Memory module prices invert: factory prices rise while channel prices fall

A price inversion between factory and channel levels is a classic sign of demand destruction meeting inventory indigestion. Consumers pulling back on purchases leaves distributors holding stock bought at higher costs, and their cash-driven discounting now undercuts the very factory prices still climbing. This matters most for module makers and their channel partners, whose margins and sell-through visibility diverge sharply in such a split market. The open question is whether the consumer pullback persists long enough to force factory pricing to follow the channel down, or whether distributor destocking clears first.