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In anti-trust terms would this not be "dumping"

Or maybe you could call it "being forced to return to reasonable prices now that their monopoly suddenly has competition again"?

Well, at least that's what I remember comments on HN cheerfully proclaiming would happen back when Ryzen & Threadripper were launched.

“Reasonable price” has always been what the market will bare. This is true for all companies.

No. Dumping is selling below the cost of production, with the intent of driving someone else out of a market. This is just normal price competition. It's a good thing.

A monopoly becomes illegal when it negatively impacts consumers.

If a company is able to lower costs to better compete with another company taking market share, wouldn't that imply that:

1. They had a defacto monopoly in the sector that allowed them to price above the fair market value.

2. They harmed consumers by pricing above fair market value.

No, it simply means that the market conditions changed. The price could very well have been a fair market value before, and still is a fair market value after; and the delta of these prices reflects the impact of the new conditions.

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