A handful of monopolies or oligopolies dealing with each other and cutting the rest of the world out is a classic example of market failure. It's not supply and demand determining the right price, because that requires a fair and competitive market, something that market fundamentalists always overlook.
The fabs are maxed out.
LLM providers document making 38 USD/hour/card. https://github.com/deepseek-ai/DeepInfer/blob/main/doc%2Finf...
Where is the conspiracy?