Flash makers are limited by water supply, and most modern memory and logic products are operating as zero sum markets, right now. Growth exists, but it can be sped up to meet demand, not by a long shot. Micron also went all in on AI product production, and Hynix is heavily leaning into it.

The big HDD makers all seem to have some institutional history and wisdom. Tbey are selling like crazy, but not changing any major plans. WD and Seagate are very much acting like this is a bubble (it is), and will pass. They are selling out into the future, but not doing anything that would put them in higher risk if it were to crash next week. Good for their profits and company health, but ad for our wallets.