Alleged DRAM Price-Fixing Class Action Targets Samsung, SK Hynix, Micron Amid AI-Driven Bull Run

On the latest episode of DHUnplugged, hosts John C. Dvorak and Andrew Horowitz examined a new antitrust class action filed in the United States against memory chip giants Samsung, SK Hynix, and Micron Technology, alleging coordinated price-fixing of DRAM. The lawsuit, which draws parallels to a 2005 price-fixing case that resulted in hundreds of millions in fines, claims the three companies now control 90% of the DRAM market and orchestrated supply cuts that drove conventional DRAM prices up roughly 700% over four years.

The episode, titled 'Bulls in a Bubble Shop,' closed out the first half of 2026 with the S&P 500 up about 7.5% and the Dow above 52,000, fueled largely by AI hardware stocks. Micron, which has significant operations in Texas, saw its stock surge 300% in the half, while SanDisk rose 780%, Western Digital 240%, and Seagate 226%. South Korea's KOSPI jumped 125% behind Samsung and SK Hynix. Yet the hosts highlighted warning signs beneath the rally, particularly in the memory sector.

Dvorak questioned the sustainability of the AI infrastructure buildout, arguing that compute power is shifting back to the desktop via Nvidia Blackwell-powered mini machines, which could leave server farms underutilized and memory prices vulnerable to collapse. 'The DRAM 'ram job' allegations add a layer of legal risk to an already overheated market,' he said, noting that the previous 2005 case saw Hynix pay $180 million, Samsung $300 million, and Infineon $160 million.

Horowitz reserved particular scorn for the new Trump Accounts program, which launches July 4 and provides a $1,000 Treasury-funded seed for newborns. He called it a 'forced financial literacy experiment wrapped in a political brand name with a socialist starter check to teach capitalism,' criticizing what he sees as a contradiction in the program's messaging. The discussion also touched on Japan's yen intervention at 162 to the dollar, SpaceX's newly issued investment-grade bonds trading underwater, and PCE inflation climbing to 4.1%, with the Bank for International Settlements flagging AI-boom financial-stability risks.

Other topics included Chevron's 20-year Project Kilby data-center power deal with Microsoft, Comcast's split of NBCUniversal and Sky, the Interior Department slashing federal drilling bonds 95% to $25,000, and gold slipping below $4,000 as Bitcoin sank to $58,600. For Texas businesses and investors, the DRAM price-fixing case could have significant implications, as memory chips are critical to AI, data centers, and consumer electronics, all of which are major economic drivers in the state. The outcome may affect supply chains, pricing, and investment strategies in the tech sector.