They've been burned before. The DRAM industry has a long history of booms and busts.

Demand increased, everyone built new fabs, then prices dropped and they couldn't pay off their investments. Many went out of business. It happened in the 80s, it happened in the 90s, it happened in the 2000s.

Now there's only three manufacturers left, and they know very well that demand for their product tends to be cyclical.

The semiconductor industry has been a boom and bust industry for over 50 years.

https://imgur.com/a/cDLoeZm

I've been in the industry for 30 years and I've worked at companies with fabs were demand was high and customers would only get 30% of what they ordered. Then just 2 years later our fab was only running at 50% capacity and losing money. It takes about $20 billion and 3-4 years to make a modern new fab. If you think that AI is a bubble then do you want to be left with a shiny new factory and no products to sell because demand has collapsed?

The same thing everyone who's paying attention to the real world (and not the financial fantasy world) does: that OpenAI's purchase commitments are wildly unrealistic and unsustainable.

What’s the lose scenario for them? They’re basically a cartel, and you need ram irregardless. If they make less it’s still a cost:demand, just not the most optimal for them. They’ve done that math, and figure this is the best risk and reward for them. Your goodwill or opinion doesn’t matter to them, because you need them more than they need you.