“I do think it gets worse next year in terms of demand and supply... Maybe it's a four-year problem because there's just not enough supply. [New memory fabs take about four years to build, so plants planned today may not produce until 2029 or 2030.]”

Dell argued there is 'not enough supply for it to be a bubble'; the near-term test is whether memory/component tightness worsens in 2027, with the full claim resolving by roughly 2030 as new fabs come online.