Bankruptcy risks.

When Samsung had to sell memory at a loss after COVID, no one came to save them. They buffered their memory division using profits from their other businesses. That’s how Samsung survives memory downturns.

According to some stories, this is how Samsung convinced TSMC to not enter the memory business - that you need a nation or other lines of business to prevent bankruptcies.

The market has stabilized to 3 players.

Making the memory can be much easier than predicting future demand.

Placing the bet isn't as hard as making an accurate prediction.