The article even says that they don't have an obvious plan for how to use the wafers they bought, and very clearly suggests that this is purely an anticompetitive tactic to force everyone else to eat a price increase that OpenAI doesn't need to face. It's clever though because if any regulatory agency starts asking questions (not that they would do that in the current USA political climate) then OpenAI can just say it's a strategic reserve, we have plans to do something with it, etc. etc. What are you going to do? Take them to court and force them to auction off some % of the stock? Set an industry-wide limit on wafer inventory? Fine them? You'd need to find some evidence that it was done maliciously, and good luck with that.

There are some negative elements of captialism that we might simply have no reasonable regulatory apparatus to deal with. Preventing indivduals and companies from having so much market power in the first place seems to be the only thing that can work consistently.