Maybe, but even if hardware companies like NVidia and Micron only go halfway between where they are now and where they where a two years ago, they would have to course correct basically all of their plans for years.

Wait til big players start either breaking contracts for production allocation, or selling of the stock they bought at dirt cheap prices in order to make the best of the fall the software side of the house is about to face.

High end IC production requires literally years of planning. They had better work on a contingency plan.