Memory prices have increased by 500% in the past 12 months, with some kits costing up to 10 times their lowest ever tracked prices. This surge in prices is attributed to the high demand for memory from the AI industry, leading to a shortage in supply. As a result, prices for other components such as hard drives and SSDs have also risen. The situation is expected to continue, with some experts predicting that the crisis could last for another 10 years.