Memory pricing splits AI winners and hardware losers as MU, Samsung surge while Nintendo, Xiaomi fall

AI-driven memory chip shortages are widening the gap between semiconductor suppliers and device makers, sending shares of Micron (MU) and Samsung Electronics to record highs while pressuring margins at HP (HPQ), Nintendo, Xiaomi and Canon. Mentions of “memory pricing” in earnings calls and quarterly reports have topped 550 in 2026, the highest annual total since records began in 1999. Pepperstone strategist Michael Brown said the shortage is more severe and longer-lasting than expected and may persist in some form until 2030. Nintendo shares fell sharply on May 11, 2026, after warning that higher component costs would hurt console margins, taking its year-to-date decline above 30%. Xiaomi (01810) is down 20% in 2026, while Canon has fallen 10%. Nintendo, Microsoft, Sony and Meta (META) have raised hardware prices to offset costs. The Bloomberg memory stock index has risen about 120% in 2026, versus a 3% gain for consumer electronics. SanDisk (SNDK) is up more than 500%, while Kioxia has gained over 360%.