不斷上升的儲存成本轉嫁給客戶。
11:20.160–11:27.440
like Apple and Xbox, photographers couldsoon feel forced to [music] pass risingstorage costs on to their clients.
>> 我此刻真的被震撼到了。這些價格並沒有與新技術掛鉤。它們上漲並不是因為它們變得比過去好上數倍。
11:27.440–11:35.440
>> I am in this actual moment blown away.These prices aren't tethered to newtechnology. It's not that they went up
>> 艾倫的故事與傑夫·希爾從他的客戶那裡聽到的故事一模一樣。>> 他們說，「嗯，[音樂] 我不明白。去年這塊記憶卡只要50美元。現在它超過
11:35.440–11:44.720
because they become so exponentiallybetter than they were.>> Allen's story is identical to the onesJeff Hirs has been hearing from his
因為它們的性能變得比過去好上數百倍。>> 艾倫的故事與傑夫·希爾從他的
11:44.720–11:54.880
customers, too.>> They say, "Well, [music] I don'tunderstand this. Last year this was onlya $50 memory card. It now it's over
客戶也是。>> 他們說：「嗯，我不太懂。去年這記憶卡只要 50 美元，現在卻超過
11:54.880–11:57.269
$100.Why?
100美元。為什麼？
11:57.279–12:03.760
>> Jeff is the president of Photo Care, acamera store in New York established in1968. [music] He says prices for memory
傑夫是Photo Care的總裁，這是一家成立於1968年的紐約相機店。[音樂] 他表示，記憶體卡的價格
12:03.760–12:11.279
cards and solid state drives havedoubled since the beginning of 2026.>> Solid state drive became a standard and
自2026年初以來，固態硬碟的價格已經翻倍。>> 固態硬碟已成爲標準配備，
12:11.279–12:22.800
it's actually [music] small now, 1 TBTE.So this right now is over $300 and 8months ago before the turn of the year
而且現在其實[音樂]很小，1 TB TE。所以現在這超過300美元，而在8個月前，新年之前
12:22.800–12:33.200
it was maybe [music] $170. One customerthat was shooting a movie bought cardsthat were effectively say $500 a card
它可能[音樂]只要170美元。一位拍攝電影的客戶購買的卡片，實際上說每張卡片500美元
12:33.200–12:40.880
last year or the last time [music] thatperson bought more cards uh they were$1,300 a card. He says the high prices
去年，或該人上次[音樂]購買更多卡片時，它們的價格是每張卡片1,300美元。他表示，高昂的價格
12:40.880–12:48.978
for memory have put financial pressureon his clients who depend on them forwork.>> It's just a tough spot right now for
記憶體的高價格給依賴它們工作的客戶帶來了經濟壓力。>> 現在對於
12:48.978–12:59.920
[music] people that are using electronicameras in making their their living.We've seen [music]our media sales numbers as far as
[音樂] 使用電子相機謀生的人來說，情況很艱難。我們看到[音樂]我們的媒體銷售數量，就
12:59.920–13:09.360
quantity decrease by30%.>> Jeff worries recent price hikes couldhave broader implications for theindustry. I don't want to say [music]
數量而言，下降了30%。>> 傑夫擔心最近的價格上漲可能會對整個行業產生更廣泛的影響。我不想說[音樂]
13:09.360–13:22.240
it's putting electronic media out ofreach of some people, but it is comingclose to that.So, is there any relief in sight?
它讓電子媒體對某些人來說變得遙不可及，但情況已接近那個程度。那麼，有什麼緩解的跡象嗎？
13:22.240–13:29.760
Possibly. One solution is to open morechip factories known as fabs to increasesupply. But opening a fab is not cheap.
有可能。一個解決方案是開放更多稱為晶圓廠的晶片工廠以增加供應。但建立晶圓廠並不便宜。
13:29.760–13:37.040
The cost of building one is estimatedbetween $15 billion and$20 billion. Themajority of that cost comes from the
