> Manufacturers have started investing in more production capacity

Where are you getting this from? Because that's not what I've seen, if anything the industry seems to lowering the production capacity, not increasing it.

And even if it takes years, if they thought it was a sustainable growth in demand, they'd at least be moving in that direction which again, doesn't seem to be happening.

> I believe the forecast is that RAM prices will start going down again between August and the end of next year. Until then, prices will climb as stock depletes and RAM production is capped.

You're already wrong with this today, prices stopped climbing already and have been stabilizing at the current prices... https://pcpartpicker.com/trends/price/memory/