Micron started building it's new fab in 2022. They are expecting their first chips to be out by 2027 (maybe). The projected cost, $50B.

This is a fundamental problem which the free market cannot handle. It takes multiple years and billions for competitors to spin up. No sane bank or business person would try and get into cutting edge memory fabrication. That means the players we have are the players we'll likely always have (With MAYBE china entering the arena).

The free market only works when the required upfront capital for a new player to enter a business is relatively low. In industries where the players are static or shrinking, you have a free market failure.

But it is enough time for customers to consider competitors they may have avoided before.

So maybe their priced-out customers give Chinese DRAM a serious look, make some compromises, and never go back to Micron.