Not here, folks. What happens is that new software gets written to soak up supply. Hardware supply gluts last a few days or weeks but always get soaked up. Economics has never worked like this before. Radial tires tripled tire wear and temporarily hurt the tire industry.
Digital stuff is different.
That's because consumers of bits are not just people. They are also machines. Smart machines proliferate like bunnies and eat bits like horses. Telephone companies were slow to get the Web. Shunned altogether is your local phone company with its cloddy frame relay switches and slow provisioning schedules.