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 a commodity at all.

It's not that it's hard, it's that it requires a large up-front investment. The last time prices were higher, some made that investment, prices cratered and many companies never recovered the investment/went out of business.