Memory has become the tax on AI

$MU, Samsung, and SK Hynix went from losing money to generating massive profits in just a few years.
AI turned memory into the bottleneck of bottlenecks.
Data center demand is bidding up HBM, tightening DRAM supply, and making memory the tax every AI workload has to pay.
The market used to treat memory like a brutal commodity cycle.
Now it is treating it like core AI infrastructure.