Memory prices are quietly destroying demand for non-AI devices, June China smartphone shipments -17% YoY

Saw this in a Goldman note today. China smartphone shipments in June were 17m units, down 17% YoY and 36% MoM, "given rising memory cost weighing on demand." So the AI memory shortage is no longer just a supply story. Samsung, Hynix and Micron moved capacity to HBM for AI chips, DRAM contract prices roughly doubled in Q1, and now regular consumers are getting priced out of phones. Memory is like 15-20% of the cost of a midrange phone, so OEMs either raise prices or cut specs. Some vendors are literally shipping 8GB where they used to ship 12GB. TrendForce now expects global smartphone production down 10% this year, worst case 15%. The part I keep thinking about: memory names like MU have ripped on pricing, but their biggest end market by volume is now shrinking because of those same prices. analysts already see Q3 price increases slowing down, and their reason isn't more supply, it's that buyers can't afford to pay more. That feels like the top of the rate of change to me, even if prices stay high into 2027. Meanwhile Apple, Xiaomi, Dell etc are stuck selling more expensive devices into weaker demand. Am I wrong that this eventually matters for the memory trade, or does AI demand just paper over any consumer weakness for the next 2 years?