建造一座晶圓廠的成本估計在150億至200億美元之間。大部分成本來自於
13:37.040–13:45.440
xpensive machines needed to make thesechips. Just one cost up to $400 million,and a single facility needs rows and
製造這些晶片所需的昂貴機器。單台機器就高達4億美元，而單一設施需要一排排
13:45.440–13:52.720
rows of them. Keeping FABs clean is alsovery expensive. Many requirespecifically designed clean rooms to
這樣的機器。保持晶圓廠的清潔也非常昂貴。許多設施需要專門設計的潔淨室，
13:52.720–14:00.000
protect sensitive silicon wafers fromdust and other airborne particles thatcould cause microscopic defects. And
以保護敏感的矽晶圓免受灰塵和其他可能導致微觀缺陷的空氣懸浮粒子的影響。而且
14:00.000–14:08.880
even if the cost of construction weren'tan issue, it would still take 3 to 5years to build a single fab.>> You can't just flick a switch and say we
即使建造成本不是問題，建造一座單一的晶圓廠仍需3到5年。>> 你不能只是開關開關說我們
14:08.880–14:16.240
're going to double the amount ofmemory chip production [music] in 6months.>> SK Heinix told Business Insider that
要在6個月內將記憶體晶片產量翻倍 [音樂] >> SK海力士告訴商業內幕記者
14:16.240–14:21.680
it's fasttracking the construction ofFABS with the Yongen semiconductorcluster, which was scheduled for
它正在加速建設位於永元半導體集群的晶圓廠，該集群原計劃於
14:21.680–14:29.760
completion in 2045, but has been movedup to 2023. Some critics believe thememory shortage may be manufactured. In
2045年完工，但已提前至2023年。一些批評者認為記憶體短缺可能是人為製造的。在
14:29.760–14:38.240
June 2026, 17 plaintiffs filed a classaction antirust [music] lawsuit allegingthat Micron, Samsung, and SKH Highix
2026年6月，17名原告提起了一項集體反壟斷訴訟，指控美光、三星和SK海力士
14:38.240–14:44.639
worked together to limit memory supplyand drive up prices. This is not thefirst time these companies have been in
共同限制記憶體供應並推高價格。這些公司並非第一次陷入
14:44.639–14:52.000
hot water. In the early 2000s, Samsungand Heinix pleaded guilty to conspiring[music] to fix jam prices. Micron
風波。在2000年代初，三星和海力士承認共謀操縱記憶體價格。美光
14:52.000–14:58.160
admitted to participating in the sameconspiracy, but escaped prosecution bycooperating with federal investigators.
承認參與了同一項共謀，但通過配合聯邦調查人員而免於起訴。
14:58.160–15:05.760
>> When that type of demand hits anindustry like this, there's a lot lessleeway and there's really a lot more
>> 當這種類型的衝擊性需求出現在這樣的行業時，餘地會少很多，而這三四家
15:05.760–15:13.080
control that these three or fourcompanies exert over the industry.Sometimes that's okay, but sometimesit's really really damaging and it'll be
公司對行業的控制力會大大增強。有時這沒問題，但有時這會造成非常嚴重的損害，而且將取決於
15:13.080–15:19.040
[music] up to the people involved inthis lawsuit to to prove those damagesbeyond beyond a reasonable doubt.
[音樂] 由本案相關人士來證明這些損害，且必須達到排除合理懷疑的程度。
15:19.040–15:26.000
Another solution would be slowing thexpansion of AI data centers to helpchip production catch up. And that push
另一個解決方案是放寬 AI 資料中心的擴張，以協助晶片生產跟上。而這項推動
15:26.000–15:32.959
is growing. Data centers have facedgrowing backlash from communities acrossthe US for their long-term effects on
