Seems like no:

> However, analysts were not convinced this week’s sell-off was warranted. The implications for memory and computing were “neutral near term”, Morgan Stanley added, as lower AI costs would likely increase overall demand.

Looks like it's already starting to drop. Not nearly enough, but it's a start.

DDR5 Memory Prices Just Took a Noticeable Dive for the First Time in Months, and Google’s TurboQuant Might Be Behind It https://wccftech.com/ddr5-prices-just-posted-their-first-dro...