To identify the next bottleneck, you need to look at two variables:

First, how deeply AI demand penetrates the industry.
Second, whether the industry’s market structure gives suppliers meaningful pricing power.
Because of its long-term approach and customer structure, TSMC typically raises prices by only a modest 5–10%, even when demand exceeds supply.
Memory is different. It is fundamentally a highly market-driven, commodity-like product, with both spot and contract prices directly determined by supply and demand. As a result, it has the greatest price elasticity and tends to trigger the most dramatic reaction in capital markets.
Equipment suppliers such as ASML operate under a different business model, so their pricing tends to be relatively less volatile.