Extreme surges in demand have happened before, and if you weren’t familiar the memory production market has actually always struggled with consistent long term demand, having several periods where they’d heavily cut production and investment. Which actually it’s worth saying there’s not much inherently special about Samsung/Sk/Micron beyond they had happened to have invested in the required R/D & Infrastructure to manufacture HBM at a time when it appeared to be far less lucrative. Memory was actually in such a surplus for the short time around covid prior to ai that they had implemented reduced production capacity. Now with the demand soaring in long term projections and a shortage in supply more will find it financially viable to accept the costs to enter the market, and the current 3 will ramp longterm supply even bringing full new fabs online. There’s scenarios where this isn’t the case, ofc, but it’s a general trend that has proven fairly reliable in modern industry and in specific the memory industry.

https://www.uncoveralpha.com/p/every-memory-cycle-ends-the-same

https://www.eetimes.com/dram-capex-to-plunge-28-in-2019/