Even then, prices stayed elevated for years. They never went back to pre-supply shock prices. Right around that time too the industry consolidated. WD bought Hitachi, Seagate bought Samsung's HDD business. It left a duopoly, so now there was no competitive pressure for a price war. Prices got locked in higher than pre-flood levels, intentionally.

For the current DRAM situation, I can almost promise we'll never see $60-$90 RAM again. Maybe, 32GB won't cost you $500 eventually, but it'll cost you $250-$350 instead of $500. If the market can bear it, why would anyone get into a price war that's just a race to the bottom where no one wins?