> Most commodity shortages like this end in a glut

The 3 RAM manufactures know this too, from painful experience. There won't be a glut this cycle because there are no capacity build-outs. Instead of increasing capacity, some OEMs left the consumer segment to focus on enterprise AI.

> Calling this kind of demand economic damage is odd.

It's not odd at all because the complementary industries are being damaged - possibly permanently: manufacturers of motherboard, cases, fans, and the entire consumer PC supply chain are being negatively impacted. Expect bankruptcies and consolidation if this lasts for 2 more years.