Maybe not a traditional disruptive startup but isn’t CXMT from China stepping in to build all those fabs?

Previously investing in that space didn’t make a lot of sense. Now that there are a lot of consumers willing to buy something they can build and sell at a price between the previous low point and the current high point.

The only tricky thing is that the current shortages need to continue until the fans are well up and running.

Even if the supply side suddenly crashes due to the AI bubble bursting or someone inventing a way to only need 1/10 of RAM, I can imagine them keeping the prices relatively high.