New Delhi, June 20 -- The budget smartphone market has suffered a major setback after Nothing confirmed that it will not launch the highly anticipated CMF Phone 3 Pro in 2026, blaming an unprecedented surge in memory costs that has made it impossible to deliver a meaningful upgrade without significantly raising prices.

The decision marks one of the clearest signs yet that the global memory market is entering a new phase of disruption. For years, smartphone manufacturers relied on falling component prices to deliver better performance, more storage, and improved cameras at affordable prices. That formula is now breaking down as memory prices continue to climb across the industry.

Nothing co-founder Akis Evangelidis confirmed that CMF wou...