It can be both. The three RAM manufactures (Samsung, Micron, and SK Hynix) have a historical record of price fixing and collusion (I believe Gamers Nexus has some excellent reporting on this). It isn't just supply and demand, it's that three sketchy companies have the world over a barrel and may well be using the demand spike to keep prices (artificially) high with the knowledge that nobody else can enter the market and that it takes YEARS and a truly ridiculous amount of money to scale up production to increase supply.
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