> I still remember the huge DRAM shortage in late 80s forcing my startup at the time to delay launching our new product for a year.

That one was caused by manipulation by politicians, not market forces. Micron started a price war with Japanese memory manufacturers, the Japanese cut prices to compete, Micron sued them for "dumping". The saga ended with the 1986 U.S.–Japan Semiconductor Agreement, which, among other things, created production controls that limited the total dram supply. The level was set based on then current demand, and due to the rapid growth of demand at the time it almost instantly caused a massive global supply deficit.

The agreement also caused the rise of the South Korean memory industry, because the Japanese companies offloaded their now surplus equipment for cheap.