Rising HBM Prices Become a Major Cost for Hyperscale Data Centers

zephyr_z9 · x · 2026-07-07

Analysts point out that the "memory tax" in AI training and inference is being reframed as an "Nvidia tax." In reality, however, about 35%-40% of capital expenditure in hyperscale data centers goes toward memory (HBM).

Recently, multiple hyperscalers have revised their capital expenditures upward, largely driven by rising memory prices rather than just expanding compute capacity. This indicates that the supply of memory, such as HBM, has become a primary cost driver for AI infrastructure.

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