I'm not sure that's going to change unless the LLM stuff slumps. Chip makers get burned every few decades by building boom-time capacity that comes online just

I'm not sure that's going to change unless the LLM stuff slumps. Chip makers get burned every few decades by building boom-time capacity that comes online just after the crash. They're going to be reluctant to make big capex spends unless they think the demand is durable.