It is the market working as expected, but it still failed to allocate money diversely.

yeah but the demand is based on empty promises

OpenAI appears to have bought the DRAM, not to use it, as they are apparently buying it in unfinished form, but explicitly to take it off the market and cause this massive price increase & squash competition.

I would call that market manipulation(or failure if you wish)--in a just society Sam Alton would be heading to prison.