AI is killing the cheap smartphone. The memory that powers your phone now goes to data centres instead.

In 1985, the best computer a reasonably affluent American could buy was the IBM PC AT, which cost $19,400 in today’s money. Today, a Tecno Spark Go costs $30 in a Nairobi market stall and runs a processor billions of times faster. No other good in history has experienced a cost decline on that scale.