[Apple's memory crunch](https://www.marketwatch.com/story/supply-chain-legend-tim-cook-finally-meets-his-match-with-apples-memory-crunch-9bce0b11?mod=mw_rss_topstories) is being framed as supply-chain theater, but here's what's actually happening: TSM and memory fabs are fully allocated to hyperscalers running margin-destructive price wars on inference chips. When cloud providers compete on compute cost per token, chipmakers absorb the margin hit—and OEMs like Apple lose priority.

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