OAKLAND, Calif.—A supply chain crisis triggered by the global pandemic deprived makers of PCs and smartphones to cars of computer chips needed to make their products.
All that suddenly changed over three weeks from late May to June, as high inflation, China’s latest COVID lockdown, and the war in Ukraine dampened consumer spending, especially on PCs and smartphones.
Chip shortages turned into a glut in some sectors, taking Wall Street by surprise. By late June, memory chip firm Micron Technology Inc said it would reduce production. The market reversal caught Micron off guard, admitted Chief Business Officer Sumit Sadana….