A historic collapse in memory chip prices threatens to wipe out earnings.

This time was supposed to be different. The memory-chip industry, known for its boom-and-bust cycles, had modified its ways. A combination of more rigorous management and new markets for its products, such as 5G technology and cloud services, would ensure that corporations provided more predictable earnings. Nonetheless, less than a year after memory companies made such claims, the $160 billion market is experiencing one of its biggest slumps ....