$TSM CEO recently said:

“I envy memory makers’ 80% gross margins, but I would never do that.”
The reason for this explains why memory has historically been the cyclical component
Unlike memory, if $TSM hikes prices too aggressively, it encourages clients to go to competitors, even if those competitors have higher costs because of worse yields or other inefficiencies
In memory, it is mostly a commodity. That means you care less about the competition and more about making as much as you can while the opportunity is there
And that opportunity only exists in tight market environments