TL/DR: The accursed Just-in-Time business process hit even tiny, little microchips. So when the anticipated economic collapse of Covid-19 DIDN’T happen, no-one had any manufacturing capacity OR inventory to meet demand.
JIT, the grasshopper’s business plan.
It's stylish now to criticize J-I-T, but the shortages are the fault -- as usual -- of the government's actions which shut down the tourist, cruise, and aviation industries thus switching consumer demand to goods.
Just in time works just fine on its own.
In my industry the workers refer to it as “ Just behind”
Yup