正日益增強。資料中心在美國各地社區面臨日益強烈的反彈，因為它們對
15:32.959–15:40.639
both the environment and the economy. IfAI data center construction slows byhalf or it takes twice as long to
環境和經濟的長期影響。如果 AI 資料中心的建設減半，或開發這些設施的時間加倍，
15:40.639–15:46.399
develop these things or or if fewer ofthem [music] actually get done oractually get approved, then you could
或實際上完成的數量減少，或實際上獲得批准的數量減少，那麼你可能會
15:46.399–15:56.720
really have a change in in AIdemand for memory chips for sure.>> On July 18th, 2026,142 protests opposing data center
確實看到 AI 對記憶體晶片需求的變化。>> 2026 年 7 月 18 日，142 場反對資料中心
15:56.720–16:04.160
buildouts took place across 42 states.So far, dozens of local governmentsacross the US have [music] moved to
在42個州發生了數據中心建設。到目前為止，美國各地的數十個地方政府已[音樂]着手
16:04.160–16:12.320
pause data center construction. In July2026, New York became the [music] firstate to enact a one-year moratorum.
暫停數據中心建設。2026年7月，紐約成為[音樂]第一個實施一年暫停期的州。
16:12.320–16:20.720
>> This pause will remain in place for upto one year, while New York establishesthe strongest possible framework to
>> 這項暫停措施將持續最多一年，同時紐約建立最堅實的框架以
16:20.720–16:28.240
protect our communities. If politics andthings like permitting and things likethat, if those types of issues slow down
保護我們的社區。如果政治和許可等事項，諸如此類，如果這些類型的問題減緩
16:28.240–16:35.680
AI development, you could certainly seea knock-on effect on demand for memorychips and storage. The only question
AI發展，你肯定會看到對記憶體晶片和儲存需求的連鎖效應。唯一剩下的問題
16:35.680–16:43.440
left is whether in the age of AI, memory[music] prices will ever go down. Ifwhat's past is prologue, Alistair says
是，在AI時代，記憶體[音樂]價格是否會下降。如果過去是序曲，Alistair說
16:43.440–16:51.759
history might give us a clue.>> Go back two or three decades, the memorychip industry was hugely cyclical. So
歷史可能會給我們一些線索。>> 回到兩三十年前，記憶體晶片產業具有極大的週期性。因此
16:51.759–16:58.160
there'd be these huge boom periods wheredemand would go up and there wasn'tenough supply and prices would really
會出現這些巨大的繁榮時期，需求上升而供應不足，價格會大幅
16:58.160–17:05.120
rise and [music] memory chip makerswould make massive amounts of money andthen demand would slow down a bit.
上漲，[音樂]記憶體晶片製造商賺取鉅額利潤，然後需求會稍微放緩。
17:05.120–17:11.439
Production would increase and there'd beover supply and then prices would crashback down. That type of long-term
的抗議活動。產量增加會導致供過於求，隨後價格會崩盤回落。這種長期的
17:11.439–17:18.160
history of boom and bust cycles is veryhard to break. We might just makeway too many memory chips in two years
繁榮與蕭條週期歷史很難打破。我們可能在兩年內製造出過多的記憶體晶片
17:18.160–17:24.799
time and then prices will come crashingdown again. I've been doing this for 20or 30 years now and and a lot of things
生產了太多記憶體晶片，然後價格會再次崩盤下跌。我從事這行已經20或30年了，許多事情
17:24.799–17:30.320
that people thought would last foreverhaven't lasted forever. So, I think Ithink that's certainly going to be true
人們認為會永遠持續下去的並沒有永遠持續。所以，我認為我認為這肯定會再次成真
17:30.320–17:33.320
again.
。

