The Indicator from Planet Money

Chips up, rent down, and are people really skimping on holiday gifts?

December 5, 2025

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  • The price of DRAM memory chips has quadrupled in recent months due to high demand from AI data centers, leading some computer stores to stop listing prices publicly. 
  • Americans reported a record $229 cut in planned holiday gift spending between October and November, yet preliminary Black Friday/Cyber Monday online sales data suggests actual spending remained strong, possibly driven by wealthier shoppers (a K-shaped economy). 
  • National asking prices for apartment rentals are down 1.1% year-over-year, primarily driven by significant new construction, especially in Southern states like Texas and Florida, contrasting with continued rent increases in major cities like Chicago and San Francisco. 

Segments

Introduction to Indicators of the Week
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(00:00:12)
  • Key Takeaway: The Indicator from Planet Money hosts introduce Jeff Grow for the weekly segment covering economic numbers.
  • Summary: The Indicator from Planet Money hosts Darian Woods and Waylon Wong welcome Jeff Grow from Planet Money for the ‘Indicators of the Week’ segment. The show lineup previews three topics: computer chip drama, a holiday shopping mystery, and falling apartment rents. The segment structure is set up following a brief sponsor break.
DRAM Chip Price Surge
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(00:02:16)
  • Key Takeaway: DRAM memory chip prices have quadrupled recently due to AI data center demand, illustrating the cyclical nature of the chip industry.
  • Summary: The price of DRAM chips, essential short-term memory for devices and data centers, has quadrupled in a few months driven by AI demand. The market volatility is so extreme that some computer stores require customers to ask an associate for the current price, similar to fluctuating commodity pricing. This rapid price swing is characteristic of the cyclical RAM industry, where supply struggles to catch up to demand due to multi-year factory construction lead times.
Holiday Spending Contradiction
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(00:04:51)
  • Key Takeaway: Americans drastically cut planned holiday gift budgets between October and November, yet record online spending during Black Friday and Cyber Monday suggests actual spending remained high.
  • Summary: Gallup data shows Americans cut their planned holiday gift spending by an unprecedented $229 between October and November surveys. However, Adobe reported record online spending for Black Friday and Cyber Monday, up 9% and 7% respectively year-over-year. This discrepancy suggests that actual consumer behavior, potentially fueled by wealthier shoppers, contradicts stated budget reductions, indicating a K-shaped economy.
Apartment Rent Declines
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(00:06:56)
  • Key Takeaway: National asking rents for apartments are down 1.1% year-over-year, largely because 2024 is seeing the highest rate of apartment construction since 1986.
  • Summary: The national average asking price for rental apartments listed on sites like Apartment List is down 1.1% compared to last year, offering potential relief for renters. This decline is concentrated in areas like Texas, Louisiana, and Florida, where new construction is booming, with Austin leading price reductions. Increased supply, driven by the highest national apartment building rate since 1986, appears to be lowering prices where building restrictions are looser.
Show Wrap-up and Credits
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(00:09:14)
  • Key Takeaway: The episode concludes with acknowledgments for production staff and a call for listener donations to support NPR.
  • Summary: The hosts thank Jeff Grow for his contributions to the Indicators of the Week segment. Production credits are listed, including producers, engineers, and fact-checkers. A message follows encouraging listeners to support NPR through recurring donations via NPR Plus, noting the network operates without federal funding.