It's intense market demand by people with lots of money against products that have a very long supply chain. Even with multiple sellers competing, this kind of demand is insane, and the buyers pockets run deep.

The other way I look at this is that these companies have been collecting an insane amount of wealth and value over the last 2-3 decades, are finally in a situation where they feel threatened, and are willing to spend to survive. They have previously never felt this existential threat before. It's basically bidding wars on houses in San Francisco, but with all the wealthiest companies in the world.