The global AI build-out has triggered a massive memory shortage that’s expected to hit everything from smartphones to PCs.

For Korean tech giant Samsung (005930.KS), however, the AI era is proving to be a massive payday. The company’s stock recently hit an all-time high, following reports that it’s leveraging the chip shortage to aggressively raise prices on its next-generation HBM4 chips by up to 30%.

But in a twist of irony, Samsung could also be stung by the shortage like every other tech company.

In a note to clients, KeyBanc analyst Brandon Nispel argued that while this surge in pricing “sounds good” for Samsung’s bottom line, it may also force the company to hike costs for its flagship smartphones, such as its upcoming Galaxy S26, by $70 to $140 just to cover the costs of the silicon inside.

Samsung’s archrival Apple (AAPL), which also happens to be one of the firm’s biggest customers, is also projecting it will face margin pressures due to the shortage.

The Cupertino, Calif.-based iPhone maker is deeply dependent on Samsung for about 60% of its memory components.

Nispel noted that while Apple might initially try to hold prices steady to steal market share from more expensive Samsung phones, it is a risky bet. And one that may be short-lived.

“We are more of the view that Apple will implement its own price increase to protect margins,” he said.

Wall Street’s side-eye skepticism is now becoming palpable. Nispel noted that the rise in memory pricing has become the biggest factor impacting sentiment across IT hardware, mostly in a “negative” light.

Some industry participants have even dubbed the intense demand for memory chips “RAMageddon,” with customers left to pick up the tab.

Just this week, Nvidia (NVDA) and Meta (META) announced a massive multiyear agreement to deploy millions of Blackwell and Rubin GPUs as part of Meta’s planned $135 billion in AI infrastructure spending.

Every chip that goes into a data center is a chip that isn’t going into a smartphone, PC, or gaming console, leaving tech companies scrambling for what is left.

Sony (SONY) is reportedly considering delaying the PlayStation 6 release until 2028 or 2029 due to the memory demand for AI. Meanwhile, Dell (DELL) has warned of increased costs and has already raised PC prices by up 20%.

The AI boom shows no signs of letting up on this new hardware tax. And if the current market trends continue, that tax could become a permanent line item on the next smartphone upgrade.

Francisco Velasquez is a Reporter at Yahoo Finance. Follow him on LinkedIn, X, and Instagram. Story tips? Email him at francisco.velasquez@yahooinc.com.