Rampocalypse is to blame. They're simply not manufacturing any more units until memory prices drop (since raising prices on the SD would be a PR nightmare and they wouldn't be able to eat the margins without that).
this post was submitted on 12 Feb 2026
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Since its just the US only I think Tariffs might be to blame. Valve might be just waiting for another swing in the whims of the administration then bring another batch in. Valve can do that as they don't have to worry about stock price tanking.
There are two tracks of thought here.
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The US Tariffs are raising the cost too high. So US inventory is not being restocked.
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The DRAM constraints are raising the cost to manufacture too high. That affects both the RAM and SSD in the system. This would affect all manufacturing of the Steam Deck.
As for it only being the US, they're not going to be shifting international inventory after already situating it in more local distribution centers and dealing with customs. So the question comes down to, are the international stores/distribution centers still being restocked, or is everything on hold and the US just happens to be the first to sell out?
It's probably both. If they have limited manufacturing due to RAM prices, then they are not going to sell them in the US, due to tariffs increasing the cost further. Any supply they do have is probably going to Europe and others.
Source?
Valve doesn't have utterly huge manufacturing (or warehousing) capabilities the way MSFT, Sony, or Nintendo do.
They very likely just retooled the spaces they were using for the Steam Decks over into making Machines, Frames, new Steam Controllers.
As in, they probably just entirely stopped mfging new Steam Decks like... I dunno, 3 to 9 months ago?
The RAMpocalypse certainly isn't helping, but I'd say its much more significantly due to Valve running basically a pretty small manufacturing capability compared to other ... game-device makers.
... that and ironically having to pay import tariffs to actually get things from China into the US.
All models are in stock in the UK
Sounds like tariffs in the US are to blame then
It could also be that inventory isn't being replenished anywhere, and US runs out first because of highest sales volume.
This seems likely.
Considering the chip shortages, it would make a lot of sense to stop producing the old products for a while in order to build up stock for the new products.