There Is No End In Sight For The GPU Supply Problem

The AI data center buildout has triggered a memory shortage that is driving up consumer GPU prices far beyond economy-wide inflation, with JPMorgan projecting DRAM prices will have climbed 400% from 2024 levels by the end of 2026. Nvidia's flagship GeForce RTX 5090, launched in January 2025 at a $1,999 suggested price, now retails roughly $4,920 above that figure, and Japanese buyers face gaming GPU prices about 41% higher than their U.S. counterparts. The squeeze has spread across consumer electronics, with JPMorgan reporting the CPI for software and accessories up nearly a quarter over two years and a 2026 Economist report finding similar increases for consoles and laptops. The shift matters because GPU makers are reallocating resources toward AI customers, leaving everyday buyers to absorb what the industry calls "chipflation." Watch whether DRAM pricing peaks before the projected 2026 endpoint and whether Nvidia and rivals adjust consumer allocations as AI demand persists.