It takes time to build out capacity to increase HDD production, but when operating margins are approaching 30%, somebody is going to want cash in. If the new reality is that every company wants to harvest and retain as much data as possible at all times in case it has potential as training data at some point in the future, then additional capacity will eventually be built to tap into that.
I know it sucks if you need storage now, but I think the smart decision is to hold off until the market stabilizes. You might even get lucky; the bubble might burst and the market will be flooded with cheap excess HDDs.