Given the spike in demand right now, traditional supply and demand would suggest raising prices and using the money to produce more chips, which in the end would net more money and bring the price down. The reason that won't happen has more to do with the feasibility (or lack thereof) of scaling production of GPUs by throwing money at it and the transient nature of the spike than Nvidia being helmed by a shadowy cabal that responds to neither their own incentives nor the market.
This one cycle might not be enough to fund more production but if your business keeps running into these shortage cycles then given enough cycles it would become profitable to put more money into production. This isn't the first time it happened.
Of course it's not the first spike, but adding enough capacity to cover every spike in the future would mean far larger production than is needed for the vast majority of the time.
