The memory shortage has stopped being a chart story. The open market is now pricing it as stranded capital. Mike Pursley, who runs trading at the distributor Smith, says DRAM parts that traded around $400 last May now go for $3,000 to $3,500. Enterprise modules that were about $175 are close to $1,600. He calls it the worst shortage in his 35 years and doesn't see balance until 2028. The part people miss is what happens to everything else. Buyers only get part of what they order, so GPUs and racks sit waiting for memory modules. That turns a chip problem into a financing problem. Korean inventories were already under ten days, and he thinks even that is generous. Samsung, SK hynix and $MU keep shipping into that squeeze, and Micron reports next week. He also points to the next bottleneck, which is MLCCs and tantalum capacitors. That is where Samsung Electro-Mechanics comes in.