Well this is an incomplete take. That is but one factor, that helped drive demand. Through most of the last two years, we've been producing at unprecedented rates.

It's really a perfect storm of stimulus being slightly overdone, as a result demand being through the roof, while supply chains are intermitantly in dissaray, and labor shortage due to lack of immigration and periodic covid lockdowns and outbreaks in the workforce. Plus so many retired early as a result further creating a labor crisis. All that futher compounded by the rise of IoT and lockdown markets driving demand higher on tech. Everything needs a chip yet chip production was still 10 years behind.

Lot of supply side inflation here. Thats why interest rate hikes are taking such a long time to take effect, its an indirect way to impact the situation.