The accusation is hard to verify. Musk offered no specifics, and supplier terms are confidential, so it is impossible to establish whether Samsung and SK hynix actually charge more than Micron for comparable products. What is documented is Micron's own performance: its latest quarter brought a GAAP gross margin of 81%, up from 40% a year earlier, with its mobile and client business posting a 90% non-GAAP margin. Even supposedly reasonable prices, it turns out, are extraordinarily profitable right now.

The broader backdrop is a market that has flipped from commodity to strategic asset. Unlike past cycles, when manufacturers responded to high prices with capacity expansions that eventually crashed the market, this time prices have risen severalfold without comparable production increases. Memory makers are instead locking in long-term supply agreements: Micron has signed 26 strategic deals covering more than 35% of its expected revenue through 2030, including $32 billion in customer commitments, while Samsung is reportedly contracted for 75% to 80% of its planned 2027 output. Analysts expect shortages to persist through at least 2028, which gives suppliers little incentive to cut prices. Musk's warning is that today's terms could shape customer relationships once the market eventually rebalances.