Seems unlikely. Increased demand usually causes increased investment in increasing supply.

Not necessarily in a notoriously cyclical industry where everyone has already been burned by doing exactly that multiple times

What would they be doing with their enormous profits instead?

For one thing they're paying enormous employee bonuses.

This was simply a lie:

> No new DRAM fabs are being built.

See https://manufacturing.economictimes.indiatimes.com/news/hi-t...

Return the money to shareholders instead of incinerating it