Found Lee Jae-yong's reddit account.

This is exactly it! Most people replace their pc every 3-5 years, but because everyone did it at different times sales generally averaged out.
Covid changed that cycle. Between the demands of remote work/school, employee tech stipends, and government stimulus a huge portion of the market upgraded early. Now there is going to be a natural lull for the next 2ish years until people need to start upgrading again.