No, the demand for innovative new chips is small enough to be met by a very few people. Most new chip designs aren't needed simply because we're using CPU's and code rather than the dedicated hardware solutions of the past. Existing hardware + new firmware solves more problems for less money than designing all new hardware. Moreover, what few new chip designs are required are often developed by a "designer" simply putting together components of existing designs...using a software program to match up each level of the chip as desired.
Again, that's good news for corporations and the consumers who buy from them, and bad news for chip designer salaries...just as switchboard operators saw their demand decrease, so too does other fields...even "high tech."