You're correct in theory. I'm just not sure we have a cartel situation. Micron is a US company, and it controls 25% of the global market. I see no evidence that they nor SK hynix nor Samsung are intentionally limiting production.

I do see people arguing, "they had years to increase production - why didn't they?" They've been remarkably candid about this: because RAM production has been losing them money in the past. Because they don't have a cartel, prices were on the floor. Investing in more production would have been corporate suicide.

Even now, there is considerable risk that the bubble will burst, and all this investment in new production will be flushed down the toilet. RAM production is a brutal business.