I might be wrong but your second point can't be true if the first one is true.

Let me explain, imagine CXML grows massive and builds a lot of fabs, so much so that it becomes the leader in multiple segments, then the market demand cools off.

Then CXML the company that invested massively has oversupply so it undercuts every other memory company.

Aka, Samsung, SK Hynix are dead, and to protect Micron now US has 10000% tariff on the supply of memory.

Imagine. Because that has happened, if you don't play the boom and bust game someone will because the market is very large during a boom, and generally the player scaling more isn't the one with margins to protect and generally has the ability to undercut others.

Asian memory chip giants were made by under cutting European and American companies, American companies adapted by moving manufacturing to Asia, and European ones got bought for pennies or dissolved.