This bizarro take, HBM is a triumph of non market, industrial policy. HBM is product of autocratic chaebol industrial strategy + markets (which =/= capitalism) at work. The reality is SKHynix corporate autocracy kept nonprofitable HBM going for 10+ years until it turned into unobtanium by chance, any normal capitalist+market system would have strangled HBM dead years before - Murican brand capitalism - Micron couldn't have done what SK did. HBM is literally inefficient Chaebol department store holding stock of useless misallocated shit 10 years ahead, and through sheer serenity (arguably in face of SK mismanagement) became the trendiest product around, and now positioned to reap rewards from market signals. Meanwhile memory companies that operated off capitalist impulses (intel, micro, gf) years head and can't respond to signal at all.