Apple recently released its fiscal fourth-quarter earnings report for the period ending September 27. While much attention has focused on the company's revenue and profit figures, few have noticed its inventory data.

According to official Apple data, the book value of Apple's inventory stands at $14.541 billion (approximately 100 billion yuan), up 150% from just $5.718 billion a year ago.

What's more, three months ago that figure was still $11.09 billion — now it has climbed to $14.541 billion, a 30% increase in a single quarter.

This means Apple has been stockpiling aggressively over the past period — highly unusual for a company that has long been the world's most efficient supply chain manager and has always been reluctant to hold inventory. Apple prioritizes efficiency and keeps a close eye on inventory turnover days; stockpiling is naturally a major taboo for the company.

So why has Apple now started stockpiling continuously? The answer, in short: it was spooked by rising memory prices and had little choice but to build up its inventory.

Over the past year or so, memory and flash storage prices have risen four to five times on average. Manufacturers that had stocked up more previously actually gained an advantage during this period, because the earlier and more they stockpiled, the lower their costs at the time.

Manufacturers like Apple, which stockpile relatively little, have always ended up buying at the highest prices — and will always pay more than others as a result.

On top of that, memory chip supply is now tight. Some manufacturers' orders have already been booked into 2027, or even 2028. Even with money in hand, you may not be able to secure enough supply.

Institutions expect memory chip prices to keep rising, with a supply gap persisting. Apple relies heavily on memory chips for its phones, tablets, Mac computers, and more.

Apple had no choice but to stockpile as well — especially memory and flash storage — because no matter when it buys in the future, it may end up paying more; prices will keep rising, so the more it stockpiles now, the lower its costs.

And if supply is temporarily tight down the road and Apple cannot secure goods, it can still rely on inventory to sustain itself for a period of time. This is enough to prove just how tight memory and other chips have become.

What is infuriating is that the three major giants — Samsung, SK Hynix, and Micron — still refuse to expand production or substantially increase capacity and supply to bring prices back into balance. Instead, they insist on maintaining this high-price situation to reap enormous profits for themselves. The ugly face of capitalism has been completely exposed.