I doubt it will. You hv to consider memory tech may shift a bit towards LLM-first, so a kind of more computations in memory, and other innovations will be common and demand will not be lower especially if you consider average lifetime of a GPU card is 5 years, there will be demand like just to utilize all those racks to pay out all the money they borrow now. In memory compute will make AI more decentralized (still a hopium).

I think you missed the part where they(SK, Samsung and Micron) are a cartel forming a monopoly, and can control market prices regardless of demand via controlling the supply.

Sure, cartel behavior is illegal, but if you're in bed with the right political administrations, then blind eyes can be turned.