Forgive me because I do not understand the supply chain for memory. With Micron et al effectively scalping their customers with an oligopoly on probably the lowest intellectual IP in the chain, does this not guarantee 10 years from now a) We are either overbuilt as hyperscalers cut capex, or b) hyperscalers vertically integrate. Or is it truly that hard to make memory? And if that is not true, perhaps it isn't really…
These decisions play out on the order of trillions of dollars and 3+ year horizons. They're also incredibly sensitive to other geopolitical issues (Taiwan, issues with Chinese tech capability vs export/import controls, etc).
There are a lot of valid discussions to be had about how we got to this state of oligopoly: Taiwan's consistent sponsorship of its semiconductor capabilities and the subsequent concentration of technology (expertise, capacity, etc), the lack of investment/support (and ceding of technical leadership) in Western countries, the various rivalries with China and the implications of it becoming a first-class producer of semiconductors at scale, etc. None of those discussions and none of their potential outcomes can substantively change that we're going to continue in this situation (massive price increases, spotty availability, etc) for at least the next 18-24 months.