影片筆記：AI熱潮竟讓3C暴漲！你的電腦硬碟為何買不起？

⚠️ 可先使用，仍有待修正項目

本筆記已完成可閱讀的逐字稿與時間跳轉；下列為待處理問題，建議播放原片確認。

待修正：逐字稿全文快速校讀未完成（已保留自動字幕/原始逐字稿並繼續生成筆記。；未完成的全文速讀項目可在精進模式回聽確認。）

一句話總結

2025 至 2026 年間，由於記憶體製造商將產能轉向利潤更高的 AI 專用 HBM 晶片，導致消費電子產品所需的 NAND 與 DRAM 產能減少，進而引發 MacBook、Xbox 及專業攝影器材等價格大幅上漲；儘管面臨供應鏈瓶頸與反壟斷訴訟，但記憶體產業的週期性特性預示未來價格可能因過剩而崩跌。

核心重點

價格上漲的根本原因：並非單純的 AI 需求搶購，而是記憶體製造商（Micron、Samsung、SK Hynix）主動將產能從一般消費電子用的 NAND/DRAM 轉向生產高利潤的 HBM（高頻寬記憶體）。
晶片技術差異：
NAND：長期儲存（斷電保留資料）。
DRAM：短期暫存（速度快，斷電清除）。
HBM：增強版 DRAM，採用 3D 垂直堆疊，傳輸速度為標準 DRAM 的 5-10 倍，製造複雜且佔用產能，主要用於 AI 系統。
供應鏈傳導機制：科技巨頭（Microsoft, Google, Meta, Amazon）在 AI 資料中心投入巨資（2023 年起超過 1 兆美元），導致元件成本上升，最終轉嫁給消費者，造成 Xbox、MacBook Pro 等產品漲價。
受影響群體：
消費者/玩家：Xbox 主機漲價，未來可能轉向訂閱制。
專業攝影師：SSD、記憶卡價格翻倍，導致營運成本劇增。
產業反制與未來預測：
製造商加速擴產（如 SK Hynix 的 Yongen 集群）。
面臨反壟斷集體訴訟指控共謀限產。
社區反彈導致部分地區（如紐約州）暫停資料中心建設。
專家預測記憶體產業具有強烈的「繁荣與蕭條」週期，兩年後可能因過產導致價格崩跌。

詳細大綱

1. 價格上漲的表象與謊言

現象：2025 年 MacBook Pro 售價 $1,600，不到一年後漲價 $400；Xbox 主機漲價 $150；Lenovo、Dell、HP 跟進漲價。
官方說法：蘋果稱原因是 AI 資料中心對記憶體和儲存的需求激增。
大眾認知：AI 資料中心買走大量記憶體和晶片，造成日常電子產品短缺與價格飆升。
核心反轉：資料中心使用的微晶片類型與手機或筆記型電腦不同。

2. 晶片類型與功能解析

三大記憶體類型：

NAND：類似長期記憶，斷電後仍保留資訊（如 iPhone 照片儲存）。
DRAM (Dynamic Random Access Memory)：類似短期記憶，速度快但暫存，斷電後清除。
HBM (High Bandwidth Memory)：

本質上是「增強版 DRAM」。
採用垂直堆疊（3D 形狀）設計，將多個晶片堆疊在一起。
數據傳輸速度比標準 DRAM 快 5 到 10 倍。
製造複雜度高，佔用更多製造產能，成本更高。
主要用於驅動 AI 系統。

3. 供應鏈與產能轉移

主要製造商：Micron、Samsung、SK Hynix（註：逐字稿聽寫為 SKHX）。
這三家公司生產全球超過 60% 的 NAND 和近 90% 的 DRAM。
產能轉向：
由於 AI 公司成為最佳客戶，這三家公司將至少部分產能轉向生產 HBM。
導致用於一般電子產品（手機、平板、電腦、電視）的 DRAM 和 NAND 產能減少。
股價影響：2025 年 6 月至 2026 年 6 月間，這三家公司的股價大幅上漲。

4. AI 投資與硬體成本傳導

美國經濟與 AI 投資：
2023 年起，Google、Microsoft、Meta、Amazon 等科技巨頭在 AI 擴張上花費超過 1 兆美元。
2026 年 8 月，美國有 2,228 個資料中心處於規劃或建設階段。
微軟（Microsoft）預計 2026 年單獨在 AI 上花費約 1,750 億美元。
微軟擁有 53 個已建成或批准的資料中心，僅次於亞馬遜。
成本傳導機制：
元件成本上升轉嫁給電子公司。
電子公司將額外費用轉嫁給消費者，而非完全吸收。

5. 對遊戲產業的影響

Xbox 漲價案例：
2026 年 6 月，Xbox 宣布將 512 GB Series S 主機價格從 $400 漲至 $500。
1 TB TE 版本從 $450 漲至 $600。
取消 2 TB TE 主機。
玩家反應：
價格超出預算，引發不滿。
遊戲 YouTuber Luke Stevens 指出，未來主機可能像手機一樣採用訂閱制或分期付款方式，因為 outright 購買（一次付清）變得負擔不起。
預計到 2027 年秋季，主機記憶體和儲存成本可能再次翻倍。
頂規變體主機價格接近 $1,000，新主機價格令人擔憂。

