IDC says global smartphone shipments topped 250 million in the third quarter, down 22% year over year—the worst quarterly decline on record. The reason is counterintuitive: AI data centers are snapping up memory chips, driving prices up 3.5 times year over year and putting memory out of reach for phone makers. Samsung and Apple’s market shares rose to 23% and 22%, respectively, with Apple exceeding 20% in the third quarter for the first time.