The only challenger is Chinese fabs, but they could just as easily end up banned from western markets.

Immense profits have proven a very endurable shield against upstarts for "big tech" so... we'll probably end up watching regulators attempt to dismantle the RAM cartel throughout the 2040s.

> The only challenger is Chinese fabs, but they could just as easily end up banned from western markets.

It's more likely that China will simply impose export controls. It's unlikely Chinese fabs will be able to fulfill local demand, leave alone global, for the foreseeable future. And they do need these components for their own manufacturing.

Probably American markets, not Western. The EU, Canada, Australia and others would have no reason to reject cheaper supply, and they don't have the same anti-democratic tech forces ready to do anything to ban their competition like the US does.