6. 對專業攝影師的影響

案例：Alan Kulie (亞特蘭大商業攝影師)：
每年在儲存設備上花費 $15,000 至 $20,000。
主要受固態硬碟（SSD）價格上漲影響。
價格對比：
過去購買 7 個硬碟總價約 $1,500。
現在同樣 7 個硬碟總價超過 $600 或 $7,000（註：原文口誤或聽寫可能有誤，前後數字落差大，但反映漲幅巨大）。
若漲幅達 200%，同樣物品需花費 $21,000 至 $22,000。
具體產品價格變化：
Samsung T7 4 TB：過去購買價 $285，現在售價 $889（特價）或 $1,144.99（原價）。
購買時間：2025 年 4 月 19 日，至 2026 年 7 月，漲幅超過 200%。
其他設備：CFast 卡、CF Express 卡、SD 卡價格也大幅上漲。
案例：Jeff Hirs (Photo Care 總裁)：
紐約老牌相機店（成立於 1968 年）。
記憶體卡和 SSD 價格自 2026 年初以來翻倍。
1 TB TE SSD：8 個月前約 $170，現在超過 $300。
電影拍攝用記憶卡：去年約 $500/張，現在約 $1,300/張。
媒體銷售數量下降 30%。
專業攝影師面臨財務壓力，可能被迫將成本轉嫁給客戶。

7. 製造廠（Fab）的挑戰與擴產

解決方案：開設更多晶片廠（Fab）以增加供應。
成本高昂：
建造一座 Fab 的成本估計在 150 億至 200 億美元之間。
主要成本來自昂貴的機器，單台機器可達 4 億美元。
需要大量機器排列。
維持潔淨室（Clean rooms）成本高昂，以防止灰塵和空氣顆粒造成微觀缺陷。
擴產時效：
建設單一晶圓廠需 3 至 5 年，無法透過簡單開關快速倍增產能。
SK Hynix 加速 Yongen 半導體集群建設，目標提前至 2023 年完工（註：時間點需參照影片上下文，若當前為 2026 年則為過去或預測基準）。

8. 反壟斷訴訟與社會反彈

集體訴訟：
2026 年 6 月，17 名原告提起集體訴訟，指控 Micron、Samsung 和 SK Hynix 共謀限制供應並推高價格。
回顧 2000 年代初，Samsung 和 Hynix 曾承認共謀固定「jam 價格」（疑點），Micron 因配合調查而免於起訴。
專家指出，少數幾家公司對產業控制力強，若需求激增，這種控制可能對消費者造成損害。
AI 數據中心擴張受阻：
為讓晶片產能趕上需求，推動放緩 AI 數據中心擴張。
數據中心面臨美國社區對環境和經濟影響的反彈。
2026 年 7 月 18 日，美國 42 個州發生 142 起反對數據中心建設的抗議活動。
紐約州於 2026 年 7 月成為第一個實施為期一年暫停令（moratorum）的州，以建立保護社區的框架。
若政治、許可證發放或建設速度放緩，將減少對記憶體晶片的 AI 需求。

9. 歷史週期與未來預測

產業週期性：
過去 20-30 年，記憶體產業呈現強烈的週期性：需求高導致價格飆升與獲利豐厚，隨後需求放緩、產能過剩導致價格崩跌。
專家認為這種「繁荣與蕭條」（boom and bust）的長期歷史很難被打破，預測兩年後可能因過度生產導致價格再次崩跌。

工具 / 模型 / 名詞整理

硬體設備：
MacBook Pro
Xbox Series S (512 GB)
Xbox 1 TB TE 版本
Xbox 2 TB TE 版本
Xbox 下一代主機 (Next generation console)
Steam Deck
iPhone
筆記型電腦 (Laptop)
智慧型手機 (Smartphone)
平板電腦 (Tablet)
智慧型電視 (Smart TVs)
Cinema cameras (電影攝影機)
Photo cameras (攝影相機)
固態硬碟 (SSD / Solid State Drives)
SanDisk 4 TB SSD
Samsung 2 TB SSD
Samsung T7 4 TB TE
Samsung T5 1 TB TE
500 GB CFast 卡
CF Express 卡
SD 卡
記憶體模組 (Memory modules)

晶片與技術術語：
NAND
DRAM (Dynamic Random Access Memory)
HBM (High Bandwidth Memory)
Silicon wafers (矽晶圓)
Fabs (晶片廠)
Clean rooms (潔淨室)

