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Yes but its 100% intentional by both the companies and government.  AI is a bubble but its being propped up by the government.  Under Trump the government has enabled all these megacorps to do this with massive tax breaks. Partly because they want to prop up the companies to compete with Chyna and make all the CEOs and billionaires richer but also because they want everything to run through servers so the AI can mine and monitor you at every step.  You're forced to pay the companies for access and the government gets to monitor and track everything.

AI is very much a fake bubble as it operates at a massive loss but is being propped up by Nvidia paying companies to buy their cards which then inflates their value.  Memory is just a facet of that.