Hynix Fabs 1 and 2 in Wuxi, China were engulfed in flames today after a chemical fire broke out. The fire was large and in many of the pictures circling the internet the buildings appeared to be totally immolated. When the news of the fire broke it was estimated that as much as 30% of world memory production were destroyed. This led to much speculation about memory shipments and prices as well as how long the consumer electronics industry will be affected.