That makes it sound like they are powerless, which is not the case. They don’t have to have their capacity fully bought out, they could choose to keep a proportion of capacity for maintaining the existing PC market, which they would do if they thought it would benefit them in the long term.

They’re not doing that, because it benefits them not to.

$20B, 5 years and you can have your own DDR5 fab to print money with.

jokes aside, if the AI demand actually materializes, somebody will look at the above calculation and say 'we're doing it in 12 months' with a completely straight face - incumbents' margin will be the upstart's opportunity.