This cycle might need more competitors, not only more fabs. It's in the interest of three companies to keep supply constrained to raise prices, and they act as a cartel so until the cartel breaks or a competitor grows large enough to have fabs that can make a dent in the demand we will keep seeing high prices.

For a relevant competitor to show up takes much longer than building a fab (which is already a long enough endeavour).

I'm not that hopeful the price for RAM and other PC parts will come down in any meaningful way for the next 3-5 years.