It will end slowly, and then very suddenly.

The demand for AI simply doesn't exist at the real prices. It barely exists at the current subsidized rates - Microsoft, Google, Meta, Anthropic, OpenAI are spending hundreds of billions to make mere billions.

And then these data centers will be worthless, future ones won't get built, memory demand will evaporate on the spot.

The Chinese memory makers can scale up but the amount of capacity they currently have is negligible. They're in the same boat as everyone else, it's just that nobody expects them to curtail production on purpose to raise prices even higher, whereas that's expected behavior (according to the article) from the established memory makers.