Even if the memory market was completely competitive the time it takes to expand supply is measured in years. There was no way for them to serve the AI demand without reducing supply given to everyone else in the short run

> There was no way for them to serve the AI demand without reducing supply given to everyone else in the short run

I didn't say that there was a way to do it in the short run. I laid out what the test is to determine if there's cartel-like behavior or competitive-market-like behavior.

I will say, in a market with only 3 players and very high cap-ex cost, my prior is that you're likely to see more cartel-like behavior than competitive-market-like behavior, but that's still to be determined.