公司與品牌：
Apple (蘋果)
Xbox
Lenovo
Dell
HP
Micron
Samsung
SKHX (註：逐字稿聽寫，通常指 SK Hynix)
Google
Microsoft
Meta
Amazon
Business Insider
Photo Care
OSNYC (註：逐字稿聽寫，可能指某個遊戲賽事地點，如 NYC 相關賽事)

人物：
Alan Kulie (攝影師)
Jeff Hirs (Photo Care 總裁)
Luke Stevens (遊戲 YouTuber)
Asha Chararma (Xbox CEO，註：逐字稿聽寫，通常指 Phil Spencer 或相關高管，但依逐字稿記錄)

操作流程整理

消費者端：

觀察到 3C 產品（MacBook, Xbox, SSD）價格在 2025-2026 年間大幅上漲。
了解漲價原因並非單純的 AI 搶貨，而是製造商產能轉向 HBM。
評估自身需求：專業攝影師需承擔高昂的儲存成本；玩家面臨主機漲價，可能轉向訂閱制。

產業/製造商端：

識別 AI 市場對 HBM 的高利潤需求。
將部分 NAND/DRAM 產能轉移至 HBM 生產線。
推高一般消費電子產品的元件成本。
面臨反壟斷訴訟與社區對資料中心擴張的反彈。
加速擴建晶圓廠（Fab），但需面對高昂的資本支出與長週期。

政策/社會端：

社區反對資料中心建設（環境與經濟影響）。
地方政府（如紐約州）實施暫停令（Moratorium）。
監控記憶體產業的週期性波動，預期未來價格可能崩跌。

值得注意的限制或風險

產能轉移的不可逆性與成本：製造商轉向 HBM 導致消費電子產能減少，且擴建新廠成本極高（單廠 150-200 億美元），短期內難以彌補缺口。
價格傳導的完全性：電子公司將額外費用轉嫁給消費者，而非吸收，導致消費者直接承擔 AI 擴張的成本。
供應鏈集中度風險：少數幾家公司（Micron, Samsung, SK Hynix）控制大部分產能，若發生共謀或產能分配不均，對消費者損害巨大。
社會與政治阻力：資料中心擴張面臨社區抗議與政府監管（如紐約州暫停令），可能放緩 AI 需求增長，進而影響記憶體需求預測。
產業週期性風險：記憶體產業具有強烈的「繁荣與蕭條」週期，當前的高價可能僅是過渡，未來兩年後可能因過產導致價格崩跌，對依賴高價銷售的製造商構成風險。

逐字稿辨識疑點

SKHX / SK Heinix / SKH Highix：逐字稿中出現多種拼寫變體，通常業界名稱為 "SK Hynix"，但依規則僅記錄為 "SKHX" 或其變體。
Asha Chararma：逐字稿中 Xbox CEO 的名字聽寫為 "Asha Chararma"，與已知公眾人物名稱可能不符，僅記錄原樣。
OSNYC：逐字稿中遊戲賽事地點聽寫為 "OSNYC"，具體指代不明，僅記錄原樣。
價格數字矛盾：攝影師 Alan Kulie 提到 "Just these seven drives alone is over $6 or $7,000"，前文提到購買時約 $1,500，後文對比時提到若漲幅 200% 需 $21,000-$22,000。原文 "$6 or $7,000" 可能存在口誤或聽寫錯誤，但依規則不更正，僅記錄為 "$6 or $7,000"。
時間點邏輯：
逐字稿多次提及 "June 2025"、"June 2026" 以及 "August 2026"。
提到 SK Hynix 加速 Yongen 集群建設，目標提前至 "2023 年" 完工。若影片背景時間為 2026 年，則 2023 年為過去時間，此處時間邏輯需查證是否為口誤或特定預測基準。
訴訟與抗議發生在 "2026 年 6 月/7 月"，若此影片為當前觀看，則為未來時間點，需確認影片發布時間或內容設定背景。
TE 版本：Xbox 主機多次出現 "TE" 版本（如 "1 TB TE"），通常 Xbox 有 "All-Digital Edition" 或 "Slim" 等版本，"TE" 可能是聽寫錯